LiveOne Inc (LVO) 2024 Q1 法說會逐字稿

Good morning or good afternoon all, and welcome to the LiveOne Inc. Q1 Fiscal 2024 Financial Results and Business Update Webcast. My name is Adam, and I will be your operator for today. (Operator Instructions)

大家上午好或下午好，歡迎來到 LiveOne Inc. 2024 年第一季度財務業績和業務更新網絡廣播。我叫 Adam，今天我將擔任您的接線員。 （操作員說明）

I will now hand the floor to Aaron Sullivan to begin. Aaron, please go ahead when you are ready.

我現在請亞倫·沙利文開始。亞倫，準備好後請繼續。

Good morning, and welcome to Live One's business update and financial results conference call for the company's first quarter ended June 30, 2023. Presenting on today's call is Rob Ellin, CEO and Chairman of LiveOne. 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. 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. Please refer to the company's filings with the SEC for information about factors, which could cause the company's actual results to differ materially from these forward-looking statements, including those described in its annual report on Form 10-K for the year ended March 31, 2023, and subsequent SEC filings. You'll 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. The company encourages you to periodically visit Investor Relations website for important content. The following discussion, including responses to your questions, contains time-sensitive information and reflects management's views as of the date of this call, August 10, 2023. And except as required by law, the company does not undertake any obligation to update or revise this information after the date of the call. I'd like to highlight to investors that this call is being recorded. The company is making it available to investors and media via webcast, and a replay will be available on its website in the Investor Relations section shortly following the conclusion of the call. Additionally, it is the property of the.

早上好，歡迎參加 Live One 公司截至 2023 年 6 月 30 日的第一季度業務更新和財務業績電話會議。出席今天電話會議的是 LiveOne 首席執行官兼董事長 Rob Ellin。我想提醒大家，今天的電話會議中所做的一些陳述具有前瞻性，並且基於當前的預期、預測和假設，涉及各種風險和不確定性。這些聲明包括但不限於有關公司未來業績的聲明，包括預期的未來財務業績和預期的未來業務增長。由於多種原因，實際結果可能與本次電話會議中討論的結果存在重大差異。請參閱該公司向 SEC 提交的文件，了解可能導致該公司實際業績與這些前瞻性陳述存在重大差異的因素的信息，包括截至 3 月 31 日的年度 10-K 表格年度報告中描述的內容， 2023年，以及隨後向SEC 提交的文件。您可以在公司投資者關係網站上發布的收益報告中找到非公認會計原則財務指標與今天討論的最具可比性的公認會計原則財務指標的調節表。公司鼓勵您定期訪問投資者關係網站以獲取重要內容。以下討論（包括對您的問題的答复）包含時間敏感信息，反映了截至本次電話會議之日（2023 年8 月10 日）管理層的觀點。除法律要求外，公司不承擔任何更新或修訂的義務此信息在通話日期之後。我想向投資者強調，這次電話會議正在錄音。該公司正在通過網絡廣播向投資者和媒體提供此次會議，電話會議結束後不久，將在其網站的投資者關係部分提供重播。此外，它是 的財產。

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company and any redistribution, transmission or rebroadcast of this call or webcast in any form without the company's expressed written consent is strictly prohibited. Now I would like to turn the call over to LiveOne's CEO, Rob Ellin.

未經公司明確書面同意，嚴禁以任何形式重新分發、傳播或轉播本次電話會議或網絡廣播。現在我想將電話轉給 LiveOne 的首席執行官 Rob Ellin。

Thank you, Aaron, and good morning, and thank you all for joining this very special day for Live Five years ago, my team entered the fast-growing digital audio market with the acquisition of Slacker Radio. At the time of acquisition, it was a very distressed asset with $20 million in revenues and almost $10 million in losses and has spent over $180 million building the assets. Today, and I'm proud to say that we've just raised our guidance to $123 million to $130 million in revenues. On the audio side of it alone, we raised our guidance to $103 million to $110 million with a staggering $18 million to $21 million of EBITDA. We promised the Street when I started this -- that by the end of 2027, LiveOne's Slacker Radio would capture 10 million subscribers and over $1 billion in revenues by the end of 2027. The opportunity is so big that TAM for this industry, according to Goldman Sachs, is over 1.7 billion paying subscribers alone. Today, I can humbly guide by the end of 2027, we expect not only to reach that $10 million but to pass over 15 million subscribers. We say this with confidence because LiveOne is growing over 800,000 subscribers, so you're at a 50% increase and ARPU of over $3. The pipeline for our B2B partnerships has never been greater. Each of these potential partners have $10 million to $2.5 billion addressable eyeballs. At $15 million and $3 ARPU will pass over $600 million in revenues. That's before any ad revenues or an increase in pricing of which LiveOne Slacker have been the only one in the industry have not raised prices, and we're at a 65% discount to all of our competitors today. Slacker Radio expects to begin trading in a reverse merger with [Rocl] SPAC by the end of October. Separately, we then acquired in the beginning of COVID, we acquired PodcastOne also doing about $20 million in revenues.

謝謝亞倫，早上好，感謝大家加入 Live 這個非常特別的日子。 五年前，我的團隊通過收購 Slacker Radio 進入了快速增長的數字音頻市場。收購時，它是一項非常不良的資產，收入為 2000 萬美元，虧損近 1000 萬美元，並且已花費超過 1.8 億美元建設該資產。今天，我很自豪地說，我們剛剛將收入指引提高到 1.23 億美元至 1.3 億美元。僅在音頻方面，我們就將指導值提高至 1.03 億至 1.1 億美元，EBITDA 達到驚人的 1800 萬至 2100 萬美元。當我開始做這件事時，我們向華爾街承諾，到 2027 年底，LiveOne 的 Slacker Radio 將擁有 1000 萬訂戶，收入將超過 10 億美元。根據 TAM 的說法，這個行業的機會如此之大僅高盛( Goldman Sachs) 的付費用戶就超過17 億。今天，我可以謙虛地指導，到 2027 年底，我們不僅期望達到 1000 萬美元，而且訂閱者數量也將超過 1500 萬。我們充滿信心地這麼說，因為 LiveOne 的訂戶數量已超過 800,000 名，因此增長了 50%，ARPU 超過 3 美元。我們的 B2B 合作夥伴關係從未如此豐富。這些潛在合作夥伴中的每一個都擁有 1000 萬至 25 億美元的可尋址眼球。如果 ARPU 為 1500 萬美元，ARPU 為 3 美元，收入將超過 6 億美元。那是在任何廣告收入或定價上漲之前，LiveOne Slacker 是業內唯一沒有提高價格的公司，而且我們現在比所有競爭對手都享受 65% 的折扣。 Slacker Radio 預計將於 10 月底開始與 [Rocl] SPAC 進行反向合併交易。另外，我們在新冠疫情初期收購了 PodcastOne，收入也約為 2000 萬美元。

