LiveOne Inc (LVO) 2025 Q2 法說會逐字稿

Good morning. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to LiveOne earnings call. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions)

早安.我叫安琪拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 LiveOne 財報電話會議。（操作員說明）請注意，此通話正在錄音。（操作員說明）

I will now turn the conference over to Aaron Sullivan. You may begin.

我現在將會議交給亞倫·沙利文。你可以開始了。

Thank you. Good morning and welcome to LiveOne business update and financial results conference call for the company's second quarter ended September 30, 2024. Presenting on today's call with me is Rob Ellen, 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.

謝謝。早安，歡迎參加 LiveOne 公司截至 2024 年 9 月 30 日的第二季業務更新和財務業績電話會議。與我一起出席今天電話會議的是 LiveOne 執行長兼董事長 Rob Ellen。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。這些陳述包括但不限於有關公司未來業績的陳述，包括預期的未來財務表現和預期的未來業務成長。

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, 2024 and subsequent SEC filings.

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有重大差異。請參閱該公司向SEC 提交的文件，以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2024 年3 月31 日的年度10-K 表格年度報告中所述的內容以及隨後向 SEC 提交的文件。

To 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 the Investor Relations website for important content.

尋找非公認會計原則財務指標與今天在公司投資者關係網站上發布的公司收益報告中討論的最具可比性的公認會計原則財務指標的調節表。本公司鼓勵您定期造訪投資者關係網站以獲取重要內容。

The 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 the call.

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（2024 年11 月7 日）管理層的觀點，除非法律要求，否則公司不承擔在會議結束後更新或修改此資訊的任何義務。

I'd like to highlight to investors that this call is being recorded. The company is making it available to investors and the media via webcast and the replay will be available on its website in the Investor Relations section shortly following the collusion of the call. Additionally, it is the property of the company and any redistribution, transmission or rebroadcast of this call or webcast in any form that the company's expressed written consent is strictly prohibited.

我想向投資人強調，這次電話會議正在錄音。該公司正在透過網路廣播向投資者和媒體提供此訊息，並且在電話串通後不久，將在其網站的投資者關係部分提供重播。此外，它是公司的財產，未經公司明確書面同意，嚴禁以任何形式重新分發、傳輸或轉播本次電話會議或網路廣播。

Now, I'd like to turn the call over to LiveOne, CEO Rob Ellen.

現在，我想將電話轉給 LiveOne 執行長 Rob Ellen。

Thank you, Erin. Good morning everyone and thank you for joining us today. We appreciate your continued support. I'll begin with a brief overview of our record breaking financial results, followed by updates on recent developments and our vision for the future.

謝謝你，艾琳。大家早安，感謝您今天加入我們。我們感謝您一如既往的支持。我將首先簡要概述我們破紀錄的財務業績，然後介紹最新進展和我們對未來的願景。

Due to financial overview, we achieved record revenues in the history of the company for the first six months. Consolidated revenues of $65.7 million with adjusted EBITDA of $6.6 million. Q2 consolidated revenues of quarter was $32.6 million a 14% increase. Our audio revenues delivered $31.7 million and 18.18% growth. Our adjusted EBITDA just on the audio division was $5.6 million. We closed the quarter with $11 million in cash up over $4 million from the previous quarter. And again, earlier in the year, we converted all of our debt at $2.10.

由於財務狀況，我們在前六個月實現了公司歷史上創紀錄的收入。合併收入為 6,570 萬美元，調整後 EBITDA 為 660 萬美元。 Q2該季度綜合收入為 3,260 萬美元，成長 14%。我們的音頻收入達到 3,170 萬美元，成長 18.18%。光是音訊部門調整後的 EBITDA 就為 560 萬美元。本季結束時，我們擁有 1,100 萬美元現金，比上一季增加了 400 萬美元以上。今年早些時候，我們再次以 2.10 美元的價格轉換了所有債務。

Now, to our opportunity with Tesla. Tesla has been a little mis instituted in that we extended our contract through May of 2026 under new terms. These new terms are now the seven different iteration of a 12 year partnership with Tesla. Exciting part is this is everything that our management team has asked for Tesla, which is to give us the opportunity right to market to our customers, to expand to all devices.

現在，我們有機會與特斯拉合作。特斯拉的做法有點錯誤，我們根據新條款將合約延長至 2026 年 5 月。這些新條款現在是與特斯拉 12 年合作關係的七個不同版本。令人興奮的是，這就是我們的管理團隊對特斯拉的要求，讓我們有機會向客戶行銷，並擴展到所有設備。

With that, Tesla will be helping us and has started to already to market our offering to the millions of cars existing out there in North America. We got prominent space on the home screen of Tesla in perpetuity that beachfront property when you think back to Sirius or XM radio, they spent billions of dollars getting to this point to have that ability to convert these customers.

這樣，特斯拉將幫助我們，並且已經開始向北美現有的數百萬輛汽車推銷我們的產品。我們在特斯拉的主螢幕上永久佔據了顯著的空間，當你回想起 Sirius 或 XM 廣播時，他們花費了數十億美元才達到了這一點，才有能力轉化這些客戶。

We now have direct access to Tesla customers for cross selling and to up sell them from a $3 subscriber who can only use it in the car right to our larger opportunities of podcasting, e-books, live streaming, pay per view. Tesla will continue paying monthly fees on existing grandfather cars. What's exciting about this opportunity is we've never been able to be valued based per sub. Subs in the space get valued between $200 -- $100 and $1000 a sub.

現在，我們可以直接接觸特斯拉客戶進行交叉銷售，並從只能在車內使用的 3 美元訂閱者那裡向上銷售，以獲得我們播客、電子書、直播、按次付費的更大機會。特斯拉將繼續為現有老爺車支付月費。這個機會的令人興奮之處在於我們從未能夠根據每個潛艇進行估值。該領域的替補球員的價值在 200 - 100 美元到 1000 美元之間。

This has also opened the floodgates to major opportunities with other automakers. We publicly said we are in deep discussions with eight of the major auto companies around the world. I humbly believe it feels like since the announcement that people believe that we were under exclusivity with Tesla, we have an opportunity now to really expand those partnerships with other auto companies, that will lead into the diversification of our business that we've been talking about for the last 12 months.

這也為其他汽車製造商帶來了重大機會。我們公開表示，我們正在與全球八家主要汽車公司進行深入討論。我謙虛地認為，自從宣佈人們相信我們與特斯拉擁有排他性關係以來，我們現在有機會真正擴大與其他汽車公司的合作夥伴關係，這將導致我們一直在談論的業務多元化大約在過去12 個月。

We hired Bill Wilts as our Head of B2B. We've now expanded that B2B team to 11 people from one person hired a year ago, just over a year ago to now 11 people. We see eight verticals with huge opportunities to diversify and expand the business across automotive, carriers, hardware, retail, hospitality, airlines, and travel, loyalty programs, credit card companies.

我們聘請 Bill Wilts 擔任 B2B 主管。現在，我們已將 B2B 團隊的人數從一年前僱用的 1 人擴大到現在的 11 人。我們看到八個垂直行業擁有巨大的機遇，可以在汽車、營運商、硬體、零售、酒店、航空公司、旅遊、忠誠度計劃、信用卡公司等領域實現業務多元化和擴展。

We announced one of those first major deals was a $24 million, $2 million a month, manage your streaming partner. Then we announced TextNow over 100 million users. We've announced partnerships with eBay, Facebook, TikTok. We're in active negotiations with dozens of fortune 500 and fortune 250 companies, right, including those eight auto companies. We fully expect to announce at least two before year end and two before March 31, our fiscal year end.

我們宣布首批重大交易之一是 2,400 萬美元，每月 200 萬美元，管理您的串流媒體合作夥伴。然後我們宣布 TextNow 用戶超過 1 億。我們已經宣布與 eBay、Facebook、TikTok 建立合作夥伴關係。我們正在與數十家財富 500 強和財富 250 強公司進行積極談判，對吧，包括這八家汽車公司。我們完全期望在年底之前至少宣布兩項，並在 3 月 31 日（我們的財政年度結束）之前宣布至少兩項。

Now as you go into our podcast business, really exciting quarter as well, PodcastOne success continues. We delivered -- we've gone from $20 million to a run rate of $50 million over the past four years. We have 100 podcasts in our pipeline 10 times our normal amount in history. We have eight podcast networks in our M&A pipeline, a185 podcasts now adding 50 more in the next 24 months.

現在，當您進入我們的播客業務時，這也是一個非常令人興奮的季度，PodcastOne 的成功仍在繼續。我們交付了——在過去四年裡，我們的運作率從 2000 萬美元增加到了 5000 萬美元。我們正在開發 100 個播客，是歷史上正常數量的 10 倍。我們的併購管道中有 8 個播客網絡，a185 播客現在將在未來 24 個月內增加 50 個。

We're adding almost a new podcast every two weeks. LiveOne is also acquired 224,000 podcast shares this quarter and over 550,000 shares this year, we will continue to buy back addition stock and PodcastOne and we now own over 73% of the company. We are on our way to over $100 million over the next 24 months.

我們幾乎每兩週就會增加一個新的播客。LiveOne 本季還收購了 224,000 股播客股票，今年收購了超過 550,000 股，我們將繼續回購額外股票和 PodcastOne，現在我們擁有該公司超過 73% 的股份。我們的目標是在未來 24 個月內實現超過 1 億美元的目標。

Podcast to TV, and film adaptations. I've talked about this a little bit on our conference calls before this is just starting to really, really start to take off. We now have a slate of over 10 podcasts that have potential to be TV and film a adaptations. We have signed two of them to streaming partners including Vernamtown and Vigilante and a third opportunist to a documentary and we see material opportunities to turn these without any additional cost to the company and massive upside for the company.

播客改編成電視和電影。在這一切剛開始真正開始起飛之前，我已經在我們的電話會議上談到了這一點。我們現在有超過 10 個播客，有可能改編成電視和電影。我們已經將其中兩份簽約給了包括Vernamtown 和Vigilante 在內的串流媒體合作夥伴，第三份則簽約了一部紀錄片，我們看到了在不給公司帶來任何額外成本的情況下轉化這些內容的重大機會，也為公司帶來了巨大的上升空間。

Next to our celebrity brands. We've just announced with Super Duper Kyle, our second celebrity band called Smile -- Smiley. We see again 7 to 10 part of these celebrity brands a year for the next five years with potential of $10 million to $1 billion dollars of outside with very little cost to the company as we utilize our partners in social media, artists, actors, producers, podcasters, social media stars to drive these brands across their social media.

旁邊是我們的名人品牌。我們剛剛宣布與 Super Duper Kyle 合作，組成我們的第二支名人樂團 Smile -- Smiley。在接下來的五年裡，我們每年都會看到7 到10 個名人品牌擁有1000 萬到10 億美元的外部潛力，因為我們利用社交媒體、藝術家、演員、製片人等方面的合作夥伴，公司的成本非常低、播客、社交媒體明星在他們的社交媒體上推動這些品牌的發展。

Our publishing business grew over 300%. Tonight, we are launching our live streaming pay per view event for Super Duper Kyle's album, of which we own 50% of the publishing. Our live stream pay per view has had over 5 billion engagements in the last four years. With that, we continue to buy back stock. We have now bought back four -- almost 4.5 million shares of stock. We have increased the buyback to $12 million and we continue to buy back at these levels.

