Gaia Inc (GAIA) 2024 Q3 法說會逐字稿

Good afternoon. Welcome to Gaia's third quarter, 2024 on his conference call. (Operator Instructions) Joining us today from Gaia Jirka Rysavy, Executive Chairman; James Colquhoun CEO and Ned Preston CFO.(Operator Instructions)

午安.歡迎參加蓋亞 2024 年第三季的電話會議。（操作員指示）今天加入我們的是執行主席 Gaia Jirka Rysavy； James Colquhoun 執行長和 Ned Preston 財務長。

Before we begin, Gaia's management team would like to remind everyone that management's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions including but not limited to statements of expectations, future events or future financial performance.

在我們開始之前，蓋亞的管理團隊想提醒大家，管理層準備的言論包含前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述，包括但不限於預期、未來事件或未來財務的陳述表現。

These statements do not guarantee future performance and therefore undue reliance should not be placed upon them. Although we believe expectations are reasonable. Gaia's management undertakes no obligation to revise any statements to reflect changes that occur after this call. Actual events or results could differ materially.

這些聲明不保證未來的表現，因此不應過度依賴它們。儘管我們相信期望是合理的。蓋亞管理層不承擔修改任何聲明以反映本次電話會議後發生的變化的義務。實際事件或結果可能有重大差異。

These statements are based on current expectation of company's management and involve inherent risks and uncertainties including those identified in the risk factor section of Gaia's latest annual report on form 10-K filed with the SEC. All non-GAAP financial measures referenced in today's call are reconciled in the company's earnings press release to the most directly comparable GAAP measure.

這些聲明是基於公司管理層目前的預期，涉及固有風險和不確定性，包括 Gaia 向 SEC 提交的 10-K 表格最新年度報告的風險因素部分中確定的風險和不確定性。今天電話會議中引用的所有非公認會計原則財務指標均在公司收益新聞稿中與最直接可比較的公認會計原則指標進行了調整。

This call also contains time sensitive information that is accurate only as of the time and date of this broadcast, November 4th, 2024. Finally, I would like to remind everyone that this conference call is being webcast, and a recording will be made available for replay on Gaia's investor relations website at ir.gaia.com.

此通話還包含時間敏感訊息，僅截至本次廣播的時間和日期（2024 年 11 月 4 日）準確。最後，我想提醒大家，本次電話會議正在網路直播，錄音將在蓋亞投資者關係網站 ir.gaia.com 上重播。

I will now turn the call over to Gaia executive Chairman, Jirka Rysavy. Thank you and over to you.

我現在會把電話轉給蓋亞執行主席 Jirka Rysavy。謝謝你，祝你好運。

Good afternoon everyone during the third quarter which is seasonally slow. We grew our revenue at a similar rate as the first time the first part of the year at 10% gross profit increased 11% with gross margin improving to 86% from 85.2% at the year ago quarter. Member count grew at the same period by 7%.

大家下午好，第三季是季節性緩慢的。我們的營收成長速度與今年上半年首次成長 10% 類似，毛利成長了 11%，毛利率從去年同期的 85.2% 提高到 86%。同期會員數增加了 7%。

The third quarter was our sixth consecutive quarter of positive operating and free cash flow which improved about $1.5 million during this year. Over the last few months, we raised for the first time in our history, our subscription prices for all members by at least $2.

第三季是我們連續第六個季度實現正營運和自由現金流，今年增加了約 150 萬美元。在過去的幾個月裡，我們有史以來第一次將所有會員的訂閱價格提高了至少 2 美元。

While the initial losses from the price increase kept our member count for the quarter flat. We expect they increase. The price increase will push our revenue up from the current $22.2 million in this quarter to almost $24 million during the fourth quarter. And James will speak more about other advances in the business.

雖然價格上漲帶來的最初損失使我們的會員數量在本季持平。我們預計它們會增加。價格上漲將使我們的營收從本季目前的 2,220 萬美元增加到第四季的近 2,400 萬美元。詹姆斯將更多地談論該業務的其他進展。

Hello everyone and thank you Jirka. As mentioned for the first time in history, we began the implementation of a price adjustment for our legacy members as we have typically grandfathered members on legacy or old pricing following a successful pilot in the UK. In Q3, we expanded this initiative to include our third-party platforms at the end of this quarter.

