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PodcastOne Says Revenue Grew 22% During Latest Quarter.

Revenue grew while losses widened during the latest quarter at PodcastOne. The company reports its fiscal third quarter revenue jumped 22% for the three months ending Dec. 31, 2022. It had $10.4 million in total revenue, up from $8.6 million a year earlier. And for the first nine months of its fiscal year total revenue climbed to $31.6 million. “We’re really looking at a strong finish with the quarter we’re in,” President Kit Gray told analysts during a conference call on Thursday.

But while revenue increased, PodcastOne remained in the red. It had an operating loss of $2.6 million during the latest quarter, versus a $733,000 operating loss in the prior year.

Beyond the financials, PodcastOne tells investors it has added two dozen new podcasts so far in the current fiscal year and it has about 100 more in the pipeline, including ten that it is looking to acquire. PodcastOne currently has more than 180 shows in its roster.

One of its recent highlights has been the launch of Varnamtown, a podcast hosted by actor Kyle MacLachlan and investigative journalist Joshua Davis. It has soared to the top of Apple Podcast charts, ranking fifth overall for new podcasts, and has become a top 10 show in the highly competitive True Crime category.

Gray also announced during the conference call that PodcastOne has signed a deal with a distribution partner that will help it market its shows. He did not identify the partner, but said the deal is worth more than $20 million.

PodcastOne is 73% owned by LiveOne, and the parent company has also released its quarterly results. LiveOne says it had $31.2 million in revenue during the fiscal quarter that ended Dec. 31. That was a 13% increase from a year earlier. LiveOne losses also increased to $1.5 million during the quarter.

And while it has yet to complete the current fiscal year, LiveOne has predicted what its revenue will be in the year set to begin April 1. It expects to have between $130 and $140 million in revenue in the coming year as it turns profitable with a projected $20 to $25 million in earnings.

“As we approach the end of fiscal year 2024, we are not only meeting but exceeding our targets,” CEO Robert Ellin said. “The momentum we’ve built sets the stage for an even more exciting and prosperous fiscal year 2025.”

LiveOne says it continues to work with J.P. Morgan to explore potential sales, acquisitions, and mergers. An earlier deal to sell streaming music service Slacker Radio was scrapped in October.

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