LAS VEGAS, NV, April 12, 2023 (GLOBE NEWSWIRE) -- PSYC Corporation (OTC Pink Market: PSYC) (“PSYC”, “PSYC Corp” or the “Company”), parent company to Spotlight Media Corporation (“SMC” or the “wholly owned subsidiary”), a multimedia leader for all things psychedelics including the emerging medicinal psychedelics market sector, is pleased to provide shareholders with an update on its Bonfire community platform, which is scheduled to relaunch May 1st with several new features and a revamped business model that, according to the Company, is more effectively suited for monetization, growth, and scalability.
In late Q4 of last year, Management agreed to pause any ongoing development with Bonfire following a market test of the platform that ran for the previous six months, citing apprehension with the platform’s scalability potential and coinciding with the resignation of Jack Bunce, who led the project’s development throughout most of 2022.
Bonfire was launched by the Company and its partners in the project, Digital Acorn, Ltd. in mid 2022 with the intent of developing a community-focused platform designed to help individuals connect, learn, and explore the potential of psychedelic integration for a happier, healthier, more meaningful life.
Management contends that the pause provided PSYC with a unique and highly valuable opportunity to carefully analyze data and information collected throughout last year’s market test, as well as taking a deep dive into current market trends to better understand market fit and long-term scalability potential. The resulting efforts evolved into the new, completely redefined platform commencing with Bonfire’s “Psychedelics for Beginners Free Online Course,” now open to the public for enrollment and is scheduled to begin on May 1st.
Bonfire’s course plans to take individuals on a 30-day journey to uncover the potential of psychedelic integration and gain insight into working with these powerful substances in a safe, responsible, and purposeful manner.
Current plans are to utilize this initial 30-day course as the basis for additional courses that will be developed and ultimately become the centerpiece of the Bonfire community.
“The redevelopment and relaunch of Bonfire is certainly something that is a long time coming for us,” said PSYC CEO, David Flores. “We could have easily chosen to try and rush things with this, but we felt it was important to gain the best understanding possible of where the market is right now, where it is trending, and how we can most effectively position Bonfire for long-term success.
Despite the volatility that has been present in the biotech side of the psychedelics space over the past several months, we continue to see a steady increase throughout a strong contingency of society in psychedelics, and more specifically in psychedelic integration and other alternative healing modalities and which we believe is evidenced in the ongoing growth of our Psychedelic Spotlight platform (see press release from April 5, 2023).
Our goal here with Bonfire’s relaunch is to truly leverage the authority we’ve meticulously developed through Psychedelic Spotlight and utilize it strategically to position Bonfire as the largest and most prominently integrated community platform for the entire psychedelic space.
Much of the emphasis during this redevelopment stage focused on three primary factors: Quality and value, safety and responsibility, and revenue scalability potential. We are quite confident now that the tangible and intangible gains made during our market pause and pivot provide PSYC with a definitive grasp on how to infuse these equally important factors into our new, improved version of Bonfire. Despite proceeding in our usual, cautious marathon vs sprint mentality, we are incredibly confident in the significant opportunity for Bonfire to become a key value and growth driver for PSYC in both the near and long-term through its revenue subscription model.”
PSYC Chief Brand Officer, Sacha G. Hebbert, who is spearheading Bonfire’s redevelopment project in recent months added, “After taking a deep dive into the metrics associated with Psychedelic Spotlight’s audience to gain a better understanding of who they are and where their preferences lie, we were encouraged to learn roughly 24% are paying membership fees for mindful content and alternative wellness courses or apps.
We also had an overwhelming response to our initial offering, “Psychedelics for Beginners” Free Online Course, with over 450 registrants within the first two weeks of announcement, which we believe further demonstrates the tangible consumer base PSYC will tap into through Bonfire.
Macro trends already indicate scores of individuals actively seeking and in need of alternative healing modalities outside the tired pharma model. Bonfire has a unique opportunity to become a highly attractive gateway to tried and true self-help and healing, such as psychedelic integration.
We’ve gained significant confidence in our ability to position Bonfire’s product market fit in every avenue of the psychedelic and wellness sectors that can drive and deliver value to consumers as well as PSYC shareholders.”
For anyone interested in joining Bonfire’s “Psychedelics for Beginners” Free Online Course, please visit the Bonfire Community page on Psychedelic Spotlight to sign up.
About PSYC Corporation (OTC Pink Market: PSYC)
PSYC Corporation (the “Company” or “PSYC”) is a forward-thinking multimedia leader for progressive and emerging market sectors such as medicinal psychedelics and cannabis.
Management’s assessment is that through the diversified collection of multimedia platforms the Company owns and operates, and most specifically through the news, information, and engaging content they each produce and publish respectively, PSYC has effectively positioned itself at the forefront of some of today’s most dynamic and opportunity-filled market sectors.
About Spotlight Media Corporation
Spotlight Media Corporation (“SMC”) (www.spotlightmediacorp.com) is a Nevada Corporation and is a privately held wholly owned subsidiary of PSYC that was incorporated on February 8, 2022.
SMC currently owns and operates Psychedelic Spotlight which, according to the Company, has emerged as a recognized industry-leading multimedia platform dedicated to covering the growing movement across society involving psychedelic-assisted healing. Additionally, SMC also operates Bonfire, a community-focused, consumer-facing platform being developed to effectively meet the demands linked to the expanding interest and curiosity across society related to the healing and therapeutic wonders of psychedelics and other plant based and holistic modalities.
SMC’s service-focused media platforms include Technical 420, On the Bids, and Mushroom Stocks which each serve publicly traded companies operating in the sectors of cannabis, mining and precious metals, and medicinal psychedelics and have become valuable informational resources for individuals following each of these respective market sectors.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors, including the effect of COVID-19 and the success of the current vaccine distribution, the adverse effect of the Omicron variant, that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website and is not incorporated by reference into such reports.
Disclaimer: PSYC Corporation does not in any way encourage or condone the use, purchase, sale or transfer of any illegal substances, nor do we encourage or condone partaking in any unlawful activities. We support a harm reduction approach for the purpose of education and promoting individual and public safety. If you are choosing to use psychedelic substances, please do so responsibly.
Corporate Contact:
PSYC Corporation (PSYC)
www.psyccorporation.com
www.spotlightmediacorp.com
(702) 239-1919
info@psyccorporation.com
OTC PINK MARKET: PSYC