我們的出版業務成長超過 300%。今晚，我們將為 Super Duper Kyle 的專輯推出按次付費直播活動，我們擁有這張專輯 50% 的發行權。在過去 4 年裡，我們的按次付費直播觀看次數已超過 50 億次。這樣，我們繼續回購股票。我們現在已經回購了四股——近 450 萬股股票。我們已將回購金額增加至 1,200 萬美元，並將繼續以此水準進行回購。

I'm proud of my team. I'm proud of what they've been able to accomplish. We've gone through tougher times than this, including when COVID hit, we lost all live streaming business. It came out of it stronger than ever. When you think back when COVID hit, we were $38 million in revenues lost a third of our revenues, all of our live business, all of our live streaming and we came out of it and now we did $65 million for the six months.

我為我的團隊感到自豪。我為他們所取得的成就感到自豪。我們經歷過比這更艱難的時期，包括當新冠疫情來襲時，我們失去了所有直播業務。它比以往任何時候都更強大。回想一下，當新冠疫情襲來時，我們的收入為3800 萬美元，損失了三分之一的收入、我們所有的直播業務、所有的直播串流媒體，但我們擺脫了困境，現在六個月的收入為6500 萬美元。

So we're looking forward to any questions from everyone. I'm going to hand it off to my CFO, Aaron Sullivan. Thank you very much.

因此，我們期待大家提出任何問題。我將把它交給我的財務長 Aaron Sullivan。非常感謝。

Thanks Rob. I'll spend just a few minutes providing a very brief overview of results for the second quarter of fiscal 2025 ended September 30. Consolidated revenue for the three month period ended September 2024 was $32.6 million an increase of 14% over the prior year period (inaudible) posted record revenue Q2 of $19.5 million and PodcastOne posted revenue of $12.2 million. Consolidated revenue for the six month period ended September 3, 2024 was a record $65.7 million an increase of 17% over the prior year period.

謝謝羅布。我將花費幾分鐘時間非常簡短地概述截至 9 月 30 日的 2025 財年第二季的業績。截至2024 年9 月的三個月期間的合併收入為3,260 萬美元，比上年同期增長14%（聽不清楚），第二季營收創紀錄地達到1,950 萬美元，PodcastOne 的營收為1,220 萬美元。截至 2024 年 9 月 3 日的六個月期間的合併收入達到創紀錄的 6,570 萬美元，比去年同期增長 17%。

The second quarter of fiscal '25 revenue consists of 60% membership and 40% advertising sponsorship, merchandizing other compared to 58% membership and 42% advertising sponsorship and merchandizing other in the prior year period. Consolidated adjusted EBITDA for the three and six months ended September 30, 2024 with $2.9 million and $5.8 million respectively. On US GAAP basis LiveOne posted a consolidated net loss of $2.7 million or $0.02 per diluted share in Q2 fiscal '25.

25 財年第二季的收入包括 60% 的會員費和 40% 的廣告贊助及其他商品銷售，而去年同期的收入為 58% 的會員費和 42% 的廣告贊助及其他商品銷售。截至 2024 年 9 月 30 日的三個月和六個月的綜合調整後 EBITDA 分別為 290 萬美元和 580 萬美元。根據美國公認會計原則，LiveOne 在 25 財年第二季的綜合淨虧損為 270 萬美元，即稀釋後每股虧損 0.02 美元。

As of September 30, 2024 total members which include three members for approximately $4 million, note that included in the total members are certain members who are currently subject to a contractual dispute which we are not currently recognizing revenue.

截至 2024 年 9 月 30 日，會員總數包括三名會員，收入約為 400 萬美元，請注意，會員總數中包括目前存在合約糾紛的某些會員，我們目前尚未確認收入。

Rob, I'll turn it back to you.

羅布，我會把它還給你。

Yeah, so I'm going to open up to questions. So I look forward to any questions and then I'll then I'll close it out at the end. So thank you very much.

是的，所以我要提出問題。所以我期待任何問題，然後我會在最後結束它。非常感謝。

(Operator Instructions)

（操作員說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great. Thanks so much. Great results in the quarter. Got a laundry list of questions that some investors have asked me. First question I have is, how many paid subscribers do you have that are either going to be grandfathered in or that are not related to Tesla?

偉大的。非常感謝。本季業績出色。我收到了一些投資者問過我的一系列問題。我的第一個問題是，你們有多少付費訂閱者，這些訂閱者要不是特斯拉的祖父，就是與特斯拉無關？

Yeah, we can't give that number, Brian, as I told you before. But it's a percentage of the total number of subscribers out there, but it's not a number that either Tesla or us we are able to provide publicly.

是的，我們不能給出這個數字，布萊恩，正如我之前告訴過你的。但這只是訂閱者總數的百分比，但特斯拉或我們都無法公開提供這個數字。

Okay. And then what percentage of your Tesla users listen to your digital radio for more than 10 minutes a day or whatever time frame you think is statistically significant.

好的。然後，您的 Tesla 用戶中有多少人每天收聽數位收音機超過 10 分鐘，或您認為具有統計意義的任何時間範圍。

Yeah, I think it's to -- I mean, just to give you a highlight film and really exciting even with this change that Tesla has made as an example this week 285,000 people use our service and then for this month it's well over 1 million people have used the service. So it's really exciting to see and the usage, right, the consumer is using an average of about 20 minutes which is extremely high for the industry.

是的，我認為這是為了——我的意思是，只是為了給你們看一部精彩的影片，即使以特斯拉為例，本周也有285,000 人使用我們的服務，而這個月的人數遠遠超過100 萬人，這確實令人興奮。因此，看到使用情況確實令人興奮，對吧，消費者平均使用約 20 分鐘，這對產業來說是非常高的。

Okay. I know the plan doesn't change until December 1, but have there -- have you seen any conversions yet. You said Tesla's already reaching out or is it too early and no one would really sign up until after December 1.

好的。我知道該計劃在 12 月 1 日之前不會改變，但是您是否看到任何轉換？你說特斯拉已經主動聯絡了，還是太早了，直到 12 月 1 日之後才會有人真正報名。

No, we're already seeing some nice sign ups. We're really excited about it and we're going to be talking about that. I would say, somewhere in the middle of December to the end of December, we'll probably hold a conference call on it, but really exciting, even though they're still giving it away for free. We're signing a lot of subscribers right now and in signing them, here's what Tesla has done.

不，我們已經看到一些不錯的註冊。我們對此感到非常興奮，我們將討論這一點。我想說，在 12 月中旬到 12 月底的某個時間，我們可能會就此舉行電話會議，但確實令人興奮，儘管他們仍然免費提供它。我們現在正在簽下很多訂戶，在簽下他們的過程中，特斯拉做了以下事情。

They have moved. They have sent out a message, right, which shows the orange button that was previously there. They're finally giving us that LiveOne branding in the car. If you think about what Sirius and XM paid right to get that prime real estate. So in almost every car I've seen, right. And I take a lot of them, I've been a lot of Ubers, I was in New York all last week, every Tesla car you see, I also own five Tesla cars, right, have now changed that orange button has now that bottom, number one spot in real estate on Tesla.

他們已經搬家了。他們發出了一條訊息，右圖，其中顯示了之前存在的橙色按鈕。他們終於在車上給了我們 LiveOne 品牌。如果你想一想 Sirius 和 XM 為獲得黃金地段付出了多少代價。所以幾乎在我見過的每輛車上，對吧。我坐了很多，我去過很多優步，上週我一直在紐約，你看到的每輛特斯拉汽車，我也擁有五輛特斯拉汽車，對吧，現在已經改變了橙色按鈕現在墊底，特斯拉房地產排名第一。

You're going to see that LiveOne button. Now that takes a little education, right? People have to figure out what it is right? And they click on it and they immediately can hit that bar code and they can choose to convert, but it's a little tricky because you could also listen for free. So you still have another month before that, but we're really excited about the number of conversions. It's exciting. It's energized. I think we expected almost none and we're signing a lot every day.

您將看到 LiveOne 按鈕。現在這需要一點教育，對吧？人們必須弄清楚什麼是正確的？他們點擊它，他們立即可以點擊該條碼，他們可以選擇轉換，但這有點棘手，因為你也可以免費收聽。距離這還有一個月的時間，但我們對轉換數量感到非常興奮。這很令人興奮。它充滿活力。我想我們幾乎沒有預料到，但我們每天都會簽很多。

Last question related to Tesla and I have a few others. When someone buys a new car in North America, post December 1, will they get month or two free like you do with other cars with Sirius or will there not be a free subscription?

最後一個問題與特斯拉有關，我還有其他幾個問題。當有人在北美購買新車時，12 月 1 日後，他們會像購買 Sirius 的其他汽車一樣獲得一兩個月的免費服務嗎？

I can't answer that yet. Right. This is the first time that the company had the opportunity to talk to those consumers. You're going to see a lot of different things that we never could do before, right. Including advertising, right. These are things that we didn't have the capability of doing before, right? We were strictly paid for by Tesler, right? It was an amazing partnership, right? And that was the terms of it, right. No advertising so on. Now, we'll have the ability to be able to really stretch our arms and really go out there and be able to do the different marketing and different price ranges, right

我還不能回答這個問題。正確的。這是該公司第一次有機會與這些消費者交談。你會看到很多我們以前從未做過的不同的事情，對吧。包括廣告，對吧。這些都是我們以前沒有能力做的事情吧？我們的薪水是由特斯勒嚴格支付的，對嗎？這是一次了不起的合作，對吧？這就是它的條款，對吧。無廣告等。現在，我們將有能力真正伸展我們的手臂，真正走出去，能夠進行不同的行銷和不同的價格範圍，對吧

As you can already see if you've hit that cold Brian, we already offer a $399, a $3,499 for a year, right? And then $9,990 for the year. So huge discounts to everybody else in conjunction with Tesla. So it's really exciting to see us have that ability and be able to stretch our muscles and be able to showcase that and really be able to start to sign these subscribers and have the individual as a customer of the company and be able to up sell them the podcasting to pay per view, live streaming to all the different verticals, e-books that we have. This is the first time we've had that opportunity to do it.

正如你已經看到的，如果你已經感冒了，布萊恩，我們已經提供了 399 美元，一年 3,499 美元，對吧？然後全年 9,990 美元。與特斯拉一起向其他所有人提供如此巨大的折扣。因此，看到我們有這種能力，能夠伸展我們的肌肉，能夠展示這一點，真正能夠開始簽署這些訂戶，讓個人成為公司的客戶，並能夠向他們進行追加銷售，真是令人興奮按次付費的播客、所有不同垂直領域的直播、我們擁有的電子書。這是我們第一次有這樣的機會這樣做。

Great switching gears. Are you already integrated into TextNow? And if you are, has there been a meaningful impact yet to the subscriber base in the first four months?

