LiveXLive is pointing to the growth of podcast revenue for record quarterly results for the three months ending March 31. During its latest fiscal quarter, revenue grew 112% year-over-year to $21 million.
It was LiveXLive’s 12th consecutive record quarter.
The company did not release revenue figures for the PodcastOne division, but said it is driving its increase in advertising revenue. “We’re really excited about where PodcastOne is going,” CEO Robert Ellin said. He told analysts during a conference call that PodcastOne is tracking ahead of the $28 million in revenue in had in 2020.
One reason for that growth is the addition of about two dozen podcasts. “When you look at the expansion of PodcastOne, not only are we seeing improvement in our rates, but you're also getting new podcasts that are coming in. And so that's part of that strategic investment that we were making and to help really emphasize and drive that,” said CFO Michael Quartieri.
Ellin said they are also seeing “tremendous action” from sponsors such as Hyundai and Pepsi that have embraced the company’s mix of audio and video with the creation of podcasts that are also what it calls vodcasts. PodcastOne had over 2.27 billion podcast downloads in fiscal 2021 and its franchise of exclusive shows has now grown to more 235 and it produces more than 300 podcast episodes per week.
LiveXLive operates on a fiscal calendar and March 31 ended its fiscal 2021. During the 12-month period the company reported record revenue of $65.2 million, up 69% year-over-year from fiscal 2020. Yet even as revenue climbed during the latest quarter to a new record, with its margins also hitting new highs, the company still recorded a net loss of $41.8 million for the year.
Looking ahead that could change. LiveXLive raised its guidance for the current fiscal year saying it is on track to have between $110 and $120 million in revenue. Ellin credited “the momentum we see in nearly all of our business verticals.”
During Monday’s call with analysts, Quartieri also announced that a roughly $2.5 million loan LiveXLive secured from the Small Business Administration's Payroll Protection Program had been forgiven.