Q2 2025 PodcastOne Inc Earnings Call & Business Update
Speaker Change: Good morning, ladies and gentlemen. Thank you for standing by. This is Podcast One's fiscal second quarter 2025 earnings call.
Speaker Change: All lines have been placed on mute to prevent any background noise.
After the speaker's remarks, there will be a question-and-answer session.
If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad.
And if you would like to withdraw your question, press the star 1 again. Thank you. And now I will turn the call over to Podcast One's Chief Financial Officer.
Mr. Aaron Sullivan, the floor is yours.
Aaron Sullivan: Thank you, and welcome to Podcast One, Fiscal Second Quarter 2025 Business Update and Financial Results Conference Call and Webcast.
During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. On our call today is Kit Gray, President and Founder of PodcastOne, myself, Aaron Sullivan, Chief Financial Officer, and Rob Allen, Executive Chairman of the Board.
Speaker Change: I would like to remind you that some of the statements made on today's call are forward-looking and are based on current expectations, forecasts, and assumptions that involve various risks and uncertainties.
Speaker Change: These statements include, but are not limited to, statements regarding the future performance of the company, including expected future financial results and expected future growth in the business.
Actual results may differ materially from those discussed on this call for a variety of reasons.
Speaker Change: including those described in Podcast One's Form 10-K for the year ended March 31, 2024, filed by the company with the SEC on July 1, 2024, and subsequent SEC filings made by the company.
Speaker Change: You will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the company's earnings release, which is posted on its investor relations website.
Speaker Change: The company encourages you to periodically visit its investor relations website for important content.
Following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, November 7, 2024. And except as required by law, the company does not undertake any obligation to update or revise this information after the date of this call.
Speaker Change: I'd like to highlight to investors that this call is being recorded, Podcast One is making it available to investors in media via webcast, and a replay will be available on our IR website in the events section shortly following the conclusion of the call.
Speaker Change: Additionally, it is the property of the company and any redistribution, retransmission or rebroadcast of the call of the webcast in any form that the company's express written consent is strictly prohibited. Now, I would like to turn the call over to Podcast One's President, Kit Gray.
Kit Gray: Good morning. Thank you, Aaron. We are very excited to have you all here today. The podcasting world is exploding and we are a huge part of it. I'm excited to talk to you about it all today. Thank you and welcome to our fiscal second quarter 2025 earnings call. As a reminder, we are not on a calendar reporting year and our fiscal year ends March 31st, 2025.
Speaker Change: Today, I'm joined by our CFO, Aaron Sullivan, who just spoke, and our Executive Chairman, Robert Pellin.
Today, we will provide a brief recap
and overview of Podcast One in a continuously growing podcast market and highlight our recent successes before passing it on to Aaron for the financial results.
Speaker Change: After his comments, I will close with an update on our strategic initiatives and what we are looking forward to in the quarters to come. Lastly, we will open it up to Q&A.
Speaker Change: To start, I'd like to first provide an overview on Podcast One for those who may be new to our story. Podcasts have transitioned from their niche interests to a mainstream medium with millions of engaged listeners.
Speaker Change: Since founding the company in 2012, we have been there from the beginning, which has provided a first-mover advantage and allowed us to scale our platform significantly.
Speaker Change: Today, Podcast One is the only pure play publicly traded podcast company in the United States.
Aaron Sullivan: Put simply, Podcast One is a leading podcast platform that hosts 189 shows that reaches a U.S. audience over 16.2 million global downloads and streams as of September 2024.
Aaron Sullivan: Leveraging our platform, we help podcasts recognize their full potential by providing world-class support via 360 marketing capabilities to accelerate growth and exposure, allowing talent to do what they do best.
Aaron Sullivan: This support includes full capabilities related to studio space, marketing, production, editing, distribution, talent booking.
Aaron Sullivan: Public Relations and leveraging our seasoned direct sales teams who have long-term relationships with advertisers and brands that want exposure and sought-after audience of listeners on the podcast.
platform.