很棒的切換裝置。您已經整合到 TextNow 中了嗎？如果是的話，前四個月對訂戶群是否產生了有意義的影響？

Yeah, it's really just beginning. It's an exciting partnership, but we've just started to start the trials, right? They have over 100 million users. This is a like a boost mobile for anyone that doesn't know is a low end provider of music of phone service, right. So they're a perfect fit for us. We're going to see how well that turns out. And I think both parties are really excited and energized by the partnership, but we're in the very beginning phases of it.

是的，這真的才剛開始。這是一次令人興奮的合作，但我們才剛開始試驗，對吧？他們擁有超過 1 億用戶。對於那些不知道手機服務低階音樂提供者的人來說，這就像一款增強手機，對吧。所以它們非常適合我們。我們將看看結果如何。我認為雙方都對這項合作感到非常興奮和充滿活力，但我們正處於合作的最初階段。

Great. And then on podcast, did you disclose, I mean, you have in the last few quarters, how many titles you added in the second quarter? How many you onboarded? And then what's the expectation for the second half of the fiscal year.

偉大的。然後在播客上，您是否透露，我的意思是，您在過去幾個季度中，在第二季度添加了多少標題？你入職了多少人？然後是對本財年下半年的期望。

That's a great question. I don't think we put the number Aaron, if you had that, we should have, but we put the total for the year. It's really a staggering number I think we've added now, yeah, for the 12 months I think we just announced a 49 new podcast. We're adding almost one every two weeks right now. And Brian and these are podcasts with real traffic and real revenues.

這是一個很好的問題。我認為我們沒有輸入亞倫的數字，如果你有的話，我們應該有，但我們輸入了今年的總數。我想我們現在添加的這確實是一個驚人的數字，是的，在這 12 個月裡，我想我們剛剛宣布了 49 個新播客。我們現在幾乎每兩週添加一次。布萊恩和這些都是具有真實流量和真實收入的播客。

So the podcast industry is heating up as you can see the elections like this, there's an argument Elon Musk just came out today and said, Trump won the election off the podcast. If anyone that follows this podcasting is just exploding. You start to see that second wave, you saw a $28 billion acquisitions. You start to see that second wave kicking in right now.

所以播客產業正在升溫，因為你可以看到這樣的選舉，有一種說法是伊隆馬斯克今天剛剛出來說，川普透過播客贏得了選舉。如果有人關注這個播客，就會爆炸。你開始看到第二波浪潮，你看到了 280 億美元的收購。你現在開始看到第二波浪潮開始出現。

The Kelsey's just signed for $120 million with Amazon. Smartlist just moved over to sees for $150 million. Joe Rogan just signed for $250 million right. And it's kind of the haves and have nots right now in podcasting, the smaller podcasts are all coming available. This is our sweet spot. Those 50,000 to 250,000, maybe even 500,000 downloads of true podcasters really need a home and we're really the best place from the comment. It's the only place you can come for a full 360 experience.

The Kelsey 剛剛以 1.2 億美元的價格與亞馬遜簽約。Smartlist 剛剛轉入估值 1.5 億美元的市場。喬羅根剛剛以 2.5 億美元的價格簽約。現在播客中存在著有和無的情況，較小的播客都將推出。這是我們的甜蜜點。那些 50,000 到 250,000，甚至 500,000 次下載的真正播客確實需要一個家，而我們確實是評論中最好的地方。這是您唯一可以享受 360 度全方位體驗的地方。

And as I said , we have over 100 podcasts in our pipeline, the largest by 10x in history. We have 8 podcast acquisition mergers in discussions right now. And we've just added Steve Lehman to our team, is just a great addition to the team, Steve premier radio from $30 million public company to $1 billion public company. And is really one of the experts in radio and with loss norm, it really is a great addition to the team and I think he's going to be hugely helpful. And like I said before, I fully see us now growing from $50 million to $100 million over the next 24 months.

正如我所說，我們正在開發 100 多個播客，是史上最大的 10 倍。我們目前正在討論 8 起播客收購合併案。我們剛剛將史蒂夫·雷曼(Steve Lehman) 添加到我們的團隊中，這對團隊來說是一個偉大的補充，史蒂夫·雷曼(Steve Lehman) 將一流廣播公司從3000 萬美元的上市公司提升到10 億美元的上市公司。他確實是無線電方面的專家之一，對於損失規範來說，這確實對團隊來說是一個很好的補充，我認為他將會提供很大的幫助。正如我之前所說，我完全預見到我們的收入將在未來 24 個月內從 5,000 萬美元成長到 1 億美元。

My last question, thank you. Is I know Rob, you've got your team super motivated and there's very few people more motivated than you. But even your guidance suggests you're going to shrink before you recover based on your execution and conversion of Tesla subscribers. So I just want to understand how management is thinking about overhead in the short term. And if there should be -- if you expect any changes until you see how things play out.

我的最後一個問題，謝謝。我知道嗎，羅布，你讓你的團隊充滿了動力，很少人比你更有動力。但即使是你的指導也表明，根據你的執行力和特斯拉訂戶的轉換率，你在恢復之前就會萎縮。所以我只想了解管理階層如何考慮短期管理費用。如果應該有的話——如果你期待任何改變，直到你看到事情如何發展。

We're not going to make any changes yet, right? Because we're so excited about the opportunity, right? When you get that beachfront property, we're going to give up some revenues right, in the beginning, right, to now convert these subscribers, which we have the opportunity of perpetuity. But it's really going to showcase that first 90 to 180 days, right. As we get into the middle of the fourth quarter, well, have some real decisions to make on that.

我們還不打算做出任何改變，對吧？因為我們對這個機會感到非常興奮，對嗎？當你獲得海濱房產時，我們將在一開始就放棄一些收入，現在轉換這些訂戶，我們有永久的機會。但它確實會展示前 90 到 180 天，對吧。當我們進入第四季中期時，我們需要做出一些真正的決定。

Remember -- you got to remember in this business, almost 70% of those revenues go to the music industry, right. So by good news and bad news, you automatically cut 70% of your cost, right. If you don't sign those subscribers, right. So now you're just looking at 30% of that, right. So it's an easy fix. And as you know, we cut from 350 people when COVID hit. Yeah we were at 100 and I don't know, 120, at some point, we're probably at 130 right now.

記住——你必須記住，在這個行業，幾乎 70% 的收入都流向了音樂產業，對吧。因此，根據好消息和壞消息，您會自動削減 70% 的成本，對吧。如果您不簽署這些訂閱者，對吧。所以現在你只看到其中的 30%，對吧。所以這是一個簡單的修復。如你所知，當新冠疫情爆發時，我們裁減了 350 名員工。是的，我們當時是 100，我不知道，120，在某個時候，我們現在可能是 130。

We'll do what's needed to be done and we'll do it. We've proven over and over again that this team is resilient and then had a maneuver in tough times and we'll come out of this stronger than ever, but we're not going to make any moves on it right now, especially with us seeing subscribers signing up every day right now. The usage is not going down. It's kind of amazing that our usage is not going down when it's -- the conversion is tricky right now, right.

我們會做需要做的事情，我們會做到的。我們已經一次又一次地證明這支球隊是有彈性的，然後在困難時期進行了機動，我們會比以往任何時候都更強大，但我們現在不會採取任何行動，特別是在我們現在每天都會看到訂閱者註冊。使用量並沒有下降。令人驚訝的是，我們的使用量並沒有下降，而現在轉換很棘手，對吧。

You're seeing in your car. You'll see a picture right of that beautiful green button that, you my son happened to create that logo. So I'm very proud of it, but that logo, right. We finally have that prime real estate. You see it in every single car. Now you click on it, you get that code, but you can still listen for free. So we're really not going to have a full clear picture right, until middle of December to middle of January, how those conversions are going. But we could be more excited about what's happened so far.

你在車上看到的。您會看到那個美麗的綠色按鈕右側的圖片，我的兒子碰巧創建了該徽標。所以我對此感到非常自豪，但那個標誌，對吧。我們終於擁有了黃金地段。你在每輛車上都能看到它。現在你點擊它，你會得到該代碼，但你仍然可以免費收聽。因此，直到 12 月中旬到 1 月中旬，我們才能真正清楚地了解這些轉化的進展。但我們可能會對迄今為止所發生的事情感到更加興奮。

Great, good luck Rob to you and your team.

太好了，祝你和你的團隊好運，羅布。

Thanks, Brian. Appreciate you.

謝謝，布萊恩。感謝你。

Barry Sine, Light Field.

巴里·正弦，光場。

Hey, good morning guys. Just a follow up question on Tesla. Do you have access to the their subscriber base? Is it only through the car or do you separately have access that you can market to them?

嘿，早上好，夥計們。只是關於特斯拉的後續問題。您可以存取他們的訂閱者群嗎？是只能透過汽車還是您可以單獨向他們推銷？

Yeah, we going to be careful again. We're under strict NDAS with Tesla. What I could tell you is that they have been extraordinarily cooperative. We've worked in collaboration to put the marketing package together as best as we can as you know, when you're reaching out to millions of people, you have to be careful what marketing you do and don't. But for anybody that's seen it, right, you see this beautiful picture that Tesla is sent out across the car as well as in emails to in multiple -- and goes out multiple times. Every time there's an upgrade, you'll continue to see that.

是的，我們會再次小心。我們與 Tesla 簽訂了嚴格的 NDAS。我可以告訴你的是，他們一直都非常合作。我們一直在合作，盡可能地將行銷方案整合在一起，如您所知，當您接觸數百萬人時，您必須小心您所做和不做的行銷。但對於任何見過它的人來說，你會看到這張美麗的圖片，特斯拉在汽車上以及通過電子郵件多次發送 - 並且多次發出。每次升級時，您都會繼續看到這一點。

You'll see it. Say, live streaming music has now moved from this orange button with an arrow going to a live one logo, right. Number two is, yeah, I should have shared this on this but good. But yeah, next time we'll do that is when you look in the car, it is so exciting, Barry to see this, you own that beachfront property, right. We lost some of our tenants for a minute. Right now, the question, can you fill that beachfront property if we could fill that beachfront property? This is going to be a moonshot, as you know, whether it's yourself or was Brian, nobody's really been able to give us a per subscriber, right number here. You look at Spotify is trading at $400 right. It's trading at these crazy sub numbers.

你會看到的。比如說，即時串流音樂現在已經從帶有箭頭的橘色按鈕移至即時標誌（右側）。第二點是，是的，我應該分享這一點，但很好。但是，是的，下次我們會這樣做，當你看車裡的時候，巴里看到這個真是太令人興奮了，你擁有那處海濱房產，對吧。我們暫時失去了一些租戶。現在的問題是，如果我們可以填補該海濱房產，您可以填補該海濱房產嗎？如你所知，這將是一次登月計劃，無論是你自己還是布萊恩，沒有人能夠真正為我們提供每個訂閱者的正確數字。你看看 Spotify 的優惠價格是 400 美元吧。它正在以這些瘋狂的子數字進行交易。

We have such an opportunity right now that if we can convert 25% of these, of our subs, right. Okay and that doesn't count new cars coming and so we'll be in the car in perpetuity if we can convert those, right, you're going to start talking about, $200 to $1000 a sub in the space and you're going to give us the ability to be able to up sell those and grow from $3 to a much higher number. And I fully expect that number is going to grow from $3 to at least $5 and could be as high as $7 or $10.

