PodcastOne revenue climbed double-digits as it closed in on profitability during its fiscal third quarter, which ended Dec. 31. The company says revenue increased 22% to $12.7 million while its operating loss narrowed to $1.6 million versus an operating loss of $2.6 million in the prior year.
Based on current trends, PodcastOne expects to have revenue of at least $51 million when its fiscal year ends March 31. If that holds, it will be an increase of at least 17% compared with a year earlier.
In recent months PodcastOne has expanded its programming slate to 196 shows and surpassed 3.9 billion network downloads through deals like an expanded relationship with A&E and the launch of Ancient Aliens, a podcast adaptation of The History Channel’s hit show. It has also renewed its deals with flagship podcasts hosted by Adam Carolla, Brendan Schaub, and Kaitlyn Bristowe.
“PodcastOne remains committed to delivering premium content while expanding our host and advertiser relationships,” President Kit Gray says in the announcement. “Looking ahead, we are focused on leveraging our leadership position in podcasting to drive sustainable growth through organic expansion, acquisitions, and strategic initiatives, creating long-term value for our creators, partners, and shareholders.”
Going forward, he says PodcastOne’s recent migration to Amazon’s Art19 hosting platform will also bring enhanced operational efficiencies. As part of the alliance, Art19 will also take over podcast distribution as PodcastOne retires its own content management platform. “This strategic move positions us to better serve advertisers and maximize the value of our content across our growing network,” Gray says.
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