Speaker Change: and she diversified our revenue streams while providing new avenues of growth for Podcast One.
Aaron Sullivan: First, Podcast One Pro, which features everything from full 360 degree marketing, which I touched on, or a la carte offerings for every price point and specific needs to our talent on our platform.
Aaron Sullivan: Second, we've launched Paywalls with Apple Plus, SubSpec, SportingCast, and where we have an agreement with some of our most popular podcasts and package that ad that offer ad-free listening, early access, notes from podcasters, bonus episodes, merchandise, and more.
More on those verticals later.
Aaron Sullivan: Nukely, our full end-to-end capabilities not only partner with podcast but in some instances our own intellectual property.
Aaron Sullivan: for the actual show. This year alone, we have already sold two shows to two major streaming networks, which can provide high return on investment to Podcast One with even larger upside based on future performance.
Aaron Sullivan: According to PodTrack, our platform is currently ranked number 12 of all U.S. podcast publishers ahead of such names as CNN, Fox Audio Network, and other major media conglomerates.
Aaron Sullivan: The U.S. podcast market is projected to reach 160 million listeners in 2024, more than double the 2020 figure, and we are in prime position to capture market share.
Aaron Sullivan: And advertisers are certainly taking notice too. A recent study in PodNews found that podcasting advertising not only surpasses other mediums in brand building, but is also highly effective in generating long-term sales.
Aaron Sullivan: According to the study, podcast advertising delivers 4.9 times the ROI, making it one of the most profitable media channels available.
Aaron Sullivan: Clearly, podcasts continue to be preferred medium for entertainment, sharing content, education, and importantly, news. To showcase this, both 2024 presidential candidates appeared in long-form interviews on trending podcasts as proven platforms for messaging.
Aaron Sullivan: During the quarter, Podcast One also had notable guests including Barack Obama, Dr. Anthony Fauci, Whitney Cummings, and Saucy Schroeder to name a few.
Speaker Change: Now, before going further, I'd like to turn the call over to Aaron, our CFO, to walk through the financial results for the fiscal second quarter. Aaron?
Aaron Sullivan: Thank you, Kit. As Kit mentioned at the beginning of the call, I want to again remind listeners that our fiscal year ends on March 31st.
Aaron Sullivan: Revenue in the fiscal second quarter of 2025 increased 16% to $12.2 million, compared to $10.5 million in the same year ago quarter.
Aaron Sullivan: Operating loss in the fiscal second quarter of 2025 was $1.7 million compared to an operating loss of $1.4 million in the same year-ago quarter. The increase was primarily driven by higher non-cash stock compensation expense.
Aaron Sullivan: Net loss in the fiscal second quarter of 2025 was $1.7 million or $0.07 per basic and diluted share, compared to a net loss of $10.9 million or $0.52 per basic and diluted share in the same year ago quarter.
Aaron Sullivan: As a reminder, the prior year quarter included a non-cash, non-operational $8.9 million charge related to a change in the fair value of embedded derivatives as our bridge notes were converted to equity.
Aaron Sullivan: Adjusted EBITDA in the fiscal second quarter of 2025 improved to negative 0.4 million compared to adjusted EBITDA of 0.1 million in the same year ago quarter.
Aaron Sullivan: The change in adjusted EBITDA was primarily due to the timing of content acquisition costs. We ended the fiscal second quarter with no debt on our balance sheet and $1.4 million in cash and cash equivalents as of September 30, 2024.
Aaron Sullivan: As we look ahead, I'd like to also briefly touch on guidance.
Aaron Sullivan: We've recently entered into long-term deals with certain podcasters to make them equity partners.
Aaron Sullivan: as we will compensate them for revenue share with stock grants. This will be accretive to adjusted EBITDA and strengthens our relationship with talent as they will literally be invested in our company and will have the opportunity to participate in the upside as the company continues to grow.
