iCreate Limited has announced several initiatives that, it says, will “pivot and grow” the company for 2021.
The company’s chief executive officer, Tyrone Wilson, reiterated in a new Jamaica Stock Exchange release on Monday, January 11, 2021, that the company has created a second division, called Opportunity Ventures, which is ready to kick-start the Creative City Initiative.
iCreate will also acquire an e-commerce company, Mobile Edge, and stage, for the second year running, the Reggae Sunsplash Music Festival.
The Creative City Initiative, which the company touts as the first of its kind in Jamaica, will include new office space for the iCreate Institute, the company’s first division; studios for creatives (artistes and marketers) with residential accommodations to service those needs; museums and co-working spaces.
On December 23, 2020, iCreate signed a joint venture agreement with which it will initiate the real estate development in New Kingston, with the proprietor of the lands. However, the company did not disclose the JV partner and land owner.
The project has an estimated cost of Jamaican $1 billion and will take the next 24 months to reach completion, Wilson said.
He stated further that these ventures will impact both the creative and technology industries.
iCreate staged the Reggae Sunsplash Music Festival, which it executed virtually on November 27 and 28, 2020.
Wilson reported that the two-day event saw over 330,0000 views from thirty different countries tuning in to the performances of Jamaica’s top entertainers. As a result, the company announced plans to have “hybrid staging” in 2021.
Through its Opportunity Ventures Division, iCreate is also moving to acquire Mobile Edge Solutions Limited, a transaction involving a shares swap.
Wilson describes Mobile Edge Solutions Limited as “one of Jamaica’s leading and [fast-growing] e-commerce companies,” which will “further fulfil iCreate’s mission of building the creative and technological industries in Jamaica.”
In the final quarter of 2020, iCreate also inked a licensing agreement with Code Fellows Holdings, Inc to offer coding and data security courses in Jamaica and the Caribbean.
“This is in keeping with the demand for online platform learning and to satisfy the requirements for personnel and training pursuant to the recently passed, Data Protection Act 2020,” Wilson noted in Monday’s release
“This forms part of the strategy to pivot during the impactful SARS–CoV-2 Coronavirus (COVID-19) pandemic and to satisfy the national agenda of preparing Jamaica for the Fourth Industrial Revolution.”
iCreate reported revenue of JM$7.8 million in Q3,2020, ending September 30, 2020, down 52 per cent year-on-year.
The quarter’s loss was $JM5.3 million compared to JM$3.1 million for the same period in 2019. However, the nine-month revenue of JM$46.16 million was 13.8 per cent above JM$41.4 million reported for the same period in 2019.