大家好，謝謝吉爾卡。正如歷史上第一次提到的，我們開始對我們的傳統會員實施價格調整，因為在英國成功試點後，我們通常會按照傳統或舊定價為會員提供祖父待遇。在第三季度，我們擴大了這項計劃，在本季度末將我們的第三方平台納入其中。

While the decision temporarily impacted our member count, it is set to create a strong uplift in revenue and we are optimistic that members will return to growth in Q4 and we will close out the year with over 850,000 subscribers.

雖然這項決定暫時影響了我們的會員數量，但它將帶來收入的強勁增長，我們樂觀地認為會員將在第四季度恢復增長，我們將在今年結束時擁有超過 850,000 名訂戶。

At the start of Q4, we began price increases for our direct members on legacy pricing. And early data suggests that this is already surpassing our expectations. This is a very encouraging indicator for revenue growth momentum as we move into 2025 looking ahead to Q4, we expect our first full quarter of revenue contributions from Gaia marketplace and as marketplace scales.

第四季初，我們開始對直接會員的傳統定價進行漲價。早期數據表明，這已經超出了我們的預期。隨著我們進入 2025 年，展望第四季度，這是一個非常令人鼓舞的收入成長動能指標，我們預計蓋亞市場將帶來第一個完整季度的收入貢獻，並且隨著市場規模的擴大。

Alongside our new pricing strategy, we anticipate gross margins to rise above 86%. A powerful improvement in our financial profile. Additionally, our marketing team's continued focus on attracting more annual members that sign up together with increases in our tenured member base has resulted in a substantial improvement in retention over the past 12 months.

除了我們新的定價策略外，我們預計毛利率將升至 86% 以上。我們的財務狀況得到了強有力的改善。此外，我們的行銷團隊持續致力於吸引更多年度會員註冊，同時增加我們的終身會員數量，這使得過去 12 個月的保留率有了顯著提高。

This stabilized long-term member base sets us up for even stronger strategic positioning as we roll out the new pricing for legacy members. Q3 also highlighted the impact of our live events and premium membership tier. We hosted two biosphere events including our largest ever ancient civilization conference and our sold-out jean Keys event.

當我們為老會員推出新的定價時，這種穩定的長期會員基礎為我們提供了更強大的策略定位。第三季也強調了我們的現場活動和高級會員等級的影響。我們舉辦了兩場生物圈活動，包括有史以來最大的古代文明會議和門票全部售罄的吉恩·凱斯活動。

We're thrilled to see even more enthusiasm in Q4 with a recent sold-out channeling event. And coming up this weekend, we will have our first ever heel conference. Finally, we're excited to announce our partnership with ElevenLabs as Gaia's official provider for AI Power dubbing and translation services.

我們很高興看到第四季度的熱情更高，最近舉辦了一場售空的通靈活動。這個週末，我們將召開有史以來的第一次鞋跟會議。最後，我們很高興地宣布與 ElevenLabs 合作，成為 Gaia 的 AI Power 配音和翻譯服務官方提供者。

This collaboration will allow us to streamline and accelerate the process of adapting our content for a global audience. By leveraging 11 labs, advanced technology. We'll be able to reach new viewers more efficiently in their native languages, enhancing the accessibility of Gaia's offerings.

此次合作將使我們能夠簡化並加速為全球受眾調整內容的過程。利用 11 個實驗室和先進技術。我們將能夠以母語更有效地吸引新觀眾，從而增強 Gaia 產品的可近性。

Looking forward to the end of the year and beyond. Our focus remains on executing on the price increases for existing members broadening the reach of our marketplace initiative, growing our premium membership tier and driving improvements in annualized ARPU. Our CFO Ned Preston will now provide deeper insights into our financial performance.

期待年底及以後。我們的重點仍然是對現有會員執行價格上漲，擴大我們市場計劃的範圍，提高我們的高級會員等級並推動年化 ARPU 的提高。我們的財務長 Ned Preston 現在將對我們的財務表現提供更深入的見解。

Thank you, James turning now to our financial results for the third quarter ending September 30th, 2024, revenues for the third quarter grew $2 million or 10% to $22.2 million up from $20.2 million in the year ago quarter. This also marked our fifth sequential period of year over year top line growth member count increased on a year over year standpoint to $846,000 as of September 30th, 2024, up from $790,500 or 7% from September 30th of 2023 gross profit in the third quarter increased 11% to $19.1 million from up from $17.2 million in the year ago quarter.