Kit Gray: Now, I'd like to turn the call back to Kit for some additional comments in the quarter before wrapping up with questions from the audience.
Kit Gray: Thank you, Aaron. As highlighted, the momentum we're building continues to drive meaningful financial results, which is a direct result of our extremely scalable platform and the execution by our team at Podcast One.
Aaron Sullivan: During the quarter, we made several significant hires, including industry veteran Jim Lally, who joins us from Lipson Ads, where he served as Director of Brand Partnerships.
Aaron Sullivan: His experience spans podcasting, digital media, and advertising, with notable roles at
Aaron Sullivan: WNYC Studios, Soundrise, which is part of the PRX's media sales division, and the New York Times, having a direct impact on the sales strategies behind shows of some of their top trending properties.
Speaker Change: As Head of Business Development at Podcast One, he will focus on expanding internal sales and publishing synergies, increasing talent revenues, and the company's prominence with both media buyers and content creators.
Speaker Change: Alongside Sue McNamara, our TRO, this is a one-two punch combo that should help accelerate our growth for years to come.
Speaker Change: We've also added Steve Lehman as Vice Chairman of Podcast One, who among his many accolades was Founder, Chairman, and CEO of Premier Networks.
Aaron Sullivan: and the largest radio network in the U.S., which is now part of iHeartRadio. Steve brings extensive experience and will work alongside senior management to drive both organic and inorganic growth opportunities, specifically in M&A.
Aaron Sullivan: Lastly, John Merriman joined the Board of Directors. He currently serves as Chief Business Officer for B. Riley Financial as a 35-year investment banking veteran.
Aaron Sullivan: He has deep experience helping companies with their strategic growth initiatives and in achieving visibility in the public markets through debt and equity transitions.
Transaction.
Speaker Change: As I noted in my opening remarks, we've taken several steps to increase growth on the platform and diversify our revenue streams, which ultimately will make us a much larger and much more mature platform as we move forward.
Speaker Change: with average expected revenues in the six figures with major brands such as Motortrend, LoveZak, and Invisible Scars. We also
Speaker Change: saw success using paywalls to provide exclusive access to live events, pay-per-view merchandise, and bonus content. A great example of a show that utilizes these offerings to expand its reach is Adam Carolla, which we recently launched on Substack.
Aaron Sullivan: Our use of SubSpec allows PodcastOne and Atomcrawler to uniquely package exclusive content to the most passionate of podcast listeners.
Aaron Sullivan: that will have full access to Beat It Up, Jay Moore's podcast return, as well as ad-free and video content for all new episodes of The Adam Carolla Show, The Adam and Drew, and Classic Carolla Shows.
Aaron Sullivan: Additionally, subscribers will receive an exclusive newsletter, access to archival content, and be the first to experience planned live recording sessions and live chat.
Aaron Sullivan: These new revenue streams provide additional avenues for high margin growth while diversifying our revenue mix and service offering to the entire Podcast One ecosystem.
Aaron Sullivan: As of the quarter end, we have 189 shows on the platform, with 48 shows added year-to-date, and 6 new shows added this quarter.
Aaron Sullivan: In most instances, our platform helps shows expand their reach, increase revenue, and take them to the next level. I'll highlight that with the I've Had It podcast. Two years ago, they signed with Podcast One when they were under 20,000 downloads per episode.
Aaron Sullivan: and now they are well over 100,000 audio and video downloads per episode with multiple episodes a week and nearly 10 million downloads in total.
Aaron Sullivan: The show recently extended its relationship with Podcast One for a two-year deal and added a second show to their network called I Have News that is under their umbrella and leverages their
Aaron Sullivan: extremely loyal audience. Podcast One was also able to support Kendall Tewell, a Peloton fame, as she embarked on her next chapter with Wholeheartedly Podcast.
