Banker Mark Elenowitz told Newsmax that a large factor behind the recent growth of the company is the strong support it has from viewers who believe in the company and its mission.
Elenowitz told “Newsline” Thursday that the revenue gains experienced by the company in the first quarter are noteworthy.
“Well, it’s translating because revenue for the first quarter was $45.3 million, which was 11.6% over the previous year,” he said, noting it was a significant jump for a public company.
Elenowitz notes that revenue should grow significantly as the company catches up with its fast-growing viewership.
He said Newsmax viewers are the secret sauce to the success of the business.
According to Nielsen ratings, Newsmax saw an increase of 50% in total audience year over year.
“The viewers are contributing to the success of Newsmax, and we’re seeing that with all the recent carrier deals — just recently, we saw Verizon and Hulu+ [sign with the company].”
Elenowitz is managing director of Digital Bank, the investment bank that led to $300 million in pre-IPO and IPO funds that the company successfully raised.
The network’s availability on more viewing platforms, he said, is yet another critical element as far as outreach and building a larger audience.
“All that translates into more viewers, more eyeballs, what ultimately converts into revenue,” Elenowitz said.
Elenowitz also explained that the company is expecting to receive increasing cable license fees, which will be seen later this year and in the years ahead.
Another significant development was the announcement that the company expects to join the Russell 2000 Index.
Elenowitz said this “enables institutions and ETFs to now get involved in the company.”
The recent initial public offering and listing on New York Stock Exchange marked a tremendous milestone for Newsmax, he concluded.
“Now the rest of the world suddenly woke up and put Newsmax on the map,” he said.
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