Company Awarded Second Expansion of Military Contract for Influencer Marketing
Orlando, Florida (March 29, 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 second expansion of its previously announced mid six-figure contract with a branch of the U.S. military, which has now nearly doubled in size from the original award in November of 2020. The new contract, combined with a variety of other influencer marketing contracts that IZEA has recently been awarded, have propelled IZEA’s Managed Services to top 100% growth in Q1 2021, as compared to Q1 2020. The year over year bookings growth for Managed Services builds upon IZEA’s record Q4 2020 bookings. IZEA previously reported that its Managed Services bookings increased 48% in Q4 of 2020, as compared to Q4 2019.
Bookings are a measure of all sales orders minus any known or expected 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 6-month period on average.
“We are excited to see the second expansion of this military contract within a two-month period,” said Murphy. “Our team is immensely proud of the work our ecosystem of influencers has been producing on behalf of the armed forces. The creativity and performance of their collective effort is being rewarded with an expansion of the program that will create more opportunity for additional creators moving forward.”