Beautiful is far: the losses of the news portal "Medusa" exceeded € 1 million and forced to revise the business plan
The news portal "Medusa" again "postponed" the exit to self-sufficiency. The losses of the Latvian company Medusa Project at the end of the 2015 fiscal year amounted to 1.13 million euros. It reports the publication Defi.lv with reference to the annual report of the company.
According to Crediweb.lv , last year the turnover of the Medusa Project was 554 thousand euros, it paid 631 thousand euros to the state budget of Latvia in taxes. At that time, the company employed 20 people.
2015 was the first full year of the Medusa Project. At the end of last year, Meduza.io was able to increase its audience and revenue to the planned level, and losses were 30% less than planned. In December 2015, the portal was visited by 3.14 million unique users, while according to the plan, only 3.091 million users were expected.
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Due to the fact that Medusa Project’s revenues depend on fluctuations of the ruble exchange rate against the euro, the company revised its business plan for 2016-2018 and postponed the exit to self-sufficiency from 2016 to 2017. In addition, the Medusa Project expects that the company will not be able to demonstrate sufficient turnover this year to repay loans attracted in 2014 and 2015.
Now the company’s management will look for ways to restructure these loans.
On January 28, 2016, the publisher of Medusa Ilya Krasilshchik posted on Facebook the annual report of the publication with details on traffic, users, the most popular materials and other statistics of the online edition.
On the same day, the publication “Medusa” announced the resignation of the chief editor Galina Timchenko. This post was taken by her deputy, Ivan Kolpakov. Timchenko remains the CEO and founder of the Meduza Project company, which is registered in Latvia.
According to her, personnel changes were required due to the need for separation of powers in the company. “Sitting on two chairs is definitely not the right decision,” Timchenko noted.
The editors of the portal Meduza.io, which has been in operation since autumn 2014, are based in Riga. According to Crediweb.lv, the owner of the Medusa Project is Galina Timchenko. Chairman of the Board of Directors of the Medusa Project - Ilya Krasilshchik.
According to Crediweb.lv , last year the turnover of the Medusa Project was 554 thousand euros, it paid 631 thousand euros to the state budget of Latvia in taxes. At that time, the company employed 20 people.
2015 was the first full year of the Medusa Project. At the end of last year, Meduza.io was able to increase its audience and revenue to the planned level, and losses were 30% less than planned. In December 2015, the portal was visited by 3.14 million unique users, while according to the plan, only 3.091 million users were expected.
')
Due to the fact that Medusa Project’s revenues depend on fluctuations of the ruble exchange rate against the euro, the company revised its business plan for 2016-2018 and postponed the exit to self-sufficiency from 2016 to 2017. In addition, the Medusa Project expects that the company will not be able to demonstrate sufficient turnover this year to repay loans attracted in 2014 and 2015.
Now the company’s management will look for ways to restructure these loans.
On January 28, 2016, the publisher of Medusa Ilya Krasilshchik posted on Facebook the annual report of the publication with details on traffic, users, the most popular materials and other statistics of the online edition.
On the same day, the publication “Medusa” announced the resignation of the chief editor Galina Timchenko. This post was taken by her deputy, Ivan Kolpakov. Timchenko remains the CEO and founder of the Meduza Project company, which is registered in Latvia.
According to her, personnel changes were required due to the need for separation of powers in the company. “Sitting on two chairs is definitely not the right decision,” Timchenko noted.
The editors of the portal Meduza.io, which has been in operation since autumn 2014, are based in Riga. According to Crediweb.lv, the owner of the Medusa Project is Galina Timchenko. Chairman of the Board of Directors of the Medusa Project - Ilya Krasilshchik.
Source: https://habr.com/ru/post/300824/
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