謝謝，詹姆斯現在轉向我們截至 2024 年 9 月 30 日的第三季度的財務業績，第三季度的收入從去年同期的 2020 萬美元增長了 200 萬美元，即 10%，達到 2220 萬美元。這也標誌著截至2024 年9 月30 日，我們的營收連續第五個季度同比增長，會員數量從2023 年9 月30 日的790,500 美元增至846,000 美元，較2023 年9 月30 日增長7 %。

Net loss was negative $1.2 million or negative $0.05 per share compared to the year ago quarter at negative $8 million or negative $0.04 per share. Driven primarily by the absence of the employee retention tax credit recognized in the third quarter of 2023. Adjusting for the $1.8 million ERTC recognized in Q3 of last year, the quarterly net loss improved by $1.4 million.

淨虧損為負 120 萬美元，即每股負 0.05 美元，而去年同期淨虧損為負 800 萬美元，即每股負 0.04 美元。主要是由於 2023 年第三季沒有確認員工保留稅收抵免。在去年第三季確認的 180 萬美元 ERTC 進行調整後，季度淨虧損減少了 140 萬美元。

Free cash flow for the third quarter was $100,000 representing the sixth consecutive quarter of positive cash flow in the last nine months, both revenue and member growth were stable near 10% with an improvement in free cash flow of $1.6 million. On top of the $8.4 million improvements delivered during 2023 as of September 30th, 2024, our cash balance was $4.4 million with an unused $10 million line of credit. That completes my summary. I'd like to now turn the call back over to Jirka for his closing comments, Jirka.

第三季自由現金流為 10 萬美元，是過去 9 個月連續第六個季度出現正現金流，收入和會員成長穩定在 10% 附近，自由現金流改善了 160 萬美元。截至 2024 年 9 月 30 日，除了 2023 年期間交付的 840 萬美元改進之外，我們的現金餘額為 440 萬美元，還有未使用的 1,000 萬美元信貸額度。我的總結到此結束。我現在想將電話轉回 Jirka，聽取他的結束語，Jirka。

Yes. So, for the summary, we expect increasing annual revenue growth rate, this continuing growth of ARPU which will be supplemented by the price increases as well. We obviously want to continue increasing gross profit per employee and continue generating a positive free cash flow. This concludes our remarks. I would like to open the call for the question operator, please.

是的。因此，總而言之，我們預計年收入成長率將持續提高，ARPU 的持續成長也將得到價格上漲的補充。我們顯然希望繼續增加員工人均毛利並繼續產生正的自由現金流。我們的發言到此結束。我想打開提問接線員的電話。

Thank you, sir. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions). Ladies and gentlemen, we will wait for a moment while we poll for questions. The first question comes from Mark Argento with Lake Street. Please go ahead.

謝謝您，先生。女士們、先生們，我們現在將進行問答環節。（操作員說明）。女士們先生們，我們將稍等片刻，然後進行投票提問。第一個問題來自 Lake Street 的 Mark Argento。請繼續。

Yeah. Hi guys. Good afternoon. Just wondering if we could dig down a little bit on when you took the price increase. Kind of what did you see as, subscriber base? Did you get some initial term that I moderated or maybe you could just talk to kind of what the experience was there?

是的。嗨，大家好。午安.只是想知道我們是否可以深入了解您何時漲價的情況。您認為訂閱者基礎是如何的？您是否收到了我主持的一些初始術語，或者您可以談談那裡的經歷嗎？

Hey, Mark, it's James here. So, with regards to the price increase, there's two elements to this. First of all, price increase for new members as we increase it for acquisitions. And then second of all, which I think is the meat of your question there in terms of the impact on existing members. First and foremost, when we increase it for new members, we do see acquisition costs increase for a period of time and then they settle down.

嘿，馬克，我是詹姆斯。因此，關於價格上漲，有兩個因素。首先，隨著我們增加收購價格，新會員的價格也會上漲。其次，我認為這是你問題的核心，也就是對現有成員的影響。首先也是最重要的是，當我們增加新會員的數量時，我們確實看到獲取成本會增加一段時間，然後就會穩定下來。

And so that we're making the delta from the pricing increase, which we have seen happen especially as we head into Q4 with regards to churn event on the existing cohort. So, within Q3, we did a test cohort in the United Kingdom in that region, we increased north of 30% because we had to make some adjustments for currency fluctuations. And we were very surprised with the results there. We made by far a significant margin on the delta of that price increase.