Today, I can proudly announce that Kit and our team did over $10.6 million for the quarter or a run rate of $42 million. When you add that together with the acquisition of the Kast Media assets, which we've been announcing multiple podcasts and the acquisition of Fantasy Guru, our run rate will be well over $50 million. For the first time ever, we'll talk about our guidance for 2027 for podcasting well and expect that to continue to grow at this rate and hit over $250 million in revenues. The podcast industry has matured from $400 million totaling $1.4 billion since COVID. Industry expects it to grow now to $5 billion to $7 billion by 2027. We have just moved up the ladder dramatically from #13 to #10 on Podtracs, passing the likes of CNN. We expect this year to be in the top set. We also excitingly, even though it's been delayed multiple times, expect to start trading on a major exchange under the symbol PODC in the next 2 to 4 weeks. With the largest pipeline of potential podcast and over 10 potential acquisition candidates, we will continue to roll off. We expect to continue to grow at a 30% to 50% year-over-year growth. We now have over 250 podcasts on the network, a 150% increase since acquiring the company. Pre-COVID LiveOne had 10 sponsors proudly today, we have passed over 700 sponsors on our network. As we move from audio back into video, Pay-Per-View One has been announcing multiple different Pay-Per-View events across podcasts with Adam Corolla, [cheap paying] music festivals and social media events, social blocks. We delivered over $28 million and $4 million of EBITDA during COVID. It was $60 billion market and growing. Our tech team has delivered world-class technology that is live streamed to over 5 billion engagements and 350 million live streams and 3,000 artists. We humbly project by 2027 over $100 million in revenues in our Pay-per-View And live streaming business, and it could easily be multiples of that number based on our size of our audience. Splitmind and Drumify, our newest acquisition, publishing arm is revolutionizing the industry, utilizing the best producers, artists, song writers combined with AI to deliver the first of its kind royalty sharing platform. With a TAM of over $100 billion, we guide to over $100 million in revenues by 2027. Our merchandise business has struggled, right? We acquired it during COVID. It suffered because we didn't have any of our live events or any of our partnerships with Live Nation AG. But we've just announced a very unique collaboration, the first of many to come with Jeremih and Russell Bevan, who is the [Ben Ruth] of Napa Valley, the one winemaker more 100 point wine anywhere in the history to watch with the brand name “"Birthday Sex”" with Jeremih and we've run out of bottles already. We sold out in the first week, and we are now growing substantially. We're guiding that business where we expect to have 10 to 20 celebrity brands this year to over $100 million as well in 2027. Together these 5 divisions, we easily surpassed $1 billion in revenues and over $150 million in EBITDA.

今天，我可以自豪地宣布 Kit 和我們的團隊在本季度的業績超過 1,060 萬美元，運行率達到 4,200 萬美元。如果再加上收購 Kast Media 資產（我們已經宣布了多個播客）以及收購 Fantasy Guru，我們的運營費用將遠遠超過 5000 萬美元。我們將有史以來第一次談論我們對 2027 年播客的指導，並預計播客將繼續以這種速度增長，並達到超過 2.5 億美元的收入。自新冠疫情爆發以來，播客行業的市值已從 4 億美元增至 14 億美元，已趨於成熟。業界預計，到 2027 年，這一數字將增至 50 億至 70 億美元。我們剛剛在 Podtracs 上的排名從第 13 名大幅上升至第 10 名，超過了 CNN 等公司。我們預計今年將名列前茅。我們還令人興奮的是，儘管已被多次推遲，但預計將在未來 2 至 4 週內在主要交易所開始交易，代碼為 PODC。憑藉最大的潛在播客渠道和 10 多個潛在收購候選者，我們將繼續推出。我們預計將繼續以 30% 至 50% 的同比增長率增長。現在，我們的網絡上有超過 250 個播客，自收購該公司以來增加了 150%。在新冠疫情之前，LiveOne 今天自豪地擁有 10 家贊助商，我們的網絡上已經擁有 700 多家贊助商。當我們從音頻轉向視頻時，Pay-Per-View One 已經在 Adam Corolla 的播客、[廉價付費]音樂節和社交媒體活動、社交區塊中宣布了多個不同的按次付費活動。新冠疫情期間，我們實現了超過 2800 萬美元和 400 萬美元的 EBITDA。這是一個價值 600 億美元的市場，並且還在不斷增長。我們的技術團隊提供了世界一流的技術，為超過 50 億次參與、3.5 億次直播和 3,000 名藝術家進行直播。我們謙虛地預計，到 2027 年，我們的按次付費和直播流媒體業務的收入將超過 1 億美元，並且根據我們的觀眾規模，它很可能是該數字的倍數。 Splitmind 和 Drumify（我們最新收購的出版部門）正在徹底改變行業，利用最好的製作人、藝術家、歌曲作者與人工智能相結合，提供首個此類版稅共享平台。 TAM 超過 1000 億美元，我們預計到 2027 年收入將超過 1 億美元。我們的商品業務一直在苦苦掙扎，對吧？我們在新冠疫情期間獲得了它。它受到了影響，因為我們沒有任何現場活動，也沒有與 Live Nation AG 建立任何合作關係。但我們剛剛宣布了一項非常獨特的合作，這是與Jeremih 和Russell Bevan 的眾多合作中的第一個，他們是納帕谷的[Ben Ruth]，是歷史上與該品牌合作獲得100 分以上葡萄酒的釀酒師與 Jeremih 一起命名“生日性愛”，我們的瓶子已經用完了。我們在第一周就賣完了，現在我們正在大幅增長。我們正在引導該業務，預計今年將有10 到20 個名人品牌，到2027 年將超過1 億美元。這5 個部門加起來，我們的收入輕鬆超過10 億美元，息稅折舊及攤銷前利潤(EBITDA) 超過1.5 億美元。

I want to thank everyone for their patience and staying with us, and we couldn't be more excited about the company, the spin-outs at about to happen with PodcastOne and Slack radio and the opportunity of each of our 5 divisions to grow and mature. With that, I want to open it up to any questions anyone has. And I want to thank you again for attending.

