KUALA LUMPUR - Starbox Group Holdings Ltd. (NASDAQ:STBX), a provider of cash rebates, advertising, and payment solutions, announced today the deployment of its StarboxAI Pro Series software to 180 Degrees Brandcom Sdn Bhd, an advertising subsidiary. The AI-powered software aims to enhance 180's branding and advertising services, including image creation, video production, and live streaming.
180 Degrees Brandcom, a 4A advertising agency established in 2013, has a history of long-term client relationships, with over 20% of its clientele for more than 15 years. The integration of StarboxAI Pro Series is expected to bring new capabilities to the agency, such as generating brand-specific images, creating short promotional videos, and engaging audiences with interactive live streams.
The use of artificial intelligence is anticipated to allow for personalized campaigns and real-time performance optimization, combining data and creativity for more effective marketing strategies. Lee Choon Wooi, CEO and Chairman of Starbox, expressed that the adoption of the software reinforces 180's commitment to delivering exceptional brand experiences in a competitive digital landscape.
Starbox, headquartered in Malaysia, focuses on innovation and aims to be a comprehensive technology solutions provider in Southeast Asia. The company connects merchants with shoppers through cash rebates on its GETBATS platform and offers digital advertising services on various apps and social media. It also provides payment solution services to merchants.
The announcement contains forward-looking statements regarding the expected benefits of the software to 180's operations. These statements involve risks and uncertainties, and actual results may differ from those projected. Starbox has made it clear that it does not intend to update these forward-looking statements in the future.
The information is based on a press release statement and does not include any speculative content or broader industry impacts. The focus remains on Starbox's strategic move to enhance its subsidiary's capabilities through AI technology.
In other recent news, Starbox Group Holdings Ltd., a Cayman Islands-based advertising firm, has announced plans to hold an extraordinary general meeting of shareholders. This decision was disclosed in a notification and proxy statement filed with the U.S. Securities and Exchange Commission (SEC). The meeting is set to take place in September 2024.
The company has made available the notice and proxy statement for the meeting, as well as the form of proxy card, through exhibits 99.1 and 99.2 respectively. These documents will allow shareholders to review the matters to be discussed and cast their votes. The filing ensures that Starbox's shareholders are well-informed about the meeting's agenda and procedural details.
However, the content of the meeting and the decisions to be made have not been disclosed in the announcement. As per the announcement, this is based on the press release statement filed with the SEC and does not include any additional commentary or speculative information. These are the recent developments in the company.
InvestingPro Insights
Starbox Group Holdings Ltd.'s (NASDAQ:STBX) recent deployment of its StarboxAI Pro Series software to 180 Degrees Brandcom Sdn Bhd comes at a crucial time for the company, as revealed by InvestingPro data. Despite the company's impressive gross profit margin of 83.46% for the last twelve months as of Q2 2024, which aligns with one of the InvestingPro Tips highlighting "impressive gross profit margins," Starbox faces significant challenges.
The company's revenue growth of 48.08% over the same period is noteworthy, especially in light of its strategic moves in AI technology. However, this growth hasn't translated into profitability yet. An InvestingPro Tip points out that Starbox is "not profitable over the last twelve months," which is reflected in its negative operating income margin of -84.31%.
The stock's performance has been concerning, with InvestingPro data showing a one-year price total return of -81.6% as of the latest available data. This aligns with another InvestingPro Tip stating that the "price has fallen significantly over the last year." The current market capitalization stands at $53.24 million, indicating a relatively small-cap company in the technology sector.
For investors considering Starbox's potential, it's worth noting that InvestingPro offers 11 additional tips for STBX, providing a more comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable given the company's recent AI initiatives and its efforts to enhance its subsidiary's capabilities in a competitive digital landscape.
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