因此，我們正在從定價上漲中獲得增量，我們已經看到這種情況發生，特別是當我們進入第四季度現有群體的流失事件時。因此，在第三季度，我們在英國該地區做了一個測試隊列，我們的成長超過了 30%，因為我們必須針對貨幣波動進行一些調整。我們對那裡的結果感到非常驚訝。到目前為止，我們在價格上漲的增量上獲得了可觀的利潤。

This encouraged us to roll it out to third-party, which we did to our third-party platforms at the end of Q3. And this had a slightly higher churn I would say than direct. I would say partially. We don't have a close connection with the third-party in comparison to direct and what we call our apps, which makes up the vast majority of our members.

這鼓勵我們將其推廣到第三方，我們在第三季末對第三方平台做了這件事。我想說，這比直接的流失率略高。我想說部分。與直接和我們所謂的應用程式（構成我們絕大多數會員）相比，我們與第三方沒有密切的聯繫。

We've started in Q4 price increases for our legacy member base. We're a month into those notifications and we're seeing a similar result to the United Kingdom, we're very impressed and we're in a good spot to see our, our growth rate accelerate in Q4 and beyond.

我們從第四季開始對老會員基礎進行價格上漲。我們收到這些通知已經一個月了，我們看到了與英國類似的結果，我們印象非常深刻，我們處於一個很好的位置，可以看到我們的成長率在第四季度及以後加速。

(Inaudible) And just from a timing perspective, when do you expect to have at least the vast majority of the subscriber base rolled over to the new price increase is that, Q2 next year or because obviously you got a bunch of annual guys still in there that you, you still need to roll forward. But how does that kind of a percentage of the base? How does it kind of where you are, where are you now and where, where will you be, over the next couple quarters?

（聽不清楚）僅從時間角度來看，您預計何時至少有絕大多數訂戶群會接受新的價格上漲，是明年第二季度還是因為顯然您還有一群年度會員在那裡，你還需要繼續前進。但這個基數的百分比是多少呢？在接下來的幾個季度裡，你現在在哪裡，你在哪裡，你會在哪裡？

Sure, we should have circa 60% of our member base fully migrated over to the new pricing. Before the end of the year, the remaining maybe north of 60% the remaining 30% to 40% will happen like you said, because of the annual membership percentage in our legacy cohort. So this will be fully flushed through a year from now, but a majority of the price increase is going to be happening in this Q4. And so that we'll see a majority of that impact for the full year of 2025.

當然，我們應該讓大約 60% 的會員群完全轉向新的定價。在今年年底之前，剩下的可能超過 60%，剩下的 30% 到 40% 將會像你說的那樣發生，因為我們傳統群體中的年度會員百分比。因此，這將在一年後完全消除，但大部分價格上漲將發生在第四季。因此，我們將在 2025 年全年看到大部分影響。

Mark. So basically as James says, most of it is now because all the monthly members and we have about half of the members are an annual. So then the firstly, the 40% pretty much equally spread over next three quarters.

標記。所以基本上正如詹姆斯所說，現在大部分是因為所有的月度會員，我們大約有一半的會員是年度會員。首先，40% 幾乎平均分佈在接下來的三個季度。

Yeah, that's helpful. And James, you had mentioned marketplace kind of launching or relaunching in Q4. It looks like you have pretty busy calendar for some live events. What's your expectations for marketplace and Gaia, I guess Gaia plus, as you roll not only Q4, but, next year, how the breadth of offering there how aggressive you're going to be in terms of marketing in your, in a fairly large 800 plus 1,000 subscriber base.

是的，這很有幫助。詹姆斯，您曾提到在第四季度啟動或重新啟動市場。看起來您的日曆上有些現場活動非常忙碌。您對市場和蓋亞的期望是什麼，我想蓋亞加上，隨著您不僅推出第四季度，而且明年，在那裡提供的服務的廣度如何，您將在相當大的市場營銷方面採取多麼積極的態度800 加上 1,000 名訂戶群。

Sure, with regards to the marketplace, we officially launched it in August. So Q3, we had a partial contribution there for Q4. It will be our first full quarter of contribution and we don't typically share independent data based on these business units.