我要感謝每個人的耐心和對我們的支持，我們對這家公司、PodcastOne 和 Slack radio 即將發生的分拆以及我們 5 個部門各自成長和發展的機會感到無比興奮。成熟。有了這個，我想回答任何人提出的任何問題。我想再次感謝您的出席。

(Operator Instructions) Our first question comes from Brian Kinstlinger from Alliance Global Partners.

（操作員說明）我們的第一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Great. And really, congratulations on this turnaround. It's taken a while, but you've done great work. Can you touch on the pipeline of podcasting in terms of M&A, what are the ranges in terms of sizes you're looking at? What are the general valuations that you hope in your discipline to acquire companies at and then just speak to maybe the mix in cash and stock and retaining management of how the plan will work.

偉大的。真的，祝賀這一轉變。雖然花了一段時間，但你已經做得很好了。您能談談播客在併購方面的進展嗎？您正在考慮的規模範圍是多少？在你的學科中，你希望收購公司的總體估值是多少，然後只談談現金和股票的組合，以及保留計劃如何運作的管理層。

Yes. Great question, Brian. I think you know me long enough now and all of our acquisitions are in that onetime revenue range. They've historically been with stock. We've done (inaudible) because our stock is down, right? We have been acquiring it with the stock in PodcastOne. So on PodcastOne, we announced the valuation is well over $200 million when the stock is trading well below that. So we utilized our currency and PodcastOne to acquire both Fantasy Guru as well as the assets of Kast Media. We have over 10 acquisitions right now in the pipeline and they're really exciting. They go anywhere from sort of the size of $5 million up to $35 million, $40 million in that range. They make growth from here soon. But this is that unique opportunity right now to acquire the smaller podcast networks and add them into the fold and really our team is the best in the business, Kit, [Eli] and [Sue] approved net over and over again. And we just see the excitement and energy of it. You're seeing us announce on top of the acquisition. You're seeing us announce almost on a biweekly basis, another podcast with traffic and audience that already exist, moving over to our platform. And I think you're going to see more and more of that. So the pipeline for potential podcast to move over is over 100 and acquisitions in over 10 right now. So it couldn't be more exciting. And this is a great time to roll up the space.

是的。好問題，布萊恩。我想你現在已經足夠了解我了，我們所有的收購都在那個一次性收入範圍內。他們歷史上一直有庫存。我們已經這樣做了（聽不清），因為我們的庫存下降了，對吧？我們一直在用 PodcastOne 的股票收購它。因此，在 PodcastOne 上，我們宣布估值遠超過 2 億美元，而該股的交易價格遠低於該估值。因此，我們利用我們的貨幣和 PodcastOne 收購了 Fantasy Guru 以及 Kast Media 的資產。我們目前正在進行 10 多項收購，它們確實令人興奮。它們的金額從 500 萬美元到 3500 萬美元，甚至 4000 萬美元不等。他們很快就會從這裡開始成長。但這是現在收購較小的播客網絡並將其納入其中的獨特機會，我們的團隊確實是業內最好的，Kit、[Eli] 和 [Sue] 一次又一次地認可了網絡。我們只看到它的興奮和能量。您正在看到我們在收購之上宣布的消息。您會看到我們幾乎每兩周宣布另一個播客，其流量和觀眾已經存在，並轉移到我們的平台。我想你會看到越來越多這樣的情況。因此，潛在的播客轉移渠道超過 100 個，目前已收購的播客超過 10 個。所以這真是太令人興奮了。這是擴大空間的好時機。

And if I remember correctly, the acquisitions of Kast and Fantasy Guru have lower CPMs and your opportunities to increase CPMs when they're onboarded to your platform. Is that generally how when you look at those 10 or so in your pipeline, how it will work, they'll have lower CPMs, they come on to you? And immediately or at least once you negotiate you'll be able to generate higher revenue than just what they have?

如果我沒記錯的話，收購 Kast 和 Fantasy Guru 的每千次展示費用較低，當它們進入您的平台時，您有機會提高每千次展示費用。當您查看管道中的這 10 個左右時，通常是這樣的嗎？它們將如何運作，他們的每千次展示費用會較低，他們會來找您嗎？並且立即或至少一旦您談判，您將能夠產生比他們擁有的更高的收入？

Yes, I think it's a combination of things because we're a full 360 podcast network, and I'm going to hand this to Kit in a second, broadly, our team, we do everything for those podcasts and we act as a community, so we utilize our other podcasts to grow them, but also the size of our sales force is just dramatically different than the small podcast network. Kit, why don't you take over from that?

是的，我認為這是多種因素的結合，因為我們是一個完整的360 度播客網絡，我將立即將其交給Kit，從廣義上講，我們的團隊，我們為這些播客所做的一切，我們作為一個社區，因此我們利用其他播客來發展它們，但我們的銷售人員規模也與小型播客網絡截然不同。基特，你為什麼不接手呢？

Yes. Sure.Yes, the ultimate goal is to raise CPMs, but it's a process, right? A lot of this shows that we're acquiring, whether by acquisitions or even just one-off where shows are leaving other networks or new shows are starting, the first phase of that process is to get demand on their inventory, start to sell out unsold inventory, give good packages to advertisers so they invest, test and work with these shows, get comfortable with these shows, then that's where the CPM start to grow. We have comfort with those advertisers to do things beyond just the spots and dots of what you would hear in a podcast to include exclusive episodes, content just around brands, social interaction, video all of these type of things. And that's where you're going to see increased CPMs. The competitors out there that we go against every day are very much the spots and dots of the world, and we're able to excel on that, but excel on all the other things that we just spoke about. So that's really one of the main growth factors. We get these shows on the network and we get them into our system and they start making more money than they ever have. We do more together, we do more episodes, and we really charge forward.

