CMG Holdings Group, Inc. Enters into Joint Venture
September 11, 2020 at 10:00 am EDT
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CMG Holdings Group, Inc. announced the Company is entering into a J.V. in the pre-owned gym equipment market. CEO Glenn Laken stated that he has made a study of the market and has located a perfect partner for the venture. A young entrepreneur founded a company, Desert Sky Fitness, with $10,000 one year ago and in that year, he generated 1.5 million dollars in sales which is explosive growth in the business. With the unfortunate events of the past year, the pre-owned equipment market has exploded. Many gyms and health facilities have gone out of business which has created a lucrative pre-owned equipment market. The present market for pre-owned fitness equipment is $5.7 billion dollars, projected to grow to over $10 billion in three (3) years. At present, there are no major players in the market. Through this J.V., CMG Holdings is going to make a serious effort to step into that void. Management believes there is a real opportunity to roll-up some of the smaller players and attack this niche as a first-mover.
CMG Holdings Group, Inc. is a marketing communications company focused on the operation of organizations in the alternative advertising, digital media, experiential and interactive marketing, and entertainment industries. The Company's segments include XA The Experiential Agency, Inc. (XA) and CMG Holdings Group. It operates in the sectors of experiential marketing, event marketing, commercial rights, and talent management. Its experiential marketing includes production and promotion, event designs, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set designs, data analysis, and management. It also offers branding and design services, including graphic, industrial and package designs across traditional and new media, public relations, social media, media development and relations and interactive marketing platforms to provide its clients with a customary private digital media network to develop individual broadcasting digital media channels.
CMG HOLDINGS GROUP, INC. 