當然，關於市場，我們在八月正式推出了它。因此，第三季度，我們為第四季度做出了部分貢獻。這將是我們第一個完整的季度貢獻，我們通常不會分享基於這些業務部門的獨立資料。

And what I will say though is that marketplace will cross sort of P&L positive in terms of revenue per quarter and cost of headcount per quarter around middle of next year. And from that point onwards, we'll be scaling it out with regards to Gia plus the premium membership tier, what we're seeing is that that's outpacing our total membership growth at about 3 to 4 times.

但我要說的是，市場將在明年中期左右在每季營收和每季員工成本方面實現盈虧正值。從那時起，我們將擴大 Gia 加上高級會員等級的規模，我們看到，這比我們的總會員成長速度快了約 3 到 4 倍。

So we're growing that at a faster rate in comparison to the total member count. And what that's doing along with the price increase is we're really pivoting the organization, I would say strategically to focus more on ARPU as well as total subscriber growth. But that ARPU and revenue growth are sort of the key is a key focus for Ned, Myself and Jirka.

因此，與會員總數相比，我們的成長速度更快。隨著價格上漲，我們正在真正改變組織結構，我想說的是，從策略上講，我們將更專注於 ARPU 以及總用戶成長。但 ARPU 和營收成長是 Ned、Myself 和 Jirka 關注的關鍵。

That's all [for you] guys. I'll hop back in the queue next quarter.

這就是你們的全部了。下個季度我將重新加入隊列。

Thank you.

謝謝。

Thanks, Mark.

謝謝，馬克。

Thank you. The next question, it's from James Sidoti with Sidoti and Company. Please go ahead.

謝謝。下一個問題來自 Sidoti and Company 的 James Sidoti。請繼續。

Hi, good afternoon. Thank you for taking the questions. I heard you mentioned 2 events this quarter. Will there be more marketplace or more dire plus events in the fourth quarter?

嗨，下午好。感謝您提出問題。我聽說你提到了本季的兩件事。第四季是否會出現更多市場或更多可怕的事件？

Hi Jim. It's James here. So these two events will be our last event of the year and then we'll kick off again next year with new events. So this year we'll have one of the for the total 24 year. We'll have the most events that we've ever run in one year and we're seeing great attendance and like I mentioned to Mark, we're seeing the premium tier growing at a great clip especially for member upgrades, which is a good sign for us. So yeah, just one more event to go and we had a sold-out event just recently.

嗨吉姆。這是詹姆斯。因此，這兩項活動將是我們今年的最後一場活動，明年我們將再次舉辦新的活動。因此，今年我們將迎來 24 年的其中一屆。我們將舉辦一年內舉辦次數最多的活動，我們會看到大量的出席者，就像我向馬克提到的那樣，我們看到高級會員級別正在以驚人的速度增長，特別是在會員升級方面，這是一個巨大的進步。所以，是的，只剩下一場活動了，我們最近舉辦了一場售完的活動。

And do the price increases? Do, do they impact the Gaia plus membership or were they for the standard Gaia membership alone?

價格上漲嗎？它們會影響 Gaia plus 會員資格還是僅適用於標準 Gaia 會員資格？

So currently it's just for the standard Gaia memberships alone. We have been leaning into the Gaia plus premium tier in terms of production of content like I mentioned with most events this year. As we look to 25 and beyond, we will be revisiting the price point for the premium tier. Once we build out the on-demand library in the accessible to those to those members.

所以目前它僅適用於標準蓋亞會員資格。正如我在今年的大多數活動中提到的那樣，在內容製作方面，我們一直傾向於 Gaia plus 高級層。當我們展望 25 及以後時，我們將重新審視高級層的價格點。一旦我們建立了可供這些成員存取的按需圖書館。

And can you talk a little bit about what your expectations are for marketplace? When, when do you I know you said you think it, you expect it to be profitable by the second half of 2025. But when do you think it'll really kick in and be a significant contributor to revenue?

您能談談您對市場的期望嗎？你什麼時候，我知道你什麼時候說過，你認為，你預計到2025年下半年就能獲利。但您認為它什麼時候才能真正發揮作用並成為收入的重要貢獻者？

This is Jirka, place as the first step of community, we want to introduce the community full blown in first quarter, '20 to '26. So we want to have marketing because it takes some programming to kind of get it incorporated in our system with all the experiences, which is kind of new.