是的。當然。是的，最終目標是提高每千次展示費用，但這需要一個過程，對吧？其中很多都表明我們正在收購，無論是通過收購，還是一次性的節目離開其他網絡或新節目開始，該過程的第一階段是獲得對其庫存的需求，開始售罄未售出的庫存，為廣告商提供好的套餐，以便他們投資、測試和使用這些節目，對這些節目感到滿意，然後這就是每千次展示費用開始增長的地方。我們對這些廣告商的做法感到滿意，他們所做的事情不僅僅是你在播客中聽到的那些點點滴滴，還包括獨家劇集、圍繞品牌的內容、社交互動、視頻所有這些類型的事情。這就是您將看到每千次展示費用增加的地方。我們每天面對的競爭對手很大程度上是世界上的點和點，我們能夠在這方面表現出色，但在我們剛才談到的所有其他方面也表現出色。所以這確實是主要的增長因素之一。我們將這些節目放到網絡上，並將它們輸入到我們的系統中，他們開始賺到比以往更多的錢。我們一起做了更多的事情，製作了更多的劇集，我們真的向前衝鋒。

Just to add to that, guys. We just recently started to move over right, and signed some of the Kast Media podcasters variety who have struggled have been owed money, right the whole works. Kast had 2 salespeople. And just an example without using names, and you're going to read a lot about this very shortly, one of the first podcasts that came over, which would be one of the largest traffic of all of our podcast, we did triple the revenues the first month than they did previously.

只是補充一點，伙計們。我們最近剛剛開始轉向正確，並簽署了一些 Kast Media 播客品種，他們一直在欠錢，正確的整個作品。卡斯特有 2 名銷售人員。這只是一個不使用名字的例子，你很快就會讀到很多關於這個的內容，這是最早出現的播客之一，這將是我們所有播客中流量最大的一個，我們的收入增加了三倍第一個月比以前多了。

But I think because you fill their inventory or because you had better advertising, why did you do triple the revenue?

但我認為因為你填補了他們的庫存或者因為你有更好的廣告，為什麼你的收入增加了三倍？

Both. Across the board, we just -- we have so many advertisers already on our platform. We're able to go to them and use that great talent and use those numbers to expand the opportunity with them and grow our existing advertisers and then programmatic as well kicked in.

兩個都。總的來說，我們的平台上已經有很多廣告商。我們能夠去找他們，利用這些優秀的人才，利用這些數字來擴大與他們的機會，發展我們現有的廣告商，然後開始程序化。

Right. Two more questions for me. The first is your numbers jumped up in the first quarter before the acquisitions. I know you had some new content coming on. You're speaking to M&A. Is there also a meaningful piece of organically creating new shows? Or will M&A dominate the content -- the addition of content? Sorry.

正確的。還有兩個問題問我。首先是收購前第一季度的數字猛增。我知道您即將推出一些新內容。你正在談論併購。有機地創造新節目是否還有有意義的部分？或者併購會主導內容——內容的添加？對不起。

Kit, do you want to take that?

基特，你想接受這個嗎？

Yes. Yes. I mean, what we're trying to do is there are shows that are smaller that are on our network that we know we can't get to the next level. And rather than kind of use our resources after a 9-, 12-month string of trying to get it to where it needs to be. We then churn out the bottom, 15%, 20% of the network. And at the same time, we're growing the network by adding bigger programs with more opportunities that will be top 10, top 20 shows on our network, which will drive real revenue, right? And then we get them into our system and continue to grow beyond what we'd ever thought. So those are your those are your strategies, right, of growth. So when you look at the network, you're always trying to clean it up, get more efficient and bring in bigger ones and go from there.

是的。是的。我的意思是，我們正在嘗試做的是，我們的網絡上有一些較小的節目，我們知道我們無法達到下一個水平。而不是在經過 9 個月、12 個月的嘗試後才使用我們的資源，以達到所需的目標。然後我們生產出網絡底部的 15%、20%。與此同時，我們正在通過添加更大的節目和更多的機會來發展網絡，這些節目將成為我們網絡上的前 10 名、前 20 名節目，這將推動真正的收入，對嗎？然後我們將它們納入我們的系統並繼續超越我們的想像。所以這些就是你的增長策略，對吧。因此，當您查看網絡時，您總是試圖清理它，提高效率並引入更大的網絡，然後從那裡開始。

I would say, Brian, 2 of our newest shows we just added are already in the top 10. So you're seeing brand-new shows that are really exciting really coming out of the box with very strong numbers.

Brian，我想說的是，我們剛剛添加的 2 個最新節目已經進入前 10 名。因此，您會看到非常令人興奮的全新節目，它們以非常強勁的數字開箱即用。

What shows are those?

那些是什麼節目？

We just acquired Brendan Schaub. In his network, he has 3 shows, including the Golden hour, now or Fighter and the kid and The Brendan Schaub show. We have some more news, which is a really big news show that does not only really well in the audio space, but also in the YouTube video space. And those are just some of the new acquisitions that have heard -- that's occurred over the last 2 or 3 weeks. In the meantime, we're launching new shows on PodcastOne on an operated shows and we're acquiring other shows from competing networks that are unhappy with their current situation and they're coming over. For instance, I've had it, Two Women out of Oklahoma, one a lawyer and one an interior decorator, they're hilarious. They were just on the today show just last week. Their show came over to us with 20,000 downloads an episode. And this is a bit of an anomaly, but it's a lot of hard work, not only on our end, but their end, that show is doing over 125,000 downloads an episode and we'll crack 7 figures in revenue. We're talking to them about launching another episode where they'll have 3 episodes a week, one on Saturday. So that's the strategy, right, to find these people that fit into our mold and fit into our system and we can grow the revenues from low 6 figures to 7 figures even potentially even more, right? So that's really the strategy.