我們現在有這樣的機會，如果我們能轉換其中 25% 的潛艇，對吧。好吧，這還不包括新車的到來，所以如果我們能改裝這些車，我們將永遠坐在車裡，對吧，你要開始談論，一輛潛艇在這個空間裡要花 200 到 1000 美元，你這將使我們能夠追加銷售這些產品，並從3 美元成長到更高的數字。我完全預計這個數字將從 3 美元增長到至少 5 美元，甚至可能高達 7 美元或 10 美元。

And just to help us think about how to get at that number of subscribers. I believe in the past, you've released a number of Tesla subscribers within your base. I don't know if you've done so recently. And then also we have to look back at pre 2018.

只是為了幫助我們思考如何獲得這麼多訂閱者。我相信過去您已經在您的基礎上釋放了一些特斯拉訂閱者。不知道你最近有沒有這樣做過。然後我們還必須回顧 2018 年之前。

You were giving -- back, then you were giving out subscriber numbers. So presumably those were mainly Tesla, those would stay on if I understand correctly. And then the delta between what you've announced as customers in 2018 numbers would be the jump ball that you're going after with marketing. And we're hoping, I don't know, 25% penetration of $5 a month. Is that the right -- not ask if the numbers are right? But is that the right way to think about it?

你在回饋，然後你在給訂戶號碼。所以想必這些主要是特斯拉，如果我理解正確的話，那些會保留下來。然後，您在 2018 年公佈的客戶數量之間的差值將是您在行銷中追求的目標。我們希望，我不知道，滲透率達到 25%，每月 5 美元。這是對的嗎——不問數字是否正確？但這是正確的思考方式嗎？

I think it's a good thought, right? I mean that's a good thought, right? Again, we can't give the exact numbers that it grandfathered, but we fully expect a lot of them, and we fully expect to convert a lot. And again, we're cautious, right, in this, right. This has some risk in it, right.

我認為這是個好主意，對嗎？我的意思是這是個好主意，對吧？同樣，我們無法給出它所繼承的確切數字，但我們完全期望其中有很多，並且我們完全期望轉換很多。再說一遍，我們對此持謹慎態度，對，對。這裡面有一定的風險，對吧。

I definitely have some risk in losing some revenues and EBITDA in the beginning, but you have an opportunity to grow massively and really be valued properly and valued against your peers afterwards in a much more unique way.

一開始我肯定會面臨失去一些收入和 EBITDA 的風險，但你有機會大規模增長，並真正得到適當的估值，並在之後以一種更獨特的方式與同行相比進行估值。

And Rob, on the broader pipeline, you did an update over the summer. And I think if I recall correctly, there was about 60 substantial customers in that pipeline. Wonder if you could help us on an update there. Obviously, we've won -- you've announced that you won two major customers, you fed by the end of the year two more, by the first quarter, by the March quarter, I think two more, do we still have 60 total opportunities? Has that grown?

羅布，在更廣泛的管道上，你在夏天做了更新。我想，如果我沒記錯的話，該頻道中有大約 60 個重要客戶。想知道您是否可以幫助我們更新那裡的情況。顯然，我們贏了——你宣布你贏得了兩個主要客戶，到年底你又餵了兩個，到第一季度，到三月份的季度，我想還有兩個，我們還有60 名客戶嗎？那長大了嗎？

You've certainly grown the size of the team that's going after that base. But what does that pipeline look like now in your ERP system?

當然，你已經擴大了追擊該基地的團隊規模。但現在您的 ERP 系統中的管道是什麼樣子的呢？

Yeah. So we didn't increase that number yet, but I fully expect that as we do an update call, the middle of December to middle of January, we're going to be talking about that number growing. I wouldn't be hiring. As you know, Barry, I was cutting substantially, right. And some of that was going to happen anyway because it was consolidation.

是的。所以我們還沒有增加這個數字，但我完全預計，當我們在 12 月中旬到 1 月中旬進行更新電話會議時，我們將討論這個數字的增長。我不會招募。正如你所知，巴里，我大幅削減了，對吧。其中一些無論如何都會發生，因為這是整合。

And some of it was COVID and some of it because we closed our live business in the (inaudible) business, right? But the reality is, I wouldn't be growing it to 11 people if those deals aren't moving fast and we don't feel that confident that we're going to be announcing sizable deals. And I don't know why people discount it, but the first deal we announced, right, it not only did it happen, right, which is $24 million, but you see it in the revenues, right? It's it actually not only happened, but it's working right. That deal may get bigger, right.

其中一些是因為新冠病毒，還有一些是因為我們關閉了（聽不清楚）業務中的即時業務，對嗎？但現實是，如果這些交易進展不快，而且我們對宣布大規模交易也沒有那麼有信心，我就不會將其人數增加到 11 人。我不知道為什麼人們會打折，但我們宣布的第一筆交易，對吧，它不僅發生了，對吧，價值 2400 萬美元，而且你在收入中看到了它，對吧？它實際上不僅發生了，而且運行正常。這筆交易可能會變得更大，對吧。

So we could be more excited about this. You don't need to land too many $24 million deals to change the history of this company, right. And as you know, Barry, you know me a long time, and you have people that know me whether it was(inaudible) Digital Turbine, it was Majesco. I built so many of these companies off the backs of B2B deals. We never really had the opportunity to do it because we had a messy balance sheet, right?

所以我們對此會更加興奮。你不需要達成太多 2400 萬美元的交易來改變這家公司的歷史，對吧。如你所知，巴里，你認識我很久了，你也有人認識我，無論是（聽不清楚）Digital Turbine 還是 Majesco。我在 B2B 交易的基礎上建立了很多這樣的公司。我們從來沒有真正有機會這樣做，因為我們的資產負債表很混亂，對嗎？

We had COVID, we lost our live business, some of the acquisitions we did, which unfortunately, on the merch side of it never really panned out because of COVID. We had to pivot right? We've had to pivot over and over again. Now we don't have to pivot. Right now, we've got to focus our energy on those B2B deals and landing those B2B deals.

我們感染了新冠病毒，我們失去了我們的業務，我們所做的一些收購，不幸的是，由於新冠病毒，在商品方面從未真正取得成功。我們必須轉向對嗎？我們不得不一次又一次地轉變。現在我們不必轉向。現在，我們必須將精力集中在 B2B 交易上並達成這些 B2B 交易。

And I would say it's way higher than [65] right? I can't give you an exact number yet, but I think we'll be talking about it a lot. And I think you're going to see more streaming partners. You are going see more auto partners. You're going to see a retail partner, right? I stated in the last call, I expect to hire -- it made a B2B for retail. I see a massive opportunity there, right? Everybody in that space has to compete with Amazon, right? You see Walmart just did a massive deal. They bought Vizio for $2.3 billion.

我想說它比 [65] 高得多，對嗎？我還不能給你一個確切的數字，但我想我們會討論很多。我認為你會看到更多的串流媒體合作夥伴。您將會看到更多的汽車合作夥伴。您會見到零售合作夥伴，對吧？我在上次電話中表示，我希望招募——它為零售業打造了 B2B。我在那裡看到了巨大的機會，對嗎？該領域的每個人都必須與亞馬遜競爭，對嗎？你看沃爾瑪剛剛做了一筆大交易。他們以 23 億美元收購了 Vizio。

I see Telltale signs are going to be that music subscription could be synonymous with every one of those retailers. And if you want to keep your customers in the funnel and get them to buy more things, it's certainly working amazingly well for Amazon. If they're going to compete with Amazon, they're going to have to do more of it, and they're going to have to do it fast. So we see that as the next big vertical for us. But again, just going back on the auto side of it, it's kind of amazing what's happened.

我認為 Telltale 的跡像是，音樂訂閱可能成為每個零售商的代名詞。如果你想讓你的客戶留在頻道中並讓他們購買更多東西，這對亞馬遜來說肯定非常有效。如果他們要與亞馬遜競爭，他們就必須做得更多，而且必須做得更快。所以我們認為這是我們的下一個大垂直領域。但再次回到汽車方面，發生的事情有點令人驚奇。

And Aaron and I just talked about this yesterday, so like all of a sudden, it almost feels like people felt we were in exclusivity with Tesla when it wasn't the case. They were exclusive and paying us, but it seems like the floodgates may be opening up to big opportunities with other auto companies now that we've been talking to, but the dialogue has gotten way more serious since the announcement.

亞倫和我昨天剛剛談到了這一點，所以就像突然之間，人們幾乎感覺我們在特斯拉擁有排他性，但事實並非如此。他們是排他性的，並向我們付費，但既然我們一直在與其他汽車公司交談，那麼似乎閘門可能會為其他汽車公司打開巨大的機會，但自宣布以來，對話變得更加嚴肅。

And, one thing you haven't talked about on this call that I believe you've said in the past is an opportunity is the up sell, cross sell opportunity. So whether it's with the Tesla customers, or others where you may have the customer relative information. You've talked about the celebrity brands line. Will you have an opportunity to cross sell? Let's say somebody from Tesla signs up for a subscription. Can you then you then cross sell them some of these celebrity brands products or other LiveOne products?

而且，你在這次電話會議上沒有談到的一件事我相信你過去說過，這是一個機會，那就是向上銷售、交叉銷售機會。因此，無論是特斯拉客戶，還是您可能擁有客戶相關資訊的其他人。您談到了名人品牌系列。您有機會交叉銷售嗎？假設特斯拉的某人註冊了訂閱。那麼您可以向他們交叉銷售一些名人品牌產品或其他 LiveOne 產品嗎？

Absolutely. And I mean all this opportunity to open up advertising, right, is game changing for us, right? We've never been able to talk to our customers before, right. We -- it was a beautiful deal. They were a great partner, right? They're paying us $3 a month. But we couldn't talk to those customers, right? And we just had -- we got a customer, we got paid and we were able to deliver the music to them, which was great. Now we can start to do a lot of that, and you see a lot of telltale signs. Tonight, we're doing this amazing event tonight.

絕對地。我的意思是所有這些開放廣告的機會，對我們來說正在改變遊戲規則，對吧？我們以前從未能夠與客戶交談過，對吧。我們——這是一筆美好的交易。他們是很棒的合作夥伴，對吧？他們每月付給我們 3 美元。但我們無法與這些客戶交談，對嗎？我們剛剛有了一個客戶，我們得到了報酬，我們能夠向他們提供音樂，這很棒。現在我們可以開始做很多事情，你會看到很多跡象。今晚，我們將舉辦這個令人驚嘆的活動。

We are going to cross over -- this will cross over multiple parts of our business, right? We are launching Super Duper Kyles, new albums or had over 1 billion streams. We're launching it literally at a place called Harry's, which is around the corner from my house next on the (inaudible) they gave us the entire place tonight to do it. We're live-streaming it.