這是 Jirka，作為社區第一步的地方，我們希望在 20 至 26 年第一季全面介紹社區。所以我們想要進行行銷，因為需要一些程式設計才能將其與所有體驗結合到我們的系統中，這是一種新的體驗。

So we the goal is to make it profitable in middle of this year. And so the next year when we launch full community would be full contributor to the community of course, also through revenue.

所以我們的目標是在今年年中獲利。因此，明年當我們推出完整社區時，當然也會透過收入為社區做出全面貢獻。

Okay. And that the launch of community that would include the [Ignitan] launches as well. I'm assuming.

好的。社群的啟動也將包括 [Ignitan] 的啟動。我假設。

Hopefully the [Ignitan] launch would be before that then so later in the year to this year.

希望 [Ignitan] 能在那之前發布，然後在今年晚些時候到今年。

Yes. So just to clarify, hey AJM it's Ned for just want to make sure that that's clear around the timing of [Ignitan] on that will be middle of 2025. So we're, we're probably June 2025 is what we're shooting.

是的。所以澄清一下，嘿 AJM，Ned 只是想確保 [Ignitan] 的時間安排很明確，即 2025 年中期。所以我們可能會在 2025 年 6 月拍攝。

Okay. And your free cash flow positive again. Do you think these trends continues? Do you think that you'll need to go out and raise any capital in the near term or do you think you'll be able to sustain your growth with the existing capital you, your existing cash you're generating from the businesses now?

好的。您的自由現金流再次變成正值。您認為這些趨勢會持續下去嗎？您是否認為您在短期內需要出去籌集資金，或者您是否認為您能夠利用現有資本、您現在從業務中產生的現有現金來維持成長？

Yeah. So hey, hey Jim and this is Ned and James and you can, can weigh in. So I'm going to separate that into Gaia. I believe you're talking specifically about Gaia so no immediate, is it Gaia or, [Ignatan] on you're asking about

是的。所以嘿，嘿吉姆，這是內德和詹姆斯，你們可以，可以參與其中。所以我要把它分成蓋亞。我相信你正在專門談論蓋亞，所以沒有立即的，是蓋亞還是，[伊格納坦]你問的是

No Gaia.

沒有蓋亞。

Yeah. So with the Yeah, yeah. So with the as we said, six quarters in a row of generating free cash flow, we don't have a need to go out and raise cash at this time. With that being said similar to what we did almost exactly 12 months ago, 13 months ago of doing a raise, we always look for opportunities but no immediate plans to do so.

是的。所以，是的，是的。因此，正如我們所說，連續六個季度產生自由現金流，我們此時不需要出去籌集現金。這與我們幾乎 12 個月前、13 個月前加薪的做法類似，我們總是在尋找機會，但沒有立即計劃這樣做。

Yeah. We are planning to refile our S3 which expire this year as we always do, but we don't have any immediate plan to do anything.

是的。我們計劃像往常一樣重新提交今年到期的 S3，但我們沒有立即採取任何行動的計劃。

Okay, thank you.

好的，謝謝。

Thanks Jim.

謝謝吉姆。

Thank you.

謝謝。

The next question comes from Thierry Wuilloud with Water Tower Research. Please go ahead.

下一個問題來自 Water Tower Research 的 Thierry Wuilloud。請繼續。

Yes. Good afternoon. Just a question on the mechanics of the price raise. If you can kind of give us a bit of a sense there. How does that you reached out to your members and then do they have to do something or they just don't have or as long as they don't do anything, nothing happens. And I'm just curious how that, how that works, how you implemented that?

是的。午安.只是關於提價機制的問題。如果你能給我們一點感覺的話。你如何聯絡你的成員，然後他們是否必須做某事，或者他們只是沒有做，或者只要他們不做任何事情，就什麼也不會發生。我只是好奇它是如何運作的，你是如何實現的？

Hi, Terry. It's James here. So around the world, different countries have different legislation when it comes to increasing prices. A vast majority of the world is what, what's called non consent whereby you send an email notification to the member 30 days before the price increase and it increases unless they go and actively unsubscribe.

嗨，特里。這是詹姆斯。因此，在世界各地，不同國家在提高價格方面有不同的立法。世界上絕大多數情況都是所謂的“不同意”，即您在漲價前 30 天向會員發送電子郵件通知，除非他們主動取消訂閱，否則價格就會上漲。

Now, there's a very small amount of territories that are consent mode where the members need to actively approve the price increase at this stage for the increase. We're focusing on nonconsent countries and we'll be adding the consent countries as we move into 2025. It's just a, a larger dev lift on our, on our engineering team.