Aaron Sullivan: Joining our former colleague and current Peloton instructor Cody Rigsby and his podcast Tactful Pettiness on podcast one
Aaron Sullivan: Full coverage is a runaway Gen Z hit whose hosts Manny and Laura have transitioned their notoriety as influencers to become top-notch and compelling podcast hosts. They're leaning into industry trends, producing superior video content, and averaging over a hundred thousand downloads per episode.
Aaron Sullivan: Podcast One's roster of talent is only expected to grow with debt-free balance sheet and multiple
Aaron Sullivan: creative growth opportunities. We will continue to evaluate M&A prospects, not only for our attempts to acquire the best content, but other networks, producers, sales firms, and technology to bolster Podcast One's offerings to hosts and their advertising partners.
Aaron Sullivan: Podcast One offers investors a unique opportunity with a rapidly growing platform that not only has scale and talent, but its own intellectual property that can be sold for a significant return on investment.
Aaron Sullivan: To that end, the fiscal second quarter of 2025, we sold our second company-owned podcast
Aaron Sullivan: to a major television network. And as we move forward, we are excited to see the on-screen adaptations of these two popular shows. The unique model, team, and resources within Podcast One is reshaping a budgeting podcast industry.
significant margins as we scale.
Aaron Sullivan: Looking ahead, we will continue focusing on our strategic growth initiatives as the only pure play podcast company in the United States, which ultimately will drive sustainable long-term shareholder value. Thank you for joining us, and at this time, I'd like to turn the call over to the operator for Q&A.
Speaker Change: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. And if you would like to withdraw your question, simply press the star 1 again.
Aaron Sullivan: If you are called upon to ask your question and listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Again, please press star 1 to join the queue.
Speaker Change: Your first question comes from the line of Sean McGowan of Ross Capital Partners. Your line is now open.
Sean McGowan: Thank you. Two quickies for Aaron first. Aaron, when you were giving that guidance, did you say 61-61 or 51-51?
5151.
Speaker Change: Okay, thank you. And I assume the tank crew will be out early next week as well as live ones? Yes, similar timing as we discussed earlier. So early next week, a day or two before the deadline.
Okay.
Speaker Change: Then a couple of questions for you, Kit. So, you know, now that the election cycle, the most important election of our lifetime, etc., etc., is over, what does that do to the ad market, you know, in the period following an election? How does pricing trend, you know, kind of in the wake of that?
Speaker Change: I know you guys don't do a lot of political advertising, but it's got to affect the overall pricing, right? So what happens to pricing?
Kit Gray: Yeah, hey Sean, good to hear from you. Thanks for joining, buddy. Yeah, so the never-ending political world, hopefully it is kind of over and we can all move on.
Speaker Change: We are all exhausted with that. But I think really the cool thing is, when you look at all the candidates and going on podcast and even the Elon Musk of the world going on podcast and just talking about that and really the strength of podcasting.
It really was a powerful tool in this campaigning strategy.
Speaker Change: with both candidates, so really kind of cool to watch. But that thing, to answer your question.
Speaker Change: on the advertising front. What I've heard mostly in talking to a lot of our competitors, talking to a lot of our brand partners and agencies is that
Speaker Change: the clutter, right, and being a part of the constant barrage of Trump and Harris commercials and local ads going out there, so a lot of them pulled back. And I think that's gonna poise us for a really strong November, December, and into first quarter as some of these budgets that have been held back will be.
in the world.
Speaker Change: Okay, thanks. I kind of belong in the same general area as that discussion.
Speaker Change: How does that enter into the negotiations that you have with talent, either for new shows or existing shows? Does it help you or does it kind of make it more expensive to get some of these shows?
I guess it can kind of go both ways.
Speaker Change: properties earlier in the presentation, you know, they've been on the Today Show multiple times. We have leveraged that through our PR relationships and our talent booking relationships and obviously they're tremendously talented women.