我們將跨越——這將跨越我們業務的多個部分，對吧？我們正在推出 Super Duper Kyles、新專輯或擁有超過 10 億次播放量。我們實際上是在一個叫哈利的地方推出它，它就在我家的拐角處，旁邊（聽不清楚）他們今晚給了我們整個地方來做這件事。我們正在現場直播。

We're launching this Coffee Tonight, this product that we own as well as we own 50% of that's song. So you're seeing that pollination that we've talked about, Barry, where we -- from the same celebrity, same piece content, we get multiple revenue streams with no additional cost to us.

我們將推出這款《Coffee Tonight》，這款產品是我們擁有的，我們也擁有這首歌 50% 的股份。所以你看到了我們談論過的授粉，巴里，我們從同一個名人、相同的內容中獲得了多種收入來源，而不需要額外的成本。

Do you own the first half of the song or the second half of the song? I'm -- never mind. On the eight companies in the eight verticals that you've talked about, can you talk about which one or two are the most promising where you're seeing the most traction and what are the customers telling you where you're getting further down in the process?

您擁有這首歌的前半部分還是後半部分？我——沒關係。關於您談到的八個垂直行業的八家公司，您能否談談哪一兩家公司是最有前途的，您在哪些方面看到了最大的吸引力，以及客戶告訴您哪些方面您在哪些方面正在進一步發展過程？

Yeah. I mean I think you're going to hear a lot of this. Obviously, the live streaming partner to do $2 million a month, placing our content inside of other streaming partners, right? It's a telltale sign. You're watching all these streaming partners struggled tremendously, right?

是的。我的意思是，我想你會聽到很多這樣的說法。顯然，直播合作夥伴每月收入 200 萬美元，將我們的內容放在其他直播合作夥伴中，對嗎？這是一個明顯的跡象。您看到所有這些串流媒體合作夥伴都在掙扎，對嗎？

The cost of content has skyrocketed. Minimum wage has gone up tremendously. Cost of production has gone up tremendously. Competition is fierce, right? Netflix is eating everybody's launch, and it's costing $1.6 million an hour for content, right?

內容成本飆升。最低工資大幅上漲。生產成本大幅上升。競爭很激烈，對吧？Netflix 正在吃掉所有人的發佈內容，每小時的內容成本為 160 萬美元，對吧？

Well, we've got this great luxury that audio content, right, podcasting content, pay-per-view content, music the content is way cheaper, right? So we have 3,000 hours of programming, 3,000 artists, right, who performed on our platform everyone from Justine Bieber, Bruce Springsteen the rolling stones. So we own that video, right? We own the interviews in the backstage in the green rooms, right? Some of the biggest stars in the world. All that MTV-like content has unique value.

好吧，我們擁有如此奢侈的音訊內容，對吧，播客內容，按次付費內容，音樂內容更便宜，對吧？所以我們有 3,000 個小時的節目，3,000 名藝術家，對吧，他們在我們的平台上表演，從賈斯汀·比伯 (Justine Bieber)、滾石樂隊的布魯斯·斯普林斯汀 (Bruce Springsteen) 等所有人。所以我們擁有該視頻，對嗎？我們在後台綠色房間負責採訪，對吧？世界上一些最偉大的明星。所有類似 MTV 的內容都具有獨特的價值。

Our podcasting, you're just watching it, again, just to highlight the president's election. You just watch the numbers that Trump delivered on Joe Rogan and Tuko Carlson and, of course, the Board, every politician in there, and it's like -- it's just magical. What's happening in the podcasting. I'd be calling for this, right? COVID podcasting grew from $400 million to $2 billion. It's on its way to $25 billion. And it's not just because of podcasting, it's now every television host, every radio host is becoming a podcaster. It's a better medium and it's starting to reach globally as well. So we see big opportunities there.

我們的播客，你只是再次觀看它，只是為了突出總統的選舉。你只要看看川普在喬·羅根和圖科·卡爾森身上提供的數據，當然還有董事會，還有那裡的每一位政客，就會感覺——這太神奇了。播客中發生了什麼事。我會呼籲這個，對嗎？新冠肺炎播客收入從 4 億美元成長到 20 億美元。其價值即將達到 250 億美元。這不僅是因為播客，現在每個電視主持人、每個廣播主持人都在成為播客。這是一種更好的媒介，也開始走向全球。所以我們在那裡看到了巨大的機會。

And you're going to start to see those celebrity brands from our podcasters, right? Our podcasters, just think about this, right? 50% of the revenues come from direct response. They're selling everything from insurance, right, to better health, to Viagra, right? Well, this is superstars talking to their super fans. They've got massive influence over it. I fully expect to see multiple podcasters of ours launching their own products over the next 24 months.

您將開始從我們的播客中看到那些名人品牌，對嗎？我們的播客，想想這個吧？50%的收入來自直接回應。他們出售一切，從保險，到更好的健康，到偉哥，對吧？嗯，這是超級巨星與他們的超級粉絲的對話。他們對此有巨大的影響力。我完全希望看到我們的多個播客在未來 24 個月內推出自己的產品。

And I can't wait for the Warhammer movie. Thank you very much. That's my question Rob.

我已經等不及要看《戰鎚》電影了。非常感謝。這是我的問題，羅布。

Great. Well, just to hit on that, Barry, because I think it's important. And I say this very humbly, everyone, I own 48% of Atmosphere Films. It's the first thing I did when I moved to Los Angeles, right? I invested less than $3 million into that company, right?

偉大的。好吧，巴里，我只想說一下，因為我認為這很重要。我非常謙虛地說，各位，我擁有 Atmosphere Films 48% 的股份。這是我搬到洛杉磯後做的第一件事，對嗎？我向那家公司投資了不到 300 萬美元，對嗎？

We had a slate of 100 potential films. Those were books, scripts and stories. These are podcasts that have proven audiences, proven track record, and we already know the demographics. And now when you're working with your streaming partners, you walk through in the missile. On our last conference call, I promised everybody that we're going to sell Varnamtown in bidding way.

我們列出了 100 部潛在的電影。這些是書籍、劇本和故事。這些播客擁有經過驗證的受眾、良好的記錄，而且我們已經了解其人口統計數據。現在，當您與串流媒體合作夥伴合作時，您將乘坐導彈穿過。在我們上次的電話會議上，我向大家保證我們將以招標方式出售 Varnamtown。

And within 6 weeks, there was a bidding war on it, and we'll talk about it a lot more, and we'll talk about our partner, in the middle of January we'll start talking about it. But the biggest producers, the biggest writers, right, have been hired on that and millions of dollars are being spent between Vigilant and Varnamtown at both being spent for those to be greenlit. And knock on what if they get greenlit, those could be game changers for the company, right? And I say this humbly, when I did Atmosphere, I owned -- the product, we own 5% of the royalties from a movie called 300 and 5% of the royalties are movie called (inaudible) and those movies did $1.3 billion. So if you can own a television show, you can own multiple.

六週之內，就發生了一場競購戰，我們會更多地談論它，我們會談論我們的合作夥伴，在一月中旬我們將開始談論它。但最大的製片人，最大的編劇，對吧，已經被聘請來做這件事，並且在 Vigilant 和 Varnamtown 之間花費了數百萬美元來為那些獲得綠燈的人花費數百萬美元。如果他們獲得批准怎麼辦，這可能會改變公司的遊戲規則，對嗎？我謙虛地說，當我製作《Atmosphere》時，我擁有該產品，我們擁有一部名為《300》的電影的5% 的版稅，其中5% 的版稅是名為《300》的電影（聽不清），而這些電影的票房收入為13 億美元。因此，如果您可以擁有一個電視節目，那麼您就可以擁有多個電視節目。

We have two. We have one documentary and we have seven or eight more in the pipeline now that we're going out with. There's another great opportunity, so I hope you all get to listen to. It's a really -- it's a sad story and an interesting story, but it's Tim Fallon, who is very famous for going around the world, stopping sex trafficking and then it turned out that he -- the story goes, and I'll be careful in my words because I want you to get an opportunity to listen as you listen to it. They made a huge movie about the guy.

我們有兩個。我們有一部紀錄片，現在還有七、八部正在製作中。還有一個很好的機會，希望大家能夠聆聽。這真的是一個悲傷的故事，也是一個有趣的故事，但這是蒂姆·法倫，他因環遊世界、制止性交易而聞名，然後事實證明他——故事是這樣的，我會小心我的話，因為我希望你有機會一邊聽一邊聽。他們製作了一部關於這個人的大電影。

He has a CIA agent and all the great things you did, and it turned out you may be on the other side of the tracks. If you have an opportunity to listen to, I'm positive this one is going to be sold again to one of the streaming networks.

他有一名中央情報局特工，還有你所做的所有偉大的事情，結果你可能在軌道的另一邊。如果您有機會聆聽，我確信這首歌曲將再次出售給串流媒體網路之一。

Jon Hickman, Ladenburg.

喬恩希克曼，拉登堡。

I have a question for Aaron. Can you hear me okay?

我有一個問題要問亞倫。你聽得到我說話嗎？

Hey, Jon.

嘿，喬恩。

Hello? Okay. So the G&A expense it was up quite a bit this quarter. Is there something in there that is different?

你好？好的。因此，本季的一般管理費用大幅上升。難道裡面有什麼不一樣的東西嗎？

There's a little bit more stock-based compensation running through? Are you comparing it to sequentially or year-over-year?

還有更多以股票為基礎的薪酬嗎？您是與連續比較還是與去年同期比較？

Sequentially.

依次。

Yeah. There's a little bit more stock-based comp in there, and there's a little bit more audit fees. And that's just the timing of when the work for the -- we had some reviews and audits to go over from the (inaudible) period, but that kind of normalizes itself out over the year.

是的。那裡有更多的基於股票的補償，還有更多的審計費用。這只是我們從（聽不清楚）時期開始進行一些審查和審計的時間，但這種情況在一年中會自行正常化。

Okay. Thank you. And then my other questions have been answered. I just wanted to maybe ask a little bit about the other B2B opportunities. I mean, it seems to me like if you could sign one or two more like the first streaming one you have, your issues with Tesla would kind of disappear. Is that not the case?

好的。謝謝。然後我的其他問題就得到了解答。我只是想詢問一下其他 B2B 機會。我的意思是，在我看來，如果你能再簽署一兩個像你擁有的第一個串流媒體那樣的協議，那麼你與特斯拉的問題就會消失。難道不是這樣嗎？

Yeah, I think that's -- if we can sign -- I mean we're -- I mean the answer to that is we don't think -- a, we're excited about the Tesla opportunity. right? Super excited about it, right? This is a mass optionality for us, right? Number two is, in terms of the B2B deals, it's not where we're -- we have signed and we're going to expand those deals, and we're going to have more deals like that deal, and it's coming very shortly. So I don't look at them as a replacement, I look at it as an enhancement.

是的，我認為，如果我們能夠簽署的話，我的意思是我們是，我的意思是答案是我們不認​​為，我們對特斯拉的機會感到興奮。正確的？超興奮，對吧？這對我們來說是一個巨大的選擇，對嗎？第二，就 B2B 交易而言，這不是我們目前的情況——我們已經簽署了協議，我們將擴大這些交易，我們將有更多類似的交易，而且很快就會到來。因此，我不將它們視為替代品，而是將其視為增強。

Okay. Thank you.