我們剛剛收購了 Brendan Schaub。在他的網絡中，他有 3 個節目，包括《黃金時刻》、《現在》或《戰鬥機和孩子》以及《布倫丹·紹布》節目。我們還有更多新聞，這是一個非常大的新聞節目，不僅在音頻領域表現出色，而且在 YouTube 視頻領域也表現出色。這些只是過去兩三週發生的新收購的一部分。與此同時，我們正在 PodcastOne 上運營的節目上推出新節目，並且我們正在從對當前狀況不滿意的競爭網絡中收購其他節目，他們正在過來。例如，我曾經看過，來自俄克拉荷馬州的兩名女性，一名是律師，一名是室內裝潢師，她們很搞笑。他們上周剛剛參加了《今日秀》。他們的節目每集下載量達到 20,000 次。這有點反常，但這是一項艱鉅的工作，不僅是我們，還有他們，該節目每集的下載量超過 125,000 次，我們的收入將突破 7 位數。我們正在與他們討論推出另一集，他們每周播出 3 集，週六播出一集。所以這就是策略，對吧，找到這些適合我們模式和系統的人，我們可以將收入從低六位數增加到七位數，甚至可能更多，對吧？這就是真正的策略。

One of the other great -- Brian, one of the other great things that's happening in this space is because it's not nearly as competitive where everyone is willing to pay these crazy MGs or crazy prices. We're negotiating way better deals than we've ever negotiated before. And Kit and the team, as I've always described it, have always played moneyball, but now playing moneyball, you're going to see a lot more 60-40 deals and 50-50 deals than you did previously. And we've always stayed away from those 80-20 deals and it's proven to be the right methodology and the team really understood what the right deals were.

另一個偉大的事情之一——布萊恩，這個領域發生的其他偉大的事情之一是因為它的競爭並不那麼激烈，每個人都願意支付這些瘋狂的 MG 或瘋狂的價格。我們正在談判比以前談判過的更好的交易。正如我一直描述的那樣，基特和他的團隊一直在玩點球成金，但現在玩點球成金，你會看到比以前更多的 60-40 筆交易和 50-50 筆交易。我們始終遠離那些 80-20 筆交易，事實證明這是正確的方法，團隊真正了解什麼是正確的交易。

Okay. Lastly, this -- the Kast and Fantasy Guru acquisitions, disclosing them depend on PodcastOne trading on its own? Or is there any obstacle in closing those acquisitions? .

好的。最後，Kast 和 Fantasy Guru 的收購，披露它們依賴於 PodcastOne 自己的交易？或者完成這些收購是否存在任何障礙？ 。

No, it's already happening, right? So Kast Media, we're buying certain assets of that, as we've already announced a couple of shows, and I fully expect you're going to see us announce some massive shows any minute now. With Fantasy Guru, I expect it to close in the next 30 days, right? It's an exciting time to close it because you go right in the football season. And we're really excited about this. They've never done any advertising and sponsorship. And it obviously crosses over radio as well as podcasting. So we see a really exciting opportunity to expand that business dramatically and utilize our creators and our podcasters to drive more subscribers.

不，這已經發生了，對吧？因此，Kast Media，我們正在購買其中的某些資產，因為我們已經宣布了幾部節目，我完全希望您現在隨時都會看到我們宣布一些大型節目。 Fantasy Guru 預計將在未來 30 天內關閉，對嗎？這是一個令人興奮的結束時刻，因為你正處於足球賽季。我們對此感到非常興奮。他們從未做過任何廣告和讚助。它顯然跨越了廣播和播客。因此，我們看到了一個非常令人興奮的機會，可以大幅擴展該業務，並利用我們的創作者和播客來吸引更多訂閱者。

The next question comes from Jon Hickman from Ladenburg.

下一個問題來自拉登堡的喬恩·希克曼。

Rob, can you elaborate on you said 2 to 4 weeks before podcast starts trading on a national exchange. Can you elaborate on why you think it's going to be that soon after all the delays?

Rob，您能詳細說明一下播客在國家交易所開始交易前 2 到 4 週的情況嗎？您能詳細說明一下為什麼您認為在經歷了所有的延誤之後很快就會出現這種情況嗎？

Yes. I mean I can't say too much, but what we said in the press release is that after being approved by the SEC, Nasdaq asked us for our audited statements, right, which was not an unreasonable ask. It was just 8 months into the process. So as you know, we've delivered those audited, right? Those are filed publicly. And so that's all completed. And so I'm very, very confident that we will trade on a major exchange shortly. And it will probably be up to us as to what day we choose to trade and make sure that we do the right road show in advance, get out to the street in advance. And this has obviously taken a little bit longer than we expected and like everything. None of these are easy. It's the first time ever done that you've done an uplifting and a partial dividend at the same time. And what's happened is it's turned out to be a blessing in disguise. We increased the dividend dramatically. We pulled in 2 acquisitions, and we're not done, right? So this is a really exciting time for the company and really exciting for PodcastOne. We got to showcase the numbers for this quarter, showcasing a $10.6 million number. That's a big jump from where we were. So I'm really proud of the team, and I'm really proud of where this is going, and I'm really excited about these acquisitions. Kit just mentioned, Brendan is already on our network. It will be one of the top 3 traffic guys on our network and brings more and more male sports related, right? We have a massive female network. We're just going to keep growing and we see telltale sign just the right time and the right place for us to go forward.