Speaker Change: very funny, so it's been good for them to do what they do but for us to complement them nicely with the services that we offer.
you know, when you look at
Speaker Change: the ability to drive revenues and drive growth on that show it's allowed those two women in particular to you know not spend as much time in their core business which is you know being a divorce attorney and
Speaker Change: and a design specialist running her own firm and really concentrating on the podcasting business and launching the political show and being able to travel to Chicago for the DNC and LA to go out to meet with certain political people and Obama and so forth. So, you know, I think it's great in the sense that we're getting more audience, we're getting bigger guests, we're getting bigger recognition.
Speaker Change: It does get expensive, but we offer these services because it grows their pie and it grows the total revenues that we could bring to the
Speaker Change: to the ecosystem of that show, which is great, right? So we're able to do exactly what we said we would do for them, which is take some of their heavy lifting off and allow them to do more content and then we can all make more money together.
Great, that's helpful. My last question is...
Speaker Change: Talent, what kinds of things are you saying that you can do to help the shows get discovered?
Speaker Change: Yeah, good question. Sean, you always have some good ones. I think it is harder for new shows to get, you know, get discovered or be discovered and then, you know, continually download, downloaded and grow. It is...
Speaker Change: I believe there's less new podcasts out there than there has been in the last couple years, but the consumption of podcasts is growing tremendously and the ways to access podcasts.
Speaker Change: Huge platform of distribution for podcasts in the podcast world. So there's new ways to discover podcasts
Speaker Change: not only you know do I run a network of podcasts where we can use open inventory and we can cross promote with guests to grow shows or special events
You know
Make your your footprint
Speaker Change: That are you know able to make money and not only make money on the immediate shows that go out the episodes that go out but their backlog of content right and that's coming through programmatic revenues and selling as
Speaker Change: run a network type deal not just show by show where you're really capped out on like what download number you have. »» This is Aaron Sullivan, I literally just finished World Economy Strike. Today, I'm going to be talking about making business law known nationally through a series of videos. You'll be able to join me on my first video called Go To Conservative Consumer Assertive Life Courses.
Speaker Change: There are different ways to make money now. If you are a 20,000-25,000 downloaded podcast, you've got the advertising side of it, but now you've got the merch, you've got the pay wall, you've got the live shows. You've got all these types of things.
Speaker Change: that we can help people do and that's their chance to become podcast stars.
Okay, thank you very much. Appreciate it.
Sure.
Speaker Change: Once again, if you would like to ask a question, please press star 1 to join the queue.
Speaker Change: And your next question comes from the line of Leo Carpio, Joseph Kenner. Please go ahead.
Speaker Change: Good morning, gentlemen. I've got a couple of quick questions. The first question, regarding the quarter, did you experience a summer seasonality effect on the revenues? Being summertime, people tend to go to the beach, and thus they don't spend as much time on podcasts or listening, and just wondering if that's happened this Q?
Speaker Change: Yeah, hey Leo, good to see you. Good to see you last week and good to hear from you again. Yeah, so you always do see seasonality in the summer months, you know, just like you would around, you know, the week of Thanksgiving and Christmas, New Year's, you do see a little bit of that.
Speaker Change: They changed how they, you know, download to subscribers of podcasts.
Speaker Change: in terms of the audience, and it helps the advertisers have some more confidence on people actually hearing their spot. So I think it's a good thing.
Speaker Change: So, the numbers and the downloads have really evolved. It hasn't been just kind of a consistent thing. You know, last year in Q2, that's when that change occurred. And so, we're still kind of living through that world a little bit. So, it's hard to just say, yeah, you know, there are a lot of people at the beach.
Speaker Change: you know there could have been a lot of people at the beach listening to the podcast too, right? So, I think...
Speaker Change: information laughs and feel like a community and you know again the biggest and best personalities in the world are in the podcasting space either as
Speaker Change: Okay and speaking in terms of the new media that you just mentioned there given this whole presidential election cycle that just went through
Speaker Change: And do you think podcasting is becoming a more reliable form of news source? Like, for example, in this cycle, we saw people going to TikTok and other social media versus traditional news. Do you think this is kind of like the...