好的。謝謝。

Sean McGowan, Roth Capital Partners.

肖恩·麥高恩，羅斯資本合夥人。

Thank you. Want to pivot for a second back to something you mentioned earlier in the podcast world, it seemed like there was a period there where it was red hot, and then some of the big players were backing away from it and that created an opportunity for you guys to pick up some shows. Are you seeing the kind of -- is the space heating back up? And is that affecting the tenor or the tone of the negotiations that you're having in some of these shows? Are deals -- are hot deals coming back and the cost of getting shows rising?

謝謝。想再回到你之前在播客世界中提到的東西，似乎有一段時間它很紅，然後一些大玩家正在退出它，這為你創造了一個機會夥計們去挑選一些節目。您是否看到了這種情況—空間回暖了嗎？這是否會影響您在其中一些節目中進行的談判的基調或基調？優惠是否－熱門優惠回來了，觀賞演出的成本是否正在上升？

It's an interesting thing. It's kind of the haves and have-nots. Like the big shows you can't compete on even if you had a pool of money, right, these deals, the Kelsey's and the Smart List, I mean, they're really just multiple multiples, 5 times, 10 times revenues, right? You're not going to compete in those. But the smaller deals, there's very few of us left.

這是一件有趣的事。這是一種有產者和無產者的關係。就像即使你有一大筆錢也無法競爭的大型節目一樣，對吧，這些交易，凱爾西和智能名單，我的意思是，它們實際上只是收入的幾倍，5倍，10倍，對吧？你不會參加這些比賽。但規模較小的交易，我們剩下的人就很少了。

There's very few competition that can really compete in it. There's a little bit of VC money that came in, so there's a couple of deals done. But I could tell you today, we just signed another $1 million podcast, just got signed and will be announced next week. We're signing pretty fast, and we're in the trenches right now. We just bid on $12 million of podcast deals in the last 10 days.

真正能夠與之競爭的競爭對手很少。有一些創投資金進來，所以完成了幾筆交易。但我今天可以告訴你，我們剛剛簽署了另一個價值 100 萬美元的播客，剛剛簽署並將於下週宣布。我們簽約的速度非常快，而且我們現在正處於戰壕中。我們在過去 10 天內剛剛競標了價值 1200 萬美元的播客交易。

There's a lot of opportunities for the small to midsized podcasts. There's not opportunities for the big ones. The big ones you're not getting close to.

中小型播客有很多機會。大佬們沒有機會了。那些你無法接近的大人物。

Okay. And the heat on the big ones is not indicative of the cost of getting the small ones going up?

好的。而大的熱度不就代表著讓小的上來的成本嗎？

There's a little bit of competition you see, but it's interesting. I think I've told you before, Sean. We were just in active negotiations. We just announced our extension with [indiscernible] Corolla. We just announced our extent with Lady Yang.

你會看到一些競爭，但這很有趣。我想我之前已經告訴過你了，肖恩。我們正在積極談判。我們剛剛宣布與[音訊不清晰]卡羅拉的延期。我們剛剛宣布了與楊女士的合作範圍。

So all of our biggest podcast that would be just in that same phrase, we never lose them. And now what humbly is happening is we're starting to get a lot of the other -- a, you're getting from Spotify, Apple, Amazon, you're getting a lot of podcast from them that are just too small for them to manage, right? They're still distributing them, they're distributing it for us, right? They're falling into our lap, right?

所以我們所有最大的播客都會用同一句話，我們永遠不會失去它們。現在，謙虛地發生的是，我們開始得到很多其他的——a，你從 Spotify、蘋果、亞馬遜得到，你從他們那裡得到很多播客，但對他們來說太小了去管理，對嗎？他們仍在分發它們，他們正在為我們分發，對嗎？他們正在落入我們的懷抱，對嗎？

Then you're getting the opportunity that some of the midsize ones that we really weren't available for a while, we're starting to see opportunities. There are some other bidders in it, but we're seeing a real opportunity to grab some of those and knock on wood. I mean if we could grab half of this $12 million, we just got $1 million of it. If we get half of it, which is what I think we're going to get, it's going to be a big jump, giant jump for us over the next couple of quarters.

然後你就會得到機會，一些我們確實有一段時間沒有提供的中型產品，我們開始看到機會。還有一些其他競標者，但我們看到了一個真正的機會來抓住其中一些並敲木頭。我的意思是，如果我們能拿到這 1200 萬美元中的一半，我們就只得到了其中的 100 萬美元。如果我們得到一半，這就是我認為我們將得到的，這對我們來說在接下來的幾個季度將是一個巨大的飛躍。

Okay, thanks. And turning for a minute to the celebrity brands. Some of these categories you've been talking about a while and you've got a lot more that you've announced and the new ones that you're talking about, when do we really start to see some kind of needle-moving revenue from these lines? Are we on the threshold of that?

好的，謝謝。現在轉向名人品牌。您已經談論了其中一些類別一段時間，並且您已經宣布了更多類別，以及您正在談論的新類別，我們什麼時候才能真正開始看到某種令人振奮的收入從這些行？我們正處於這個門檻嗎？

Well, let's cross our fingers. We just got distribution for our Wine With Jeremy. We just got into the state of California, Georgia. We're about to get Pennsylvania. We got 600 cases in the first week, right?

好吧，讓我們祈禱吧。我們剛剛獲得了《Wine With Jeremy》的發行。我們剛進入加州、喬治亞州。我們即將抵達賓州。第一週我們就收到了 600 例，對嗎？

Not a giant number, but once you start to get those, you get 600 cases, they sell, the next order is thousands and thousands of cases. So we see a real opportunity there. We see -- you don't have to get to in that business, as you know, Sean, right? When we built Avion and Entourage it only got to $20 million of revenues and sold for $250 million. If the trajectory is there, you're going to get a lot of money and you're going to either be able to raise money at a substantial valuation into those, right?

雖然不是一個巨大的數字，但一旦你開始購買這些產品，你就會收到 600 箱，他們會出售，下一個訂單是成千上萬箱。所以我們在那裡看到了真正的機會。我們看到——你不必涉足這個行業，正如你所知，肖恩，對吧？當我們建造 Avion 和 Entourage 時，它的收入只有 2000 萬美元，但售價為 2.5 億美元。如果軌跡在那裡，你將獲得很多錢，並且你將能夠以可觀的估值籌集資金，對吧？

And part of the beauty of this is there's no real cost to us. We're getting ready to launch our second line, which is our Purple Rose. We're really excited about this. We haven't announced the celebrity talent, but it will be a massive, huge talent that surround this. And then we get this double whammy with Super Duper Kyle, right.

這樣做的好處之一是我們不需要付出任何實際成本。我們正準備推出第二個系列，紫玫瑰。我們對此感到非常興奮。我們還沒有公佈名人才華，但這將是一個巨大的、巨大的人才圍繞著這個。然後我們就受到了超級騙子凱爾的雙重打擊，對吧。

We get multiple prongs, okay? We haven't announced yet, and he's going to do a podcast 300, right, he's like the good guy wrapper and he's done over 1 billion streams, right? And he's got enable coming out that we produce, so our producers on (inaudible) produced it. So we own half the music. We're launching a live stream with them.

我們有多個插腳，好嗎？我們還沒有宣布，他將製作播客 300，對吧，他就像好人包裝者，他已經完成了超過 10 億次直播，對吧？他可以讓我們製作出來，所以我們的製作人（聽不清楚）製作了它。所以我們擁有一半的音樂。我們正在與他們一起發起直播。

right, which is going to happen tonight, and then we're launching the coffee as part of that. And so you're going to get three pieces of the pie all in that, and you're going to get some of the biggest talent in the world, including Anderson Pack, who invited us to hold the event in his venue tonight. And he's done this first before, I'm hoping he shows up, who is one of the biggest stars in the world.

是的，這將在今晚發生，然後我們將推出咖啡作為其中的一部分。因此，您將獲得三塊餡餅，並且您將獲得世界上一些最偉大的人才，包括安德森·帕克（Anderson Pack），他邀請我們今晚在他的場地舉辦活動。他以前已經做到了這一點，我希望他能出現，他是世界上最偉大的明星之一。

So really exciting to see that, and I think you're going to see us have 8 to 10 celebrity brands. We may even have some brands that come into us that are already brands that are out there doing real revenues that may come into the fold that need our skills.

看到這一點真的很令人興奮，我想你會看到我們擁有 8 到 10 個名人品牌。我們甚至可能有一些品牌進入我們，這些品牌已經在外面做真正的收入，這些品牌可能會進入需要我們技能的領域。

And we haven't announced fully. Some people know, but we hired Sara, the bolt, who is consulting for us, but we haven't brought her in full time yet, right, but that may happen soon. She ran all the marketing for white clash from $600,000 to the current $8 billion. And then subsequent to that, you launched Kevin Hart's tequila, which sold more to (inaudible) in the first year. So we've got a world-class team here between Josh and the music side of it, right? And the talent side of it right? And our talent team at PodcastOne love celebrity brands with podcasters.

我們還沒有完全宣布。有些人知道，但我們聘請了螺栓薩拉，她正在為我們提供諮詢，但我們還沒有全職聘請她，對吧，但這可能很快就會發生。她負責《白色衝突》的所有行銷工作，從 60 萬美元到目前的 80 億美元。隨後，您推出了凱文哈特 (Kevin Hart) 的龍舌蘭酒，在第一年的銷量就增加了（聽不清楚）。所以我們在 Josh 和音樂方面擁有一支世界級的團隊，對吧？人才方面對嗎？我們 PodcastOne 的人才團隊喜歡名人品牌和播客。

The fact that direct response works so well, you'll know how those products do so quickly and so fast out of the chute and we've signed band of pumps. We've just expanded that lineup, as you'll see next week, dramatically drive all the house wives. And so there's so many opportunities here are products that can really work from cosmetics to multiple different brands, expanding way beyond coffee and alcohol.

事實上，直接響應效果非常好，您會知道這些產品如何如此快速地從溜槽中流出，並且我們已經簽署了泵帶。我們剛剛擴大了陣容，正如您下週將看到的那樣，戲劇性地帶動了所有的家庭主婦。因此，這裡有很多機會，可以提供真正有效的產品，從化妝品到多個不同品牌，遠遠超出咖啡和酒精的範圍。

Great. And with the economics on the music business, which can be pretty opaque sometimes. When you say you own half the song, you mean you get half the economics of up and down the stream on that song?

偉大的。音樂產業的經濟狀況有時可能相當不透明。當您說您擁有這首歌的一半時，您的意思是您獲得了該歌曲上下游一半的經濟收益？

We don't have to publishing, right? So not only you have to publishing? If it did like high spy, did what Kyle on did last time, we made tens of millions of dollars of it. So I can't tell you it's going to do that, but even if it made us hundreds of thousands, this is all brand-new money, brand new revenue streams coming in, right. Our publishing business was up 300%.