是的。我的意思是我不能說太多，但是我們在新聞稿中說的是，在獲得SEC批准後，納斯達克要求我們提供經過審計的報表，對吧，這不是一個無理的要求。整個過程僅用了 8 個月。如您所知，我們已經交付了經過審核的內容，對嗎？這些都是公開提交的。這樣就全部完成了。因此，我非常非常有信心我們很快就會在主要交易所進行交易。我們可能會決定選擇哪一天進行交易，並確保我們提前進行正確的路演，提前上街。這顯然比我們預期的要長一點，一切都很好。這些都不容易。這是您第一次同時進行振奮人心的股息和部分股息。事實證明，這也是因禍得福。我們大幅增加了股息。我們完成了兩次收購，但我們還沒有完成，對吧？因此，這對公司來說是一個非常令人興奮的時刻，對於 PodcastOne 來說也是一個非常令人興奮的時刻。我們必須展示本季度的數字，展示了 1060 萬美元的數字。與我們之前相比，這是一個巨大的飛躍。所以我真的為這個團隊感到自豪，我真的為它的發展方向感到自豪，我對這些收購感到非常興奮。 Kit 剛才提到，Brendan 已經在我們的網絡上。它將成為我們網絡上排名前三的流量之一，並帶來越來越多的男性運動相關，對吧？我們擁有龐大的女性網絡。我們將繼續成長，我們會在正確的時間和正確的地點看到明顯的跡象，讓我們繼續前進。

One last question. You raised guidance, but the Kast Media and Guru those revenues aren't in the new guidance until -- because they haven't closed yet, right?

最後一個問題。你提出了指導意見，但 Kast Media 和 Guru 的這些收入直到 - 因為他們還沒有關閉，才納入新的指導意見，對嗎？

Correct.

正確的。

The next question comes from Joseph Salino from Joseph Stone Capital.

下一個問題來自 Joseph Stone Capital 的 Joseph Salino。

Rob. Congratulations on a job well done. You and your team, hats off to you guys. My question was already answered by a previous investor, so you can take the next call.

搶。恭喜，活干得漂亮。您和您的團隊，向你們致敬。我的問題已經由之前的投資者回答過，所以您可以接聽下一個電話。

(Operator Instructions) The next question comes from Sean McGowan from ROTH MKM.

（操作員說明）下一個問題來自 ROTH MKM 的 Sean McGowan。

Let me start with a couple of housekeeping things, the change in the terms of the podcast spin-off in the dividend, I mean, that was already announced, right? That change is already out there at the 19%?

讓我從一些家務事開始，播客分拆股息條款的變化，我的意思是，這已經宣布了，對吧？ 19% 的變化已經出現了？

Yes. Correct, (inaudible) the public filings. That was already in the public filings as we approved with the SEC's approval.

是的。正確，（聽不清）公開文件。當我們獲得美國證券交易委員會的批准時，這已經在公開文件中。

Okay. And on the valuation of podcast, well, first on the trading. So there's not anything material yet to be done that you need to do. It's just a question of when it actually goes effective. Is that the right way to read what you're saying?

好的。關於播客的估值，首先是交易。因此，您還沒有任何需要做的實質性工作。這只是何時真正生效的問題。這是閱讀您所說內容的正確方法嗎？

Yes. I think it's more than that. I mean, we're effective already, right? So effectively, you're a public company, to prove it. We're just waiting for an exchange, right, to be ready for that trading. And I'm very, very hopeful that we're on the 5-yard line. We're in the 5 -- yard line join, we may even be on the 2-yard line as of today.

是的。我認為還不止於此。我的意思是，我們已經很有效了，對吧？因此，實際上，您是一家上市公司，可以證明這一點。我們只是在等待交易所，對吧，為交易做好準備。我非常非常希望我們能在 5 碼線上。我們在 5 碼線連接處，從今天開始我們甚至可能在 2 碼線處。

Right. I meant that there's nothing material that you have to deliver like it's kind of -- the ball is in their court, if I can mix the metaphor. It's not like they're waiting on you to do something. You've done everything you got to do, right?

正確的。我的意思是，如果我可以混合這個比喻的話，你不需要提供任何材料，比如——球在他們的球場上。他們並不是在等你做某事。你已經做了你該做的一切，對吧？

Correct. Correct. And one of the things we should make clear, and we've made this before, but I should make it clear on the call, Sean, just to give you round numbers, anyone owns 100,000 shares of LiveOne. You're going to receive about 4,800 shares of PodcastOne between $8 and $12. So if you take the low end of the range at $8, this is a very sizable dividend, right, for -- and that's only going to be shareholders of record who own it at the time that we're actually up and listed in the next couple of weeks.

正確的。正確的。我們應該明確的一件事是，我們之前已經說過了，但我應該在電話會議上明確說明，肖恩，只是為了給你一個整數，任何人都擁有 100,000 股 LiveOne。您將收到大約 4,800 股 PodcastOne 股票，價格在 8 美元到 12 美元之間。因此，如果你以 8 美元為範圍的低端，這將是一筆非常可觀的股息，對吧，對於——而且只有在我們實際上在股票上市時擁有它的記錄在案的股東。接下來的幾週。

Yes. Now on the valuation that you've referenced a couple of times that was done the third-party valuation, depends on some changes in the industry over the last half year or so. I guess the flip side of you being able to get content more favorable deals is maybe the mood around the category is a little different. So can you talk a little bit about your confidence in the prior valuations that were done?

是的。現在，根據您多次引用的第三方估值進行的估值，取決於過去半年左右行業的一些變化。我想你能夠獲得更優惠的內容交易的另一面可能是圍繞該類別的情緒有點不同。那麼您能談談您對之前所做的估值的信心嗎？

Yes. I mean I would say the confidence is even higher. I mean, Sirius Radio bought a podcast network doing $10 million in revenues for $150 million in cash, only 6 months ago, right? And if anything, Spotify and Sirius' stocks have gone up substantially. Spotify came back down a little bit, but they're up very, very substantially from when that valuation was done. So if anything, the valuations have gone higher in the space. So we're pretty excited about it. And I think the opportunity of acquiring small ones is that Spotify and Apple and Sirius and iHeart they're not going to buy these little ones anymore. They're just too small for them, right? They've gobbled up a tremendous amount. They have big, big market shares in these. And I think it's an exciting time for us to be able to roll the smaller ones up because there really is no home for them anymore. And as you know, you got Odyssey and Westwood. There's a lot of debt out there amongst the radio companies that have built podcast networks. I think there's a huge opportunity to consolidate this space and really grow it in for us. I think we're the only game in town that can buy the small ones and do the things that Kit and his team do.

