Orlando, Florida (June 21, 2021) – IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and services for the world’s leading brands, announced today that it has been awarded a $1 million contract expansion to provide influencer marketing services to a Fortune 500 consumer electronics manufacturer. The expansion adds to an already record setting Q2 for Managed Services bookings.
Bookings are a measure of all sales orders minus any known cancellations or refunds with respect to such sales orders or refunds. Management uses bookings to inform expectations of total sales activity. Bookings are not always an indicator of revenue for the quarter and could be subject to future adjustment. Revenue from Managed Services bookings are typically recognized over a 9-month period on average, though larger contracts may be recognized over longer periods of time.
IZEA recognizes managed services revenue based on a percentage of completion. IZEA expects the majority of this particular contract to be recognized as revenue in Q3 and Q4, with little to no impact on Q2 revenue recognition.
“Team IZEA has continued to build upon the positive sales momentum from the past two quarters,” said Ted Murphy, Founder, Chairman and CEO of IZEA. “We are thrilled to have set a Managed Services bookings record in Q2, bolstered by a variety of meaningful customer expansions in the quarter. These expansions are a reflection of our dedication to providing best-in-class influencer marketing software and services to our partners.”
To work with IZEA as either an influencer or a marketer, visit izea.com.