IZEA Worldwide, Inc. the premier provider of influencer marketing technology, data, and services for the world’s leading brands, announced that its Managed Services team secured contract bookings totaling $8.2 million in the third quarter of 2022, down from $11.3 million in third quarter 2021.
“Like many companies in the social and digital marketing space, IZEA was not immune to the impacts of the macroeconomic climate in Q3,” said Ted Murphy, CEO and Founder of IZEA. “Contracting was slower than we expected based on the momentum from the front half of the year, particularly for net-new clients. However, we saw cancellations fall to the lowest they have been in two years, with less than $100,000 in cancellations in the quarter. We are not seeing a repeat of the early days of COVID-19.”
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As the quarter progressed, we concluded with a strong September — the second-best month we’ve had so far this year,” continued Murphy. “We also saw our new opportunity pipeline hit an all-time high in Q3, up 40% from the new opportunity pipeline we generated in Q3 2021. We expect these new opportunities to fuel our performance in Q4 2022 and Q1 2023. While we remain cautious regarding the near term impacts of a slowing economy, we believe influencer marketing will continue to grow as a percentage of marketing spend for leading brands.”
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 adjustments. Revenues from Managed Services bookings are typically recognized over a nine-month period on average.
IZEA Worldwide, Inc. , is a marketing technology company providing software and professional services that enable brands to collaborate and transact with the full spectrum of today’s top social influencers and content creators. The company serves as a champion for the growing Creator Economy, enabling individuals to monetize their content, creativity, and influence. IZEA launched the industry’s first-ever influencer marketing platform in 2006 and has since facilitated nearly 4 million transactions between online buyers and sellers. Leading brands and agencies partner with IZEA to increase digital engagement, diversify brand voice, scale content production, and drive a measurable return on investment.