我們不必發布，對嗎？那麼不僅你必須發布？如果它確實像《高級間諜》一樣，像凱爾上次所做的那樣，我們就能從中賺到數千萬美元。所以我不能告訴你它會這麼做，但即使它讓我們賺了數十萬，這都是全新的資金，全新的收入來源，對吧。我們的出版業務成長了 300%。

It's just starting to really grow. We've just announced a partnership that I'm surprised the Street didn't read into, but I announced an AI partnership that [secret] Intel. Intel is obviously competing with NAVIDEA. It was the biggest chip maker in the world. They got to come back somehow when they're entering the AI world in a positive way.

它才剛開始真正成長。我們剛剛宣布了一項合作夥伴關係，我很驚訝華爾街沒有了解這一點，但我宣布了一項人工智慧合作夥伴關係，這是[秘密]英特爾。英特爾顯然是在與 NAVIDEA 競爭。它是世界上最大的晶片製造商。當他們以積極的方式進入人工智慧世界時，他們必須以某種方式回來。

And so they're building and spending all the money on it to build out the entire platform for us for beats and sounds across Drummafly. So between Drummafly and Splitmind in publishing, as you know, you know it all too well from Renaissance, right? These publishing cells or 16 times to 25 times EBITDA, right? We have an opportunity here. We don't have to get that big to have a division that's worth a lot of money.

因此，他們正在建立並花費所有資金來為我們建立 Drummafly 上的節拍和聲音的整個平台。因此，如您所知，出版業中的 Drummafly 和 Splitmind 之間的關係，您從文藝復興時期就已經了解太多了，對吧？這些出版單元還是 EBITDA 的 16 倍到 25 倍，對嗎？我們這裡有機會。我們不必發展得那麼大就能擁有一個值很多錢的部門。

So we got massive optionality in our publishing. And Josh Walbert, who ran Vision of Rock nations and had multiple number one songs, we get another number one song. We just hit it with Bret Fies and Wizkid number one African strong ever to come to the markets, and it's already done, I think, 13 million streams, about to hit radio. One of those songs could be millions to tens of millions of dollars of cash flow to the company. So keep your fingers crossed. And again, these aren't guaranteed, but there's a lot of optionality when you start to see those kind of numbers and the amount we have. We own a piece of 1,000 songs right now and growing.

因此，我們在出版方面擁有大量的選擇權。喬許·沃爾伯特 (Josh Walbert) 是《搖滾國家願景》的經營者，擁有多首冠軍歌曲，我們還獲得了另一首冠軍歌曲。我們剛剛與 Bret Fies 和 Wizkid 一起進入市場，成為有史以來排名第一的非洲強者，而且我認為已經完成了 1300 萬次直播，即將在電台播出。其中一首歌曲可能會為公司帶來數百萬至數千萬美元的現金流。所以請祈禱吧。再說一次，這些並不能保證，但是當你開始看到這些數字和我們擁有的數量時，就有很多選擇。我們目前擁有 1,000 首歌曲，並且還在增加。

Okay. Thanks for that clarity. A couple of questions for Aaron. Aaron, slipping back to a question on G&A. Are you suggesting that the G&A level that we see in the September quarter is, there are reasons for that to be higher than what we should expect in December and subsequent quarters because of the timing of some of those costs?

好的。感謝您的清晰說明。有幾個問題要問亞倫。Aaron，回到關於 G&A 的問題。您是否認為我們在 9 月季度看到的一般行政費用水準是由於其中一些成本的時間安排而高於我們在 12 月和後續季度的預期？

Yeah, exactly. So I would expect G&A to drop down back to kind of historical levels --

是的，完全正確。所以我預計一般行政費用會回落到歷史水平--

Thank you. And then when will the 10-Q be filed?

謝謝。那麼 10-Q 何時提交？

10-Q will be filed I'll say, early next week. So maybe one or two days before the deadline.

我想說，10-Q 將於下週初提交。所以可能是截止日期前一兩天。

Okay. Alright, thanks. And I'll just close my questions to comment, Rob, I echo what you said about the opportunist podcast on Tim balls really excellent. Some of the more recent process, I thought were a little weak, frankly, in that series, but this was outstanding. A good job to the team.

好的。好的，謝謝。我將結束我的問題並發表評論，羅布，我同意你所說的關於蒂姆球的機會主義播客，非常出色。坦白說，在該系列中，我認為最近的一些流程有點薄弱，但這非常出色。對團隊來說是一件好事。

John Liviakis, Liviakis Financial.

約翰·利維亞基斯，利維亞基斯金融公司。

Hey, Rob, what an amazing story. The market's overreacted to the change in the Tesla -- the evolving of the Tesla relationship. And down to [0.71] captive sales in a peer group that's around three, three to one. So we're so underpriced. I would argue anyway, although it's showing some turning here.

嘿，羅布，多麼精彩的故事。市場對特斯拉的變化——特斯拉關係的演變——反應過度。而同業族群的自保銷售額則降至 [0.71]，大約是三比一。所以我們的價格太低了。無論如何，我還是會爭論，儘管這裡出現了一些轉變。

really amazing, it's gotten as low. Any comments you can make about two things. One is the -- as you're consolidating a fragmented space with these smaller podcasters, what kind of benefits by consolidating? Are you getting some SG&A overlap reduction? Are you getting -- what kind of benefits are you seeing from that by consolidating?

真的太神奇了，居然這麼低。您可以就兩件事發表任何評論。一是——當你與這些較小的播客整合一個分散的空間時，整合會帶來什麼樣的好處？您是否減少了 SG&A 重疊？透過整合，您能從中獲得哪些好處？

I am not following the full question, Eric can probably answer that. But most of the consolidation we've already done, right? That's something that's happening now, John. that happened in previous quarters. But what I could tell you and I think where you were heading before is that trading at 70% of revenues when the industry is trading at 3.5 times at this point, I think it's 3.4 times revenues, right?

我沒有關注完整的問題，埃里克也許可以回答。但我們已經完成了大部分整合，對嗎？這就是現在正在發生的事情，約翰。這發生在前幾季。但我可以告訴你，我認為你之前的想法是，當行業目前的交易率為 3.5 倍時，交易率為收入的 70%，我認為這是收入的 3.4 倍，對嗎？

We've been humbled again. Our stock has had multiple lives to it, right? It's dropped to these levels, and we've gone through tough cycles, both business and so on. We're a public venture capital company, right? And I've been through this, whether it was Digital Turbine when IOne, whether it's ZESCO, whether it's (inaudible), my entire career.

我們又被羞辱了。我們的股票已經有多次生命了，對嗎？它已經下降到這樣的水平，我們已經經歷了艱難的週期，無論是業務還是其他方面。我們是一家上市創投公司，對嗎？我已經經歷過這一切，無論是 IOne 時的 Digital Turbine，還是 ZESCO，無論是（聽不清楚）我的整個職業生涯。

We've gone through cycles where stocks go up and go down and they almost look like a heart attack, right? And fortunately, some people made fortunes in the stock, and they get an opportunity to do it again, right? We're going to go through a little bit of a difficult time to fight through when the revenues kick in for Tesla and when those subscribers convert. But at the same time, when you look at the optionality of this and you think about how much upside is, you got to think about all of it, right? We have 46 patents.

我們經歷過股票上漲和下跌的周期，它們看起來幾乎就像心臟病發作，對吧？幸運的是，有些人在股票上發了財，他們有機會再做一次，對嗎？當特斯拉開始收入以及這些訂戶轉變時，我們將經歷一段艱難的時期。但同時，當你考慮這個的可選性並思考有多少好處時，你必須考慮所有這些，對嗎？我們擁有 46 項專利。

We have 1 of 10, we're the number 10 largest music subscription platform in the world, award winning, right. There's multiple parties who may have to buy us as well in this, right? So there's big opportunities there, but you also have a $220 million NOL. And you're looking at a podcast network that's number 11 or 12 in the world. Now you're going to our publishing and our celebrity brands, right, and a live stream, you have five verticals here that can have $1 billion to $100 billion of upside.

我們有 10 個，我們是世界上第 10 大音樂訂閱平台，屢獲殊榮，對吧。在這件事上可能還有多方需要收買我們，對吧？所以那裡有很大的機會，但你也有 2.2 億美元的 NOL。您正在查看世界排名第 11 或 12 位的播客網絡。現在你要進入我們的出版業和我們的名人品牌，對吧，還有直播，這裡有五個垂直領域，可以帶來 10 億到 1000 億美元的上漲空間。

And when I say that, I don't say it cavalierly where Spotify just came out and said they're going to be 1 billion subscribers to music by 2027 and Goldman Sachs said there's going to be 1.7 billion paying subscribers, lot alone free, so probably it would be like 5 billion. You just need to get to 10 million subscribers, right, which we're going to get to, right? One big B2B deal can take you there tomorrow. If Tesla conversions happen as well as we think, right, I mean that could be taken quickly as well. And so we have massive opportunity here, massive optionality and to trade down at these levels, there's only two things we can do.

當我這麼說時，我並不是傲慢地說，Spotify 剛剛出來表示，到 2027 年他們將有 10 億音樂訂閱者，而高盛則表示將有 17 億付費訂閱者，更不用說免費訂閱者了，所以可能會是50億左右。你只需要達到 1000 萬訂閱者，對吧，我們也會達到這個目標，對吧？明天，一項大型 B2B 交易就能帶您實現這一目標。如果特斯拉的轉換如我們想像的那樣發生，對吧，我的意思是這也可以很快完成。因此，我們在這裡擁有巨大的機會，巨大的選擇權，並且要在這些水平上進行向下交易，我們只能做兩件事。

We can get into buckers and fight. We did it during COVID. Stock dropped $0.60 and six months later, it went back to [$7.5]. We went to do the same thing in 2021. We've had almost every two years we've had this cycle It's been a really tough microcap market for everybody, but no excuses. What are we doing? We're buying back stock. We bought back 4.5 million shares of LiveOne and an average of [$173 million]. obviously, we're going to buy a lot more back here, right? Same thing in PodcastOne. We spun it out, right? We converted all of our debt, so there's no debt. All the debt converted at $2.10. And in Podcast converted at $3, right? So those are out of the way.

我們可以進入水桶並戰鬥。我們在新冠疫情期間做到了這一點。股價下跌 0.60 美元，六個月後又回到[7.5 美元]。2021 年我們也做了同樣的事情。我們幾乎每兩年都會經歷一次這樣的週期，這對每個人來說都是一個非常艱難的微型資本市場，但沒有藉口。我們在做什麼？我們正在回購股票。我們回購了 450 萬股 LiveOne 股票，平均回購金額為 [1.73 億美元]。顯然，我們會在這裡買更多東西，對嗎？PodcastOne 也有同樣的情況。我們把它轉出來了，對嗎？我們轉換了所有債務，所以沒有債務。所有債務均以 2.10 美元兌換。在 Podcast 中轉換價格為 3 美元，對嗎？所以這些都不礙事了。

So we got the major missiles out of the way. Now we got massive upside. And previously, we went through these cycles. We had a lot of debt, right? We don't have that anymore.

所以我們把主要飛彈都移開了。現在我們獲得了巨大的上漲空間。之前，我們經歷過這些週期。我們欠了很多債，對嗎？我們不再有那個了。

So Aaron and I are excited, the team is excited and we'll put our money where our mouth is. You'll see that myself as well. I bought back a bunch of PodcastOne when the window is open. We'll do the same thing here, and, yes, I couldn't be more excited of where this is going. And I look forward to the updates and giving you guys updates on the B2B deals as well as the conversions of Tesla as well as celebrity brands.

