Derek Wilkie, chairman of Caribbean 2 World (C2W) Music Ltd, indicates that not only has the company slashed away at its expenses, but it is putting in place a more robust strategy to improve its revenues going forward.

Accumulated losses for the company as at March 2016 are US$1.23 million. C2W continues to bleed with revenue of US$239 during the March quarter compared to expenses of US$15,176.

Auditors indicated in the annual report for 2015, published this week, that with its strategies — such as those cited by Wilkie — the company is being considered a going concern.

Plans include a new revenue model including a wide-spectrum All Rights management model which will provide new revenue streams outside of publishing.

Additionally, the company is sorting out its relationship with the Caribbean Performing Rights Society, which owes it royalties.

The company is also looking at more sponsorship with upcoming songwriters camps to be fully sponsored.

In 2015 there were no training events – a year in which expenses were slashed from US$159,086 to US$33,693.

In the recent quarter ended March, a songwriters camp was sponsored at a cost of US$3,000.

Revenue in 2016 is expected to come from acknowledged debtors.

Auditors said in the annual report,“ The Performing Rights Society of the Caribbean does legally owe C2W music publishing and sub-publishing royalties for 2012, 2013, 2014 and 2015.”

The body, it was noted, is working to rectify system issues so royalties can be identified.

C2W made total losses of US$18,510 during 2015 with current liabilities at year end exceeding current assets by US$150,183 up to December 2015.

Auditors noted that from inception, the company has not achieved the level of revenues projected required to keep operations afloat. It is on the basis of the proposed new revenue model – such as that mentioned by Wilkie – that the company is still being considered a going concern, the auditors stated.

In 2015, the annual report indicates, there was no publishing revenue. In first quarter 2016 this trend continued.

During the year ended December 2015, of US$ 7,048 in revenue earned, 88 per cent came from performance royalties and 12 per cent from synchronisation rights.

C2W’s yearly advances to songwriters , which amounted to US$251,207 in 2015, are listed as assets to be collected from the income from future songs written.

Chairman Wilkie pointed in the annual report to the plan by the company to increase the number of songwriters registered as another revenue-raising strategy.