Speaker Change: Go on for podcasting being viewed as a better, more reliable media and hence dollars will fall in terms of ads.
Yeah, I actually watched a clip that Rob, Rob Allen
Speaker Change: had sent me this morning from Tucker Carlson's interview with Elon Musk and
Speaker Change: He talked about podcasting and really the benefits of these candidates going on podcasting or really anybody right like when you go on a podcast, it's not like Instagram or a
Speaker Change: an hour to three hour interview with a candidate or, you know, an actor or a writer or whatever it is you're listening to, you really get an opportunity to learn who that person is.
Speaker Change: and beyond what they're just doing, but you either like that person or you don't, but it really gives you a unique...
Speaker Change: time to sit with someone and listen and it's a very intimate experience and
Speaker Change: But you know, when you do something like Joe Rogan and it's a three hour interview, you know, you're, you're getting way deeper than you'd seen any other medium forum and people really like it. It's, it's extremely powerful and it allows you to kind of connect to these people. And unlike you ever have been able to do before. Right so.
That's the strength of podcasting.
Speaker Change: Okay, and then can you remind us, what's the status of your talent pipeline and also in acquisitions in terms of podcast networks that you looked at? If I recall in past quarters you mentioned you're like about a hundred plus
Speaker Change: podcast talent at any given time being evaluated as potential ads to your platform. How is that pipeline shaping up now? Is it still the same health robust or?
Speaker Change: Yeah, on the show-by-show side of things, still in that 100-plus.
Speaker Change: you know, continually falling in and out, right? Certainly you win some, you lose some.
is Aaron Sullivan
Thank you.
Speaker Change: There's there's companies out there that are involved in the tech the production of things
Speaker Change: funnel than it than it was you know a month or even two months ago so I think
you know.
Speaker Change: There's so many opportunities out there. I think when I was talking to, well, I know when I was talking to Steve about the differences between running a premier, which is a radio station kind of group, and then running a podcasting group is.
Aaron Sullivan
Speaker Change: Okay, and then last question, turning back to the guidance, previously you had indicated the guidance was $51 to $56 million for the year and you're saying today it's greater than $51. Just try to connect the two dots in terms of the guidance. Is it still the $51, $56?
Speaker Change: What we're saying is that we're going to be over 51 where that's going to land is definitely going to depend on.
Speaker Change: a couple big deals that we feel very strongly on. I think that we're really, really excited about.
but I wouldn't, they're not planned dunks.
I would say that so
Speaker Change: We're confident on hitting that, over that 51 number. How big that'll be? Well, we'll see, we feel really good about them. We've got great relationships with those brands that we're really close to finding and get us to that number.
Speaker Change: you know a couple acquisitions go our way a little quicker than we'd like then then then we'll get higher than that number but that's that's kind of where we're leading right now.
All right. Thank you.
Thanks, Leo.
Speaker Change: Your next question comes from the line of Barry Sine of Litchfield Research. Please go ahead.
Hey, thanks for taking the call.
Speaker Change: Just to comment, Kit, I saw Lady Gang when they were in New York live last month, a really passionate audience, although I think I was the only straight guy there. But the audience just loves that group, and I was able to meet the talent afterwards, so just a really great experience.
Speaker Change: I'm glad you had fun and yeah that's a unique one, that's a unique one for sure.
Thank you, Aaron. Thank you, Aaron.
So, can you hear me okay?
Okay.
Yeah, can you hear me OK?
FIPS.
Speaker Change: What are brand partnerships? Can you give us an example of what one might be?
Sure, those are, you know, most of our
Speaker Change: and Alcohol Brand and doing really more of those 360 sales that we talked about, so you're getting more money for the content that you're providing. So signage in the studio, brands on the video.
Speaker Change: It's just much more in-depth, right? Like is the coffee mug facing the right way on the video? All that kind of stuff.