所以亞倫和我很興奮，團隊也很興奮，我們會說到做到。你自己也會看到這一點。我在開窗的時候買回了一堆PodcastOne。我們將在這裡做同樣的事情，是的，我對事情的進展感到非常興奮。我期待著更新並為大家提供有關 B2B 交易以及特斯拉和名人品牌的轉換的最新資訊。

So all those massive optionality, we got work to do. I've always said we're going to win on hard work, right? We're going to outwork any of our competitors. We're going to stay in the game, and we're going to tough it out. When we go through tough times, we just -- we get stronger.

因此，所有這些巨大的選擇，我們都有工作要做。我一直說我們會透過努力工作來獲勝，對嗎？我們將超越任何競爭對手。我們將繼續留在比賽中，我們將堅持到底。當我們經歷困難時期時，我們就會變得更堅強。

And we get a little angry, right? I can tell you my team is literally working through the night on a B2B deal until 4:00 AM in the morning this morning, right? It's not easy. It's not just the signing of the deal, it's actually the launching of these deals, right? And I could be more proud of Brad and the tech team and check and the podcast team and Josh music side of it, and Sara and the celebrity side of it.

我們有點生氣，對吧？我可以告訴你，我的團隊實際上正在通宵達旦地處理 B2B 交易，直到今天凌晨 4:00，對嗎？這並不容易。這不僅僅是協議的簽署，實際上是這些協議的啟動，對吧？我可以為布拉德和技術團隊、檢查和播客團隊以及喬什音樂方面、薩拉和名人方面感到更加自豪。

This is the (inaudible) right? And what they do, that first B2B deal, $24 million. We've proven not only did we sign it because it's great to sign it, but it actually work, right? And yeah, I'm hoping that deal is going to expand this year. Maybe that deal goes to $30 million or $40 million or $50 million.

這是（聽不清楚）對嗎？他們所做的，第一筆 B2B 交易，價值 2,400 萬美元。我們已經證明，我們簽署它不僅是因為簽署它很棒，而且它確實有效，對嗎？是的，我希望今年的交易能夠擴大。也許這筆交易會達到 3000 萬美元、4000 萬美元或 5000 萬美元。

Well, given your track record, Rob, some of your big success stories in the past, and given the 46 patents and the 5 verticals, and it's amazing. This is priced down here. It's really seems strange. I can't believe it. I think the JPMorgan relationship, people are asking me if you could give a little more definition to what's happening there and what your plans are as well as some of the B2Bs, people want to know, can you give a little more deep color on the B2Bs that are signed and those in the pipeline, some detail?

羅布，考慮到您的業績記錄、過去的一些重大成功故事，以及 46 項專利和 5 個垂直領域，這真是太棒了。這裡的價格已經降下來了。確實看起來很奇怪。我簡直不敢相信。我認為與摩根大通的關係，人們問我是否可以對那裡正在發生的事情、你的計劃以及一些B2B 給出更多的定義，人們想知道，你能否對那裡發生的事情給出更深入的描述已簽署的 B2B 和正在籌備中的 B2B，有詳細資訊嗎？

Yes, I don't think I can give anything more than I've given today. I've been pretty clear on it. But on the banking side of it, I just flew out to Dallas met with Craig Ross, the Head of Media. Craig has been an amazing part. He's stuck with us in good times and bad, and he keeps battling through.

是的，我想我無法給予比今天更多的東西了。我已經說得很清楚了。但在銀行業務方面，我剛剛飛往達拉斯會見了媒體主管克雷格·羅斯(Craig Ross)。克雷格是一個了不起的角色。無論順境逆境，祂都與我們同在，並且一直在奮鬥。

And obviously, when you're one of 10 DSPs in the world, right, and you look at who the others are, right, you got -- I have already call it $6 billion, and the next level up is Sirius at $25 billion, and then it goes to Spotify, I think they're $70 billion or $80 billion today. It goes up every day, right? And then you go to Amazon, Apple, Google, right. There really is nobody else, right?

顯然，當你是世界上10 個DSP 之一時，對吧，你看看其他人是誰，對吧，你得到了——我已經稱之為60 億美元，下一個級別是Sirius，價值250 億美元，然後是 Spotify，我認為他們今天的價值是 700 億美元或 800 億美元。每天都在漲，對嗎？然後你就可以去亞馬遜、蘋果、谷歌，對吧。確實沒有其他人了，對吧？

We're the only ones truly they can white label. We're the only ones that could be a partner. And so I think Facebook is missing music service. Microsoft is missing a music service. (inaudible) is missing a music service. Walmart is missing a music service.

我們是唯一真正可以貼上白標的。我們是唯一可以成為合作夥伴的人。所以我認為 Facebook 缺少音樂服務。微軟缺少音樂服務。 （聽不清楚）缺音樂服務。沃爾瑪缺少音樂服務。

Many others out there, right, that we can point to that could use their own music subscription, including Twitter, right? Twitter in a last with the record labels for hundreds of millions of dollars already, right? And as you know, all of these platforms, all these social platforms eventually settle with the record labels because you can't beat them, right? It means you can't have music. And I don't see any platform that has content not having music on it.

我們可以指出許多其他人可以使用他們自己的音樂訂閱，包括 Twitter，對嗎？Twitter 已經與唱片公司斥資數億美元了，對吧？如你所知，所有這些平台、所有這些社交平台最終都會與唱片公司達成和解，因為你無法擊敗他們，對嗎？這意味著你不能聽音樂。我沒有看到任何平台上有沒有音樂的內容。

So there's a lot of opportunities here, a lot of optionality. We'll continue to explore different things that are accretive to our shareholders. We'll continue to buy back stock, as I said. I'll personally be buying stock, as I said. And it's a very tough market. This media market has collapsed the microcap market. I've been outspoken about this because it's the first time in my career I've ever seen it where to get on to the Russell 2000 this year, to get on last year was $156 million. The Russell is up 20%. You would think the lowest end to get on this year, if it was $156 million be $190ml and it's crazy.

所以這裡有很多機會，很多選擇。我們將繼續探索對股東有利的不同事物。正如我所說，我們將繼續回購股票。正如我所說，我個人將購買股票。這是一個非常艱難的市場。這個媒體市場已經崩潰了微型資本市場。我對此一直直言不諱，因為這是我職業生涯中第一次看到今年能進入 Russell 2000，去年的獎金為 1.56 億美元。羅素指數上漲了 20%。如果是 1.56 億美元，你可能會認為今年的最低價格是 190 毫升，這太瘋狂了。

To get on this year it was $131 million. So we proudly got back on the Russell, which it didn't help us. You got into the Russell and then you hit the algorithms and the algorithms are so powerful and they have so much money they can quickly knock you down because they know that you're going to have -- when the rebalance happens every quarter, they can knock you down on those rebalances. Maybe we're starting to see that come the other way now, right?

今年的金額為 1.31 億美元。所以我們自豪地回到了羅素，但這對我們沒有幫助。你進入羅素，然後你遇到演算法，演算法是如此強大，他們有這麼多錢，他們可以很快擊倒你，因為他們知道你將會有 - 當每個季度發生重新平衡時，他們可以那些重新平衡會讓你失望。也許我們現在開始看到相反的情況，對吧？

So they killed us in the last quarter. We had 12 million shares of buying on the -- when we got on to the Russell, right? Then you had all the selling come in and the rebalance because we were down. Maybe we'll start to see that now and you could get millions and millions of shares. And I'm a big fan of shorts.

所以他們在最後一個季度殺了我們。當我們進入羅素指數時，我們買了 1200 萬股，對嗎？然後，由於我們的業績下滑，所有的拋售都湧入並進行了重新平衡。也許我們現在就會開始看到這一點，你可以獲得數百萬股。我是短褲的忠實粉絲。

I've been telling everyone this few years. Digital Turbine were to never run to $100 in a million years, it was never worth $12 billion, right? And -- but it ran there because the shorts got loved. And you're starting to see that happen. You may see that happen now.

這幾年我一直跟大家說。數位渦輪在一百萬年內永遠不會達到 100 美元，它的價值永遠不會達到 120 億美元，對嗎？而且——但它之所以跑到那裡是因為短褲很受歡迎。你開始看到這種情況發生。你現在可能會看到這種情況發生。

We get -- we want one little short run here and the stock could ever run back into a big range. And we've never really had the opportunity to really get sizable acquisitions done, which you guys know I've done my whole career, right, because we've never had a currency that's really been in a position to do it. I've always told everyone it takes me 7 to 10 years. I'm in my seventh year, okay? So I'm in my seventh year, I turned 60 in March.

我們得到——我們希望在這裡進行一次小幅短期運行，然後該股可能會回到一個大區間。我們從來沒有真正有機會真正完成大規模收購，你們知道我已經完成了我的整個職業生涯，對吧，因為我們從來沒有一種貨幣真正能夠做到這一點。我總是告訴大家這需要我7到10年的時間。我已經七歲了，好嗎？今年三月，我已經 60 歲了，今年已經是我的第七年了。

I'm not going anywhere. The only thing I want to do, I love going to work every day. I love my team. I love what we've built here. We got op skills, we've got to fight through and I fully expect that this will be the biggest -- this will be the biggest company I've built in my career. And the team that I have is the best in the world. You look at our Board and our management team, they've built over $100 billion worth of media and tech teams and nobody's walked away. They just get stronger.

我哪裡也不去。我唯一想做的事就是我喜歡每天去工作。我愛我的團隊。我喜歡我們在這裡建造的東西。我們有營運技能，我們必須堅持到底，我完全期望這將是最大的——這將是我職業生涯中建立的最大的公司。我擁有的團隊是世界上最好的。你看看我們的董事會和管理團隊，他們已經建立了價值超過 1000 億美元的媒體和技術團隊，沒有人離開。他們只會變得更強。

Brilliant presentation, Rob. Thank you so much.

精彩的演講，羅布。太感謝了。

Thanks John.

謝謝約翰。

Any other questions? Because I know we're getting pretty late here now.

還有其他問題嗎？因為我知道我們現在已經很晚了。

There are no further questions. I will now hand the conference back over to Robert Ellen, CEO for closing remarks.

沒有其他問題了。現在我將把會議交還給執行長羅伯特艾倫 (Robert Ellen) 致閉幕詞。

Yeah, I think you guys have heard my voice enough. I'm super excited. I'm super energized, I'm super focused. My team is super focused. We're going to be here for a long time and we're going to build an amazing business here and continue to grow this. And I just want to thank everyone for their support, the good times and bad times and we're going to fight through this and win again.

是的，我想你們已經聽夠我的聲音了。我非常興奮。我非常精力充沛，我非常專注。我的團隊非常專注。我們將在這裡待很長一段時間，我們將在這裡建立一個令人驚嘆的業務並繼續發展它。我只想感謝大家的支持，無論好時光還是壞時光，我們都會克服困難並再次獲勝。

Thank you very much.

非常感謝。

That concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。