是的。我的意思是我會說信心更高。我的意思是，僅 6 個月前，Sirius Radio 就以 1.5 億美元現金收購了一家收入為 1000 萬美元的播客網絡，對吧？如果說有什麼不同的話，那就是 Spotify 和 Sirius 的股價大幅上漲。 Spotify 略有回落，但與估值完成時相比，其股價上漲了非常非常大。因此，如果有的話，那就是該領域的估值更高了。所以我們對此感到非常興奮。我認為收購小公司的機會是 Spotify、蘋果、Sirius 和 iHeart 他們不會再購買這些小公司了。他們對他們來說太小了，對吧？他們吞掉了巨大的數量。他們在這些方面擁有很大很大的市場份額。我認為，對於我們來說，能夠將較小的動物捲起來是一個令人興奮的時刻，因為它們真的不再有家了。如你所知，你有奧德賽和韋斯特伍德。建立播客網絡的廣播公司背負著大量債務。我認為這是一個巨大的機會來鞏固這個空間並真正為我們發展它。我認為我們是鎮上唯一可以購買小型遊戲並做 Kit 和他的團隊所做的事情的遊戲。

Makes sense. Circling around to splitmind. Can you just give us a little bit more color on this Madden deal, like this could be an example, right, of things that could happen. How does this work economically?

說得通。繞著分裂的心轉。你能給我們更多關於《Madden》交易的信息嗎？就像這可能是可能發生的事情的一個例子。這在經濟上如何運作？

Yes. Great. So I'm going to hand that to Josh and I love the (inaudible) because you and I have been -- Sean, you and I have been in the trenches of the game business and watch how much money is generated. I love music inside of these games. My kids play Madden literally nonstop and it's really exciting. So Josh, why don't you jump in and talk about where that's going, not just for games, but film, television, rein overall with the publishing side of our business.

是的。偉大的。所以我要把它交給喬什，我喜歡（聽不清），因為你和我一直 - 肖恩，你和我一直在遊戲業務的戰壕里觀察產生了多少錢。我喜歡這些遊戲中的音樂。我的孩子們不停地玩《Madden》，這真的很令人興奮。所以喬什，你為什麼不跳出來談談我們業務的發展方向，不僅是遊戲，還有電影、電視，以及我們業務的出版方面。

Rob. I mean in general, publishing revenue comes from syncs and licenses. And I think that as we've got involved in this asset, we're really already showing how much value we can add on making revenue from that side of the business. Madden is the most prized video game in the U.S. I think it actually is the highest selling video game in the U.S. or at least the highest selling sports game. And we're track 1, we are the title track. We're the one that's on every commercial on all the Internet commercials and the nationwide commercials. And I think that, that mixed with the storing the music for the new Gerard Butler film Kandahar that just came out and doing the music for the Emmys last year, we're on track to really continue to grow the publishing business more on the sync and licensing side of the business. We're always focused on creating hit songs that's a given. That's our daily life of actual music creation, but you can't discount how much money you can really be making from the sync and licensing side. And as we grow, we'll continue to have more assets to be able to put inside of making money on that side of the business.

搶。我的意思是，一般來說，發布收入來自同步和許可。我認為，當我們涉足這項資產時，我們確實已經展示了我們可以通過從該業務方面獲得收入來增加多少價值。 《Madden》是美國最有價值的視頻遊戲。我認為它實際上是美國最暢銷的視頻遊戲，或者至少是最暢銷的體育遊戲。我們是第一首歌，我們是主打歌。我們是所有互聯網廣告和全國廣告中的每一個廣告中的廣告商。我認為，再加上為剛剛上映的杰拉德·巴特勒新電影《坎大哈》存儲音樂以及去年為艾美獎製作音樂，我們有望真正繼續在同步上進一步發展出版業務和業務許可方面。我們始終專注於創作既定的熱門歌曲。這就是我們實際音樂創作的日常生活，但您不能低估從同步和許可方面真正可以賺多少錢。隨著我們的發展，我們將繼續擁有更多資產，以便能夠在業務的這方面賺錢。

I think this is such a high profile kind of almost like a first real public test case on this model. So can you -- without getting into specifics of dollars or even in the percentages, but just kind of conceptually, how does this work? What's the basis of the revenue that you get from that? And is it a flat rate? Is it the number of times the game is played, is there the number of times the music actually plays? What's the basis of the revenue?

我認為這是一個非常引人注目的項目，幾乎就像這個模型的第一個真正的公開測試用例。那麼，你能不能——不討論美元的細節，甚至不討論百分比，而只是從概念上來說，這是如何運作的？您從中獲得收入的基礎是什麼？是統一費率嗎？是遊戲玩的次數，還是音樂實際播放的次數？收入的基礎是什麼？

It's all encompassing. But there is a significant per side flat fee when you initially sign up for that. And if you look at all the other artists that are involved in that Madden project, they're not artists that do low fees. It really is the most coveted placement in the video game space, in my opinion.

它包羅萬象。但當您最初註冊時，每方都會收取大量固定費用。如果你看看參與該《Madden》項目的所有其他藝術家，你會發現他們並不是收費低廉的藝術家。在我看來，這確實是視頻遊戲領域中最令人垂涎​​的位置。

Okay. A couple of other questions. So is the -- Rob, is the trading -- a little bit more color on the Slacker trading, like you said, a little sooner than you thought, assuming that it actually happens then? Or is that what you guys had in mind? .

