24/7 Media Posts Loss for Year of $24.7 Million

New York City-based 24/7 Media Inc.reported a net loss for 1998 of $24.7 million, compared to a loss of $5.3 million for the year ended Dec. 31, 1997.

Results for 1997 did not include the acquisitions made throughout the past year.

The ad company said it generated revenues of $19.9 million for the fiscal year ended Dec 31, 1998, up from revenues of $3.1 million in 1997.

For the fourth quarter of 1998, 24/7 reported a net loss $6.73 million, compared to a loss of $661,000 for the same period a year earlier. Revenues for the fourth quarter were $9.55 million, up from $420,000 in the fourth quarter a year earlier.

“1998 was a year of record growth for 24/7 Media,” said David J. Moore, president and chief executive officer, in a statement. “Strong revenues continued to be driven by rapid growth in ad impressions throughout the year, the increasing effectiveness of our expanding sales force, and growing recognition of the 24/7 Network among customers in the marketplace. . .”

“We made several exciting announcements in the fourth quarter, and the early part of this year,” Moore said. “We launched our European online advertising network, which will allow us to expand into the fast-growing European market, we achieved 1 billion ad impressions per month in the fourth quarter (data from Media Metrix), and our networks now reach 50 percent of the total online audience.”

24/7 operates The 24/7 Network comprised of more than 150 name-brand Web sites organized into content channels, as well as the ContentZone, a network of more than 2,500 small-to-medium sites, the 24/7 Media Europe Network and the 24/7 Media Asia Network. In addition, the company owns and operates 24/7 Profilz, an online co-op database of Web user profiles.