Mr. Fred Vandenberg reports

DESTINY MEDIA TECHNOLOGIES INC. ANNOUNCES FISCAL 2023 THIRD QUARTER RESULTS

Destiny Media Technologies Inc. has released financial results for its fiscal 2023 third quarter ended May 31, 2023.

"We saw strong independent revenue growth throughout the quarter resulting in a 13.5% increase in this segment," said Fred Vandenberg, President and CEO. "Independent record label represents 52% of our total revenue and this growth was seen throughout all major market segments and is derived from growing sales numbers and revenue per release. Total revenue grew by 6.9%."

"The Company increased its product development expenditures throughout the second half of 2022 to execute on earlier successful research and development expenditures. These investments continue through the first three quarters of fiscal 2023 where we see an increased in capitalized development costs," continued Vandenberg. "These costs are largely financed by ongoing operations."

Highlights

Highlights for Q3 2023 include (all figures are USD, and comparisons are to Q3 2022):

• Quarterly revenue up 6.9% (6.3% foreign exchange adjusted);
• Independent record label revenue, representing 52% of total revenue, up 13.5%;
• EBITDA is $176,726 and capitalized development costs are $237,640.

During the quarter, the Company restarted a Normal Course Issuer Bid and repurchased 5,685 shares for a total cost of $3,923. Total repurchases under the normal course issuer bid to July 12, 2023 of 9,585 shares for a total of $7,463.

Fiscal 2023 Third Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Monday, July 17 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss its 2023 third quarter results.

The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.

Date: Monday, July 17, 2022Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)Attendees are encouraged to register prior to the scheduled time at the following:

https://investors.dsny.com/investors/financials/

or directly on the REGISTRATION FORM by clicking here.

Attendees viewing the webinar can voluntarily submit verbal questions during the live presentation. Attendee cameras will remain off throughout the presentation. Attendees' microphones will remain off unless the attendee voluntarily selects to engage in questions similar to the format available on traditional conference call format.

The webinar format will provide the Company an opportunity to present visual information and provide attendees with an opportunity for questions.

For those without internet access, the webinar can be accessed via the following dial in details:

Direct dial in: +1 312 626 6799 or +1 253 215 8782Webinar ID: 890 0812 8337

Attendees participating via dial in will not have access to the webinar video stream and will not have access to question and answer functions.

A recording of the webinar will be available after the event on https://investors.dsny.com/investors/financials/

Destiny Media Technologies Inc.

About Destiny Media Technologies Inc.

Destiny Media Technologies ("Destiny") provides software as service (SaaS) solutions to businesses in the music industry solving critical problems in distribution and promotion. The core service, Play MPE(TM) (www.plaympe.com), provides promotional music marketing to engaged networks of decision makers in radio, film, TV, and beyond. More information can be found at www.dsny.com.

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