December 29, 2020
iCreate, upon its successful listing on the Jamaica Stock Exchange, Junior Market, built partnerships and expanding its markets in order to position themselves as the premier digital and creative training institute in the Caribbean. This translated into iCreate recording its first net profit of $1.25 million at the end of the first quarter of 2020, while recovering from a net loss of $45.95 million booked at the end of 2019. However, recent financial reports show that the Company suffered a net loss of $2.26 million as at September 30, 2020. Nonetheless, the Company’s strategies in 2019 remain unchanged and is as follows:
- Focus: Increase student per course, increase locations and drive profitability
- Product: Creative and Digital more than 20 course
- Disciplined focus on profitable market share expansion
- Leadership: Core leadership team with business development and financial leadership
The Company has two divisions; iCreate Institute for digital and creative training, and in development there is Opportunity Ventures for acquiring business venture opportunities aligned with building the digital and creative economy. Under Opportunity Venture, the CEO, Founder and President Tyrone Wilson mentioned that, “iCreate is currently venturing into real estate under a joint venture agreement.” He noted, “we have acquired a property in the New Kingston area, that will form our first creative city real estate development. This will be a six-store development and we will make our partners known later.” Also, he stated that several investors are interested in this commercial real estate project and there is also on-going conversations to start a new project in Montego Bay.
The CEO noted, this six story billion dollar building will be a mix use space that comprises of iCreate campus (1 floor), offices, co-working space, Gjam live music studio, Reggae Sunsplash museum and some penthouse suit to service the music studio and museum.
“In 2020 iCreate was given the opportunity to host live events by its parent company, eMedia, the Company hosted reggae Sunsplash music festival with over 330,000 viewers. However, the festival broke even, as the Company didn’t make a profit but going forward the Company plans to apply its unique and forward-thinking model to reggae SunFest virtual form, with the hope to make some profit,” as per Tyrone Wilson.
Also, the Company earned $17.25 million thus far this year from utilizing the investment in video production by creating content for educational institution such as Heart Trust one and one. Additionally, under the opportunity venture division, the Company is looking to do an acquisition of a Company called Mobile Edge which is an eCommerce Company. The acquisition will be confirmed at the end of the first quarter of 2021 and the submission of the final funding of creative city at the end of the second quarter of 2021. The recent developments has assisted with positioning iCreate to a more digital future that is ahead.
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