Speaker Change: So a guy that can bring big bucks and big deals on that front, he's done it before. I outlined his history. So he's gonna be involved in that and he has a ton of relationships with.
Speaker Change: you know similar groups to our sales teams where you know those networks are accustomed to him and his strategies and his success and sales, to bring them over to our team and you know do a great job. So he's going to be doing all that stuff.
Speaker Change: start to think about, you know, what you could do in 2025. And I know you're not giving guidance for the year. On the live one call, Rob seemed to indicate that your activity in the last couple of weeks has really accelerated with a lot of bids out there. You continue to add new podcasts.
Speaker Change: Could you prioritize, what do you think is the most exciting of everything that you're doing and we're going to see really drive 2025 numbers?
Speaker Change: Oh yeah, I'm really excited about the M&A side of things.
Speaker Change: Honestly, I get excited every time I talk to the guy on the phone and we've got you know 20-30 Companies that we're talking to in the space that can bring us a bunch of different things So me personally working with Steve has just been tremendous. I've learned a lot from him and I think that's where it's going to kickstart our growth really fast and
I think that's what the industry needs.
Speaker Change: you know I think we're well positioned being the only real publicly traded company in the United States focused on podcasting that you know if we can make some of these partnerships work
Speaker Change: We started to scoop some of them up, you know, this becomes, you know, a really, really exciting company in the next year or two on that side of things, right? I'm still extremely excited about our core business, you know, that's
Speaker Change: That's acquiring shows launching shows and and working with advertisers and
Speaker Change: and taking a show like iPad where we do 20,000 downloads.
Speaker Change: maybe they make a hundred thousand dollars a year or two doing close to 2 million bucks, 3 million bucks and we're lucky, right? On new programming that's also super fun. Right?
Speaker Change: You know, I'm excited about all of those things. I'm excited about the IP.
television movie companies has been fascinating.
Speaker Change: and as Rob likes to say, those are home run swings. So we're gonna have a bunch of things in that space too. So again, I'm really excited about the business. I couldn't be more excited about the medium.
Thank you, Aaron.
Speaker Change: And you mentioned M&A. Would that just be acquiring individual podcasts?
or have you looked at acquiring other podcast companies?
Speaker Change: And what does the opportunity look like out there? Are there companies like that for sale and why are they up for sale?
Speaker Change: Yeah, I mean, look, we acquired the assets of Cast Media a little over a year ago now, where that landed, you know, anywhere from six or seven shows, you know, maybe more, I'm sorry, more than that, but, because Brendan Chobb has three shows, right? But, you know, those, we were able to land those shows that drove, you know, anywhere between five and $7 million, right?
They got kind of on the squeeze.
Speaker Change: Some of the companies out there right now that we're talking to, they're doing nice revenues, but they're at that
Speaker Change: business building, infrastructure building stage, right, where we've already done that. We have our HR, we have our finance team, we have our sales team, we have our tech, we have everything in place that, you know, we can go to a group like that and say, well, don't do that part of it. We've already got that, but you've got some great properties.
Speaker Change: Well, we can bring that over, you know, and you can be a part of this and, you know, two plus two, you can equal five or six, right? So that's the idea. There's plenty of those out there. You know, there's there's there's companies that are just losing money that that need.
Aaron Sullivan
Okay, great. Thank you very much, Kit.
Hey, thanks and travel safely. Enjoy your
Speaker Change: And that concludes our Q&A session. I will now turn the conference back over to Keith Gray for closing remarks.
Keith Gray: Okay, thank you very much. I appreciate your interest in Podcast One. We look forward to connecting with the investor community this month at the Wall Street Conference in Boca, Florida, Boca Raton, Florida, and the 13th Annual Roth Tech Conference in New York City.
Aaron Sullivan
Speaker Change: We will look forward to seeing you on the road, and thank you again for your time. Have a great day.
Speaker Change: Ladies and gentlemen, that concludes today's call. Thank you everyone for joining. You may now disconnect.