PodcastOne’s parent company, LiveOne, reports that its revenue grew 72% in its most recent fiscal quarter, which ended Dec. 31. Revenue for the three-month period totaled $32.9 million, with the company saying it added more than 100 new advertisers during the quarter. “And as of January 31, we have over 175 additional sponsors in the pipeline for this year,” said CEO Rob Ellin. “In fact, PodcastOne earned over $1 million this year, more than in company history.”
LiveOne does not release revenue specific to PodcastOne. But on a call with analysts, Ellin said the division continues to see “robust growth” as it secures both new advertising and sponsorship deals and new podcast content. During the last quarter, the company reports that 41 new podcast shows joined the PodcastOne network, consisting of 18 new shows and 23 existing shows that migrated to the PodcastOne platform.
LiveOne reports that PodcastOne had over 2.48 billion downloads in 2021, and its franchise of exclusive shows has grown to over 235 podcasts and produces over 300 podcast episodes per week. “It’s important to understand that PodcastOne has exclusive advertising sponsorship rights to all of its podcast content,” Ellin told analysts.
LiveOne announced last month that it was expanding its relationship with Tesla to make several of its hit podcasts available on Tesla cars through LiveOne’s LiveXLive streaming platform. Ellin said that should help make his shows more appealing to advertisers. “The more traffic you have, the more advertising you pay,” he said. “We announced our podcasts on Facebook, 40 million Samsung TVs and Tesla. So the more traffic, the bigger the audience, the more important it is and the better for us.
In January 2021, LiveOne announced that it had secured the assistance of JP Morgan to explore strategic alternatives to enhance shareholder value, potentially including a strategic acquisition, divestiture, merger, sale or other form of business combination. A year later, the company said the process was continuing.
The challenges of operating a live events company during a global pandemic led LiveOne to announce earlier that it was implementing further cost and expense reductions in both operations and overhead. of the company. This will bring its previous cost savings estimates from the previously implemented $5.6 million to an estimated total of over $14 million per year.
“First, the Delta variant. And more recently, the Omicron variant. COVID has required us to push back nearly all of our scheduled live events for the current quarter. To date, we have lost over $16 million in annual revenue due to COVID restrictions,” Ellin said. “That said, we remain extremely optimistic about the return of live events and believe we are extremely well positioned to benefit from live events in the future.”
Despite pandemic-related hurdles, Ellin told investors Thursday that the company still expects to have between $112 million and $113.5 million in revenue by the end of its March 31 fiscal year. $140 million in revenue.