Grom Social Subsidiary Lands Another U.S. Based Media and Entertainment Agreement
Top Draw Animation Projects 2019 Revenue Increase of 20% Based Upon New U.S. Contracts and Utilized, Expanded Production Capacity, Compared to 2018
Boca Raton, FL, Jan. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Grom Social Enterprises, Inc. (OTCQB: GRMM), a leading social media platform and original content provider for children between the ages of five and 16, announced today that its Top Draw Animation subsidiary (“Top Draw”) secured an additional production commitment for an ongoing TV series. As a result, Top Draw’s United States contracts are at record levels and continue to pursue new business.
Wayne Dearing, Managing Director and Founder of Top Draw, commented, “We are pleased to report that production of animated episodes relating to recently announced U.S. contracts are well underway. Our U.S. focused growth strategies over the past 18 months are paying dividends and, while confidentiality agreements preclude us from talking specifically about the individual projects, they are high profile properties that will add value by association to our own brand.” Dearing added, “The outlook for 2019 for our business as a whole including all contracts, is very encouraging. Our plan to diversify and grow our portfolio for 2019 is coming to fruition as evidenced by the recent additions of high-profile, U.S. based producers. We will continue our efforts to improve visibility at the Kidscreen Summit in Miami, Florida this February.”
Dearing concluded, “Our U.S. agenda has added significant value to Top Draw both in terms of revenue and market profile. For the calendar year 2019, our revenue is projected to increase by approximately 20% over our 2018 levels on the back of high-volume, high-value contracts. We forecast and prepared for this growth, by increasing our infrastructure. During 2018, we added more than 100 additional desks and our Top Draw Academy internally trained artists to fill these desks to handle the new business. Overall, we are very excited about our growth trajectory.”
Darren Marks, Chairman and CEO, commented, “We’re very proud of our team at Top Draw Animation with Wayne Dearing at the helm. We believe they are the best at what they do, and it’s great to see that our existing clients are adding to their portfolio of business with us. Because of the nature of the long production schedule at TDA, we are able to have revenue visibility a full twelve months out, and that really helps us establish a solid foundation for the rest of our company as we continue to build out the Grom Social business by adding new users every month.”
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. is a social media, technology and entertainment company that focuses on delivering content to children between the ages of 5 and 16 in a safe and secure environment that can be monitored by parents or other guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and several Apps) that entertain children, allow kids to interact with their peers, get relevant news, play proprietary games, while also teaching good digital citizenship. The Company also owns and operates Top Draw Animation, Inc., which produces award-winning 2D animation content for some of the largest international media companies in the world. The Company also owns Grom Educational Services, which has provided web filtering services for up to an additional two million children across 3,700 schools. For more information please visit our website at www.gromsocial.com.
About Top Draw Animation, Inc.
TDA is an award-winning producer of top-quality 2D animation for television markets around the world. TDA produces high-profile media properties for global media companies such as Tom and Jerry, My Little Pony and Disney Animation’s Penn Zero: Part-Time Hero. The company employs over 500 artists in its 30,000 square feet, state-of-the-art studios in Manila, the Philippines. TDA produces more than 250 half hours of 2D animation each-year and has accumulated production of a total +2,000 half hours under the Top Draw banner. For more information please visit our website at www.topdrawanimation.com.
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Grom Social Enterprise Contact: Investor Relations Melvin Leiner Executive Vice President 1-844-704-4766 Investor.firstname.lastname@example.org Darren Marks President & CEO