LOS ANGELES - PodcastOne, a prominent podcast platform under the LiveOne umbrella (NASDAQ: LVO), has released its preliminary and unaudited results for the first quarter ending June 30, 2024, forecasting a record revenue of $13 million. This figure represents a $2.5 million, or 21%, increase compared to the same period last year.
The company also reported significant growth metrics, including a rise to the 11th spot in Podtrac's rankings, surpassing media giants such as Paramount, Barstool Sports, and CNN. PodcastOne's reach has expanded to a 5.5 million unique monthly audience in the U.S. and 17.5 million global downloads and streams. The platform currently hosts 185 active podcasts and shows, with 10 new podcasts launched this quarter, including titles like "Tactful Pettiness" and "Wholeheartedly."
Kit Gray, President and Co-Founder of PodcastOne, expressed enthusiasm about the company's trajectory, stating, "We're pleased to announce our anticipated strong results, demonstrating our growth and leadership in podcasting."
Despite the optimistic outlook, the company has cautioned that these preliminary results are subject to change as they have not been reviewed by PodcastOne’s independent registered accounting firm. The final financial results may include adjustments, which could be material.
PodcastOne's continued growth in the podcasting industry is part of a broader strategy to onboard successful existing podcasts and produce new and original content. The company's performance is indicative of the increasing popularity and commercial potential of podcasting as a medium.
The information in this article is based on a press release statement from PodcastOne and has not been independently verified. Final financial results for Q1 2025 will be confirmed following the completion of the company’s financial statement reporting process and review.
In other recent news, PodcastOne, operating under LiveOne, has welcomed finance expert Jon Merriman to its Board of Directors. This strategic move is expected to bolster PodcastOne's growth initiatives and visibility within the financial sector. Merriman, currently the Chief Business Officer at B. Riley Financial, brings significant expertise in investment banking and advisory services, especially within technology, media, and entertainment sectors.
Simultaneously, PodcastOne projects strong financial performance, anticipating revenues to hit between $50M and $55M for the fiscal year ending March 31, 2025. This follows a successful fiscal year that concluded on March 31, 2024, with the company reporting $43.3M (NYSE:MMM) in revenue and $660K in adjusted EBITDA.
The company's growth is also echoed in its content production, boasting over 600 million annual downloads and partnerships with over 200 Fortune 1000 advertisers. Notably, PodcastOne has entered a significant business-to-business partnership with a Fortune 250 company, which is expected to contribute over $20M in annual revenues. These are among the recent developments that highlight the company's upward trajectory.
InvestingPro Insights
PodcastOne, recognized for its robust expansion and increasing presence in the podcast industry, has demonstrated notable financial growth with a projected record revenue for Q1 2025. To provide additional insights into the company's financial health and investment potential, here are some curated metrics and tips from InvestingPro:
InvestingPro Data indicates that PodcastOne holds a market capitalization of $38.07 million, reflecting the company's size and market value. Despite a challenging year with a 1-year price total return of -63.55%, the company has shown a significant return over the last week with a 25.0% increase. This could signal investor confidence in PodcastOne's growth prospects or a market correction of previous undervaluations.
Moreover, the company's revenue growth remains strong, with a 24.99% increase over the last twelve months as of Q4 2024. This aligns with the company's recent announcement of anticipated record revenue, underscoring its ability to generate higher sales.
InvestingPro Tips highlight that PodcastOne holds more cash than debt on its balance sheet, which is a positive sign of financial stability and risk management. Additionally, the company's liquid assets exceed its short-term obligations, further reinforcing its solid financial footing.
While PodcastOne has been navigating through profitability challenges, as it was not profitable over the last twelve months, analysts are predicting that the company will turn profitable this year. Such a turnaround could be a critical factor for investors considering the future potential of the company.
For a deeper analysis and more InvestingPro Tips, interested readers can explore https://www.investing.com/pro/PODC, where they will find a comprehensive list of 9 additional tips to guide their investment decisions. To enhance the value of your InvestingPro experience, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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