好的。還有其他幾個問題。那麼，羅布，交易是不是——就像你說的那樣，懶人交易比你想像的要早一點，假設它真的發生了？或者說你們就是這麼想的？ 。

Yes. I mean I think you're going to get a lot of clarity in the next 2 weeks, right? We signed the merger agreement a couple of weeks ago. I happen to be with Byron and the Hampton's right now, is with them yesterday and just finalizing. So we're ready to go. We have to -- our audit check to be filed right to Slacker, it will be the first time we're filling them, which would be really exciting, right? People are going to get to see the numbers. And I've been in the audio music business for a long time. I own (inaudible) previously. And as you know, Sean, had an amazing run with the stock in it. What happened, no one could ever make money. We make a ton of money, right? This is printing cash. And obviously, having the Tesla partnership is -- and this being our tenth year in business with them and Tesla having a spectacular year is all exciting and obviously just an amazing partnership, right? And that's going to continue to grow our B2B deals, our pipeline of B2B, you'll probably see on LinkedIn and out there, we're out there aggressively even though we cut -- we consolidated 150 people in staff and took $31 million of cost out. We're hiring B2B people, revenue, salespeople, revenues people because right now, the flywheel is explosive, so we're going to be hiring nonstop. And we're seeing telltale signs that I said I'm going to blow through the 10 million subscribers now before 2027. And we see telltale signs, any one of those, one more automobile company, one international carrier right comes along, one social media company. All these guys have been partners over the years. And as you know, I built digital turbine off the backs of carriers. There's no reason that we can't pick up a carrier and really partner with them and give them content and give them the full 360 play. And the fact that we're the lowest price and the fact that we are willing to white label like we do with Tesla, we're the only ones in the world that can do that. There's only 15 companies in this space. It's growing to 1.7 billion paying subscribers and probably 3/4 of the world will have the music subscription. I think we're going to take a chunk of that space. And I think you're going to see another car company, you're going to see international rights. You're going to see them all coming this year. And finally, we've got the balance sheet in shape and the flywheel is kicking in so fast that there's no reason that we can't land a huge B2B partnership very shortly.

是的。我的意思是，我認為您在接下來的兩週內將會得到很多清晰的信息，對嗎？我們幾週前簽署了合併協議。我現在碰巧和拜倫和漢普頓在一起，昨天和他們在一起，剛剛完成。我們準備出發了。我們必須——我們的審計檢查直接提交給 Slacker，這將是我們第一次填寫它們，這將非常令人興奮，對吧？人們將會看到這些數字。我從事音頻音樂行業已經很長時間了。我以前擁有（聽不清）。正如你所知，肖恩（Sean）持有的股票表現出色。發生了什麼事，沒人能賺錢。我們賺了很多錢，對嗎？這是印鈔。顯然，與特斯拉的合作是——今年是我們與他們合作的第十個年頭，特斯拉度過了輝煌的一年，這一切都令人興奮，顯然這是一次令人驚嘆的合作，對吧？這將繼續增加我們的B2B 交易、我們的B2B 渠道，你可能會在LinkedIn 和其他地方看到，儘管我們裁員，但我們仍然積極進取——我們整合了150 名員工，並從員工中拿走了3100 萬美元。成本。我們正在招聘 B2B 人員、收入人員、銷售人員、收入人員，因為現在飛輪正在爆炸性增長，所以我們將不間斷地招聘。我們看到了明顯的跡象，我說過我將在 2027 年之前突破 1000 萬訂戶。我們看到了明顯的跡象，其中任何一個，又一家汽車公司，一家國際航空公司出現，一家社交媒體媒體公司。所有這些人多年來一直是合作夥伴。如您所知，我在航母的支持下建造了數字渦輪機。我們沒有理由不選擇一家運營商並與他們真正合作，為他們提供內容並讓他們享受完整的 360 度體驗。事實上，我們的價格是最低的，而且我們願意像特斯拉那樣進行白標，我們是世界上唯一能夠做到這一點的人。這個領域只有 15 家公司。付費訂閱者數量正在增長至 17 億，世界上可能有 3/4 的人訂閱音樂。我想我們會佔用這個空間的很大一部分。我認為你會看到另一家汽車公司，你會看到國際權利。今年你將會看到它們全部出現。最後，我們的資產負債表已經成型，飛輪的運轉速度如此之快，我們沒有理由不能很快建立一個巨大的 B2B 合作夥伴關係。

Okay. Last quick question maybe for Aaron. When do you expect the 10-Q to be filed?

好的。最後一個簡短的問題可能是問亞倫的。您預計 10-Q 何時提交？

Sean, we expect Monday 14.

肖恩，我們預計 14 日星期一。

And Sean, just before you jump, just one more thing I forgot to add to it. One of the things that I said to the Street is when we announced the deal, right, to merge into the SPAC, I wouldn't do that deal unless just like PodcastOne, we had other roll-up acquisition opportunities that could fit in there. So that may give us expansive growth and, again, at super accretive acquisition valuations, and there's some great assets right now that are coming available. So you may see that coming as well.

肖恩，在你跳之前，我還忘記補充一件事。我對華爾街說的一件事是，當我們宣布合併到 SPAC 的交易時，我不會做這項交易，除非像 PodcastOne 一樣，我們有其他可以適應的匯總收購機會。因此，這可能會給我們帶來廣泛的增長，並且再次獲得超級增值的收購估值，而且現在有一些很棒的資產可供使用。所以你可能也會看到這種情況的發生。

(Operator Instructions) We have no further questions, so I'll hand the call back to the management team for any concluding remarks.

（操作員說明）我們沒有其他問題，因此我會將電話轉交給管理團隊以獲取任何結論性意見。

I want to thank everyone for their patience for being our partners in this, right? We couldn't be more excited about the company. And as I said on the call, I fully expect by 2027, we would be a $1 billion-plus company. It's just math, right? When you look at these numbers and you look at the trajectory and the growth to we're growing right now, we're going to grow over 800,000 subscribers this year, all right? So over 50% year-over-year, our podcast business is doing very similar. Our sponsors have grown from 7 sponsors pre-COVID to over 700. I couldn't be more proud of this team and I think we really have this now. We have this in the perfect direction to really be able to run the table. And so I just want to thank everyone for attending and continue to support the company.

我要感謝大家的耐心配合，成為我們的合作夥伴，對嗎？我們對這家公司感到非常興奮。正如我在電話會議上所說，我完全預計到 2027 年，我們將成為一家價值超過 10 億美元的公司。這只是數學，對吧？當你看看這些數字，看看我們現在的發展軌跡和增長情況時，我們今年的訂戶數量將超過 80 萬，好嗎？因此，我們的播客業務與去年同期相比，有超過 50% 的表現非常相似。我們的讚助商已從新冠疫情爆發前的 7 個增加到 700 多個。我為這支團隊感到無比自豪，我認為我們現在真的擁有了這個團隊。我們已經朝著完美的方向發展，真正能夠掌控局面。所以我只想感謝大家的出席並繼續支持公司。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開線路。