現在，有極少數地區是同意模式，現階段需要會員積極批准漲價才能上漲。我們將重點放在不同意的國家/地區，並在進入 2025 年時添加同意的國家。這對我們的工程團隊來說只是一個更大的開發提升。

But so far as we've been sending out the notifications and comparing it to our test project in the United Kingdom the results are very encouraging and it gives us a sense of that we have pricing flexibility in the market given the aggregate of niches that we serve. And yeah, we're excited for its impact on revenue so that we can continue to expand the brand and reach more members as we as we grow.

但到目前為止，我們已經發出了通知，並將其與我們在英國的測試項目進行了比較，結果非常令人鼓舞，這讓我們感覺到，鑑於我們的利基市場總量，我們在市場上具有定價彈性。是的，我們對它對收入的影響感到興奮，這樣我們就可以繼續擴大品牌並隨著我們的發展接觸更多的會員。

Okay.

好的。

And then maybe just a question on the event plus how do you translate that into the live event? How do you translate that into maybe increasing Gia plus membership or just increase in, in overall new members or how do you integrate the event with your marketing program?

然後也許只是關於活動的問題以及如何將其轉化為現場活動？您如何將其轉化為增加 Gia plus 會員數量或只是增加整體新會員數量，或者您如何將該活動與您的行銷計劃結合起來？

So, Terry, we typically use the live events as a promotional opportunity for Gaia. Not only does it accentuate the community element of our, of our mission by bringing people together at our Gaia Sphere Event Center here in Colorado, but it also adds a tangibility to the experience of Gaia.

所以，特里，我們通常會使用現場活動作為蓋亞的促銷機會。它不僅透過將人們聚集在科羅拉多州的蓋亞球活動中心來強調我們使命的社區元素，而且還為蓋亞體驗增添了切實性。

And this often encourages many members to upgrade and also people that are new to the brand to have an experience with Gaia. And then considering joining and, we've seen with the accelerated events that we've run this year that we're, we're growing Gaia plus premium membership at an increasing rate and it's healthy for the long-term economics of the business.

這通常會鼓勵許多會員升級，也鼓勵新加入品牌的人體驗 Gaia。然後考慮加入，我們已經看到，透過今年舉辦的加速活動，我們正在以越來越快的速度發展蓋亞加高級會員資格，這對企業的長期經濟是健康的。

Great. Do you have any numbers you can share in terms of how many attendees online or, or just any color around that?

偉大的。您是否有任何可以分享的數字，例如線上參與者人數，或任何相關的顏色？

So with regards to the membership base, like I've mentioned to mark, we are growing that at 3 to 4 times the rate of our overall member growth. So that's a really encouraging sign in terms of the live stream attendees, we open specific events wider for promotional activities like we did in March of this year with the immersion conference.

因此，就會員基礎而言，正如我之前提到的，我們的會員成長速度是整體會員成長速度的 3 到 4 倍。因此，對於直播參與者而言，這是一個非常令人鼓舞的跡象，我們更廣泛地開放特定活動以進行促銷活動，就像我們在今年 3 月的沉浸式會議中所做的那樣。

So we had over 52,000 unique live stream attendees. We likely won't be offering the same level of open experience until immersion again next year. And so I can report more once we've completed that event, which we're already selling tickets for.

因此，我們有超過 52,000 名獨特的直播參與者。在明年再次提供沉浸式體驗之前，我們可能不會提供相同程度的開放體驗。因此，一旦我們完成活動（我們已經開始銷售該活動的門票），我就可以進行更多報道。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Thanks, Terry.

謝謝，特里。

Thank you, ladies and gentlemen, a reminder to all the participants. (Operator Instructions)

謝謝女士們先生們，提醒所有參與者。（操作員說明）

Okay, I hear no questions. I would like to thank you for joining and we look forward to speaking with you and we will report our fourth quarter results in March. Thank you.

好的，我沒有聽到任何問題。我要感謝您的加入，我們期待與您交談，我們將在三月報告我們的第四季度業績。謝謝。

Thank you for joining us today for Gaia's third quarter, 2024 earnings conference call.

感謝您今天加入我們蓋亞 2024 年第三季財報電話會議。