NEWPORT BEACH, Calif. and LEHI, Utah, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (NASDAQ: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales-enablement applications, including shoppable livestream video, today announces a new program to drive revenue on its MARKET.live livestream social shopping platform. The new program, tentatively titled ‘Creators On MARKET,’ provides social media content creators and influencers the ability to monetize their fan base more effectively, in ways not available on social media and ecommerce platforms.
Rory J. Cutaia, VERB CEO, explains the new program in a video available on MARKET.live. You can watch it here.
Through this new program, popular social media creators and influencers can quickly and easily create their own branded store on MARKET.live and then populate that store by choosing their favorite products from among tens of thousands of products available from select sellers on MARKET.live, including those from major brands and retailers. They can offer those products for sale to their fans and followers through the videos they are already creating and be paid a fee of between 5% to 20% of the gross sales revenue they generate. They will have no need or costs to purchase and maintain inventory and all the shipping and handling is done for them without charge.
The Company plans to launch an aggressive marketing campaign, targeting tens of thousands of creators and influencers on certain social media platforms.
The following is a transcript of the video by VERB’s CEO, Rory J. Cutaia, explaining the new program, available now on MARKET.live:
Greetings - VERB fans, followers, shareholders, stakeholders, thank you, thank you very much for joining me on MARKET.live. I’m Rory Cutaia, CEO here at VERB.
So by now, you know that MARKET is a world class livestream social shopping platform. You also know that we have attracted, and continue to attract some of the world’s biggest brands. Each week, you’re seeing more and more brands activate on the platform, and you’re seeing more and more live events.
Now, MARKET will continue to evolve and among the many exciting things you can look forward to seeing on MARKET, is original shoppable entertainment content. Production companies are actually currently developing shoppable original entertainment specifically for MARKET – this is that realization of our vision for VERB.TV you’ve heard me talk about extensively. I expect that quite a bit of that content will be available on MARKET before year-end.
You may have also seen the recent press releases about the upcoming Coresight Research 10/10 Livestream shopping festival, which will be streamed live on MARKET. And it is indeed an honor to have had MARKET selected to host that festival for Coresight Research – because – look – they are experts in retail technology – and an early advocate of livestream shopping.
We’re also working to bring you live shoppable sporting events. And as we get closer to finalizing those opportunities, we’ll share more information.
As you’ve heard me say previously, this is a numbers game. Since our revenue is function of the number of sales that take place on the platform, all of these initiatives are designed to attract more and more viewers that become shoppers on the platform, which in turn attracts more and more sellers to the platform, and so on, as each feeds the other – the more sellers on the platform, the more shoppers on the platform, and the more shoppers on the platform, the more sellers on the platform. It’s an eco-system.
And it’s this eco-system that we sought to create – an eco-system that is unique to MARKET, and one that drives the sales from which our own revenue is derived.
And it’s certainly our expectation that the greater our revenue, the greater our share price. And that is our focus.
So today I’d like to announce a new program that we believe will accelerate the growth of that eco-system - rapidly and exponentially.
But first let me provide some context. You’ve all heard the term “creator economy”. Well let me tell you something – the creator economy is exploding, and there’s nothing that inflation or any of the other crazy things happening in this world are going to do to slow this down.
So think about this: How many creators and influencers produce videos on social media channels to promote their favorite product? How many unboxing videos are produced on YouTube every single day? How many style and fashion videos are produced? How many make-up and cosmetics videos? How many electronics videos?
Now think about how many people watch those videos and then they go out and buy those products.
Well – what if the creators and influencers producing those videos could actually sell those products to the millions of fans and followers that watch their videos.
Well under a new program we’ve created at MARKET – they can.
We’re tentatively calling it Creators On Market.
Under this new program, creators and influencers can choose their favorite products from among tens of thousands of products from almost 300 brands and retailers on MARKET – right - choose them from the brands that are already on MARKET - choose those products – and then feature those products in the videos they are already creating – with one major difference – their fans and followers can actually buy those products in those videos - and the creators and influencers - they’re going to get paid for doing so – they can receive anywhere from 5% to 20% of the gross sales that they generate - and best of all – for them - they don’t have to make any investment in the inventory – they don’t have to have any relationship with the manufacturers or the brands and retailers, and they don’t have to hassle with doing any of the fulfillment, they don’t have to do any of the picking, the packing, the shipping – that is all done for them.
The only thing they need do is go to MARKET.live, set up their storefront. But look - here’s where it gets interesting. They can then stock their stores simply by choosing the products they know and love that are available from other stores and brands already on MARKET, and then feature those products in their videos and invite their fans and followers to watch. That’s it.
And we’re not talking about products from brands no one ever heard of – we’re talking about products from Target, Best Buy, Gap, Banana Republic, Athleta, Loft, Saks Off 5th, SSENSE, The Container Store, among many, many others.
So, we believe we can attract as many as 1,000 active sellers to MARKET, each of whom have large followings, by this time next year – possibly, possibly, many, many more. And then, on even the most modest revenue assumptions from each seller, we believe this represents a meaningful, meaningful enhancement to our revenue, which we believe should lead to a higher share price.
So, in the next several weeks, we will launch an aggressive marketing campaign on various social media channels targeting specifically, those creators and those influencers that promote, but don’t currently sell, those products from among the categories of products available from select retailers on MARKET right now. This is our low hanging fruit.
Creators and influencers can apply for early access to the program, with preference given to those with the largest established base of followers. We’re going to provide a robust set of tools and resources to assist these creators and influencers to achieve success on MARKET.
And by the way, look - they don’t need to abandon what they’re already doing on other social channels, this is really just an enhancement to what they’re already doing - making adoption of this new program an easy decision. This will allow these people that are creating all this content, to actually monetize that content in a way they can’t do anyplace else.
Creating value that is actually reflected in our share price? – well look that’s not easy in these difficult economic times – but it remains our sole focus and we believe that this new program, coupled with what we believe is the best livestream shopping platform in the world, will create the quantifiable value our shareholders have come to expect and certainly deserve.
So thank you for your time. Now go ahead and shop our stores on MARKET and be entertained by the livestream sessions. And we’ll catch up again real soon. Thank you so much for your time.
About VERB
Verb Technology Company, Inc. (Nasdaq: VERB), the market leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The Company’s Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology, and is comprised of a suite of sales enablement business software products offered on a subscription basis. Its software applications are used by hundreds of thousands of people in over 100 countries and in more than 48 languages. VERB’s clients include large sales-based enterprises as well as small business sales teams, including the sales and marketing departments of professional sports teams. MARKET.live is VERB’s multi-vendor, multi-presenter, livestream social shopping platform at the forefront of the convergence of ecommerce and entertainment. With approximately 150 employees and contractors, the Company is headquartered in Lehi, Utah, and also maintains offices in Newport Beach, California.
For more information, please visit: verb.tech.
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VERB on YouTube: youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQ
MARKET – our livestream social shopping platform: market.live
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FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “anticipate,” “expect,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements contained in this press release relate to statements regarding the Company's progress towards achieving its strategic objectives. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to (i) the COVID-19 pandemic and related public health measures on our business, customers, markets and the worldwide economy; (ii) our plans to attract new customers, retain existing customers and increase our annual revenue; (iii) the development and delivery of new products, including verbLIVE and MARKET; (iv) our plans and expectations regarding software-as-a-service offerings; (v) our ability to execute on, integrate, and realize the benefits of any acquisitions; (vi) fluctuations in our quarterly results of operations and other operating measures; (vii) increases in competition; and (viii) general economic, market and business conditions. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. For additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement, our investors are referred to our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
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