Podcastone Inc (PODC) 2027 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to PodcastOne's fiscal first quarter 2027 Financial Results and business update conference call. (Operator Instructions) Presenting on today's call is Kit Gray, President and Founder of PodcastOne; and Craig Christensen, Interim Chief Financial Officer.

早安，感謝各位撥冗等候。歡迎參加 PodcastOne 2027 會計年度第一季財務業績與業務更新電話會議。(接線員指示) 今日出席會議並進行簡報的是 PodcastOne 總裁兼創辦人 Kit Gray，以及代理財務長 Craig Christensen。

I would like to remind you that some of the statements made on today's call are forward-looking and 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 those forward-looking statements, including those described in its annual report on Form 10-K for the year ended March 31, 2026, and subsequent SEC filings.

提醒各位，今日電話會議中的部分陳述屬於前瞻性陳述，係基於目前的預期、預測與假設，並涉及各種風險與不確定性。這些陳述包括但不限於有關公司未來表現的陳述，包括預期的未來財務結果以及業務預期的未來成長。由於多種原因，實際結果可能與本次電話會議所討論者存在重大差異。請參閱公司向美國證券交易委員會（SEC）提交的文件，以了解可能導致公司實際結果與該等前瞻性陳述存在重大差異的因素，包括公司截至 2026 年 3 月 31 日止年度的 Form 10-K 年報以及其後續 SEC 申報文件中所述者。

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 the Investor Relations website for more 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 12, 2026. And except as required by law, the company does not undertake any obligation to update or revise this information after today's call.

您可在公司新聞稿（已發布於投資人關係網站）中，找到今日所討論之非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表。公司鼓勵您定期造訪投資人關係網站，以取得更多重要內容。以下討論（包括對您提問的回覆）包含具時效性的資訊，並反映管理階層截至本次電話會議日期（2026 年 8 月 12 日）的觀點。除法律另有要求外，公司不承擔於今日電話會議後更新或修訂該等資訊的任何義務。

I'd like to highlight to all participants that this call is being recorded. The company will make 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 company and any redistribution, transmission or rebroadcast of this call or the webcast in any form without the company's express written consent is strictly prohibited.

我想提醒所有與會者，本次電話會議將被錄音。公司將透過網路直播向投資人與媒體提供，並將於會議結束後不久在其網站投資人關係專區提供重播。此外，本次電話會議內容屬公司財產，未經公司明確書面同意，任何形式的再散布、傳輸或再廣播本次電話會議或網路直播均嚴格禁止。

I would now like to turn the call over to PodcastOne's President, Kit Gray.

現在我想把電話會議交給 PodcastOne 總裁 Kit Gray。

Thank you, and welcome to our fiscal first quarter 2027 earnings call. We entered fiscal 2027 with strong momentum, building on the progress we made throughout the past year. During the first quarter, we continued expanding our content portfolio, strengthening strategic partnerships and growing our audience through premium programming, original content development and creator-led franchises.

謝謝，歡迎各位參加我們 2027 會計年度第一季法說會。我們以強勁動能進入 2027 會計年度，延續過去一年所取得的進展。在第一季期間，我們持續擴充內容組合、強化策略夥伴關係，並透過優質節目、原創內容開發與創作者主導的系列品牌擴大受眾。

PodcastOne continues to distinguish itself as the leading pure-play podcasting platform in the public markets through a vertically integrated model that combines talent development, content creation, distribution, analytics, monetization and operational efficiencies, all supported by our AI-powered infrastructure.

PodcastOne 透過垂直整合的模式，結合人才培育、內容製作、發行、分析、變現與營運效率，並由我們的 AI 驅動基礎設施提供支援，持續在公開市場中脫穎而出，成為領先的純播客（pure-play）平台。

Our AI toolkit continues to enhance performance across every aspect of the business. Flightpath drives predictive profitability, Boostr scales advertising management and proposal recommendations, Adobe Audition ensures best-in-class audio quality, Pod Engine supports discoverability through SEO and insights, Magellan AI powers advertising attribution and Opus Pro converts long-form video into short-form content that fuels audience growth across platforms.

我們的 AI 工具組持續在業務各層面提升表現。Flightpath 推動預測式獲利能力，Boostr 擴大廣告管理與提案建議，Adobe Audition 確保同級最佳的音訊品質，Pod Engine 透過 SEO 與洞察支援可被發現性，Magellan AI 提供廣告歸因，Opus Pro 則將長影音轉換為短影音內容，推動跨平台的受眾成長。

Our team continues leveraging AI-based search capabilities to discover new talent, identify emerging trends and connect timely topics with the content across our network. These tools directly support how we grow shows, monetize audiences and operate more efficiently at scale.

我們的團隊持續運用以 AI 為基礎的搜尋能力來發掘新人才、辨識新興趨勢，並將即時議題與我們網路中的內容連結起來。這些工具直接支援我們如何成長節目、將受眾變現，並以規模化方式更有效率地營運。

Throughout the quarter, we continued executing on our strategy of expanding our network through premium creator partnerships, strategic acquisitions, original content development and long-term creator relationships. One of our most significant milestones this quarter was advancing to the number 6 position in Podtrac's ranking of US podcast publishers, surpassing Disney and further reinforcing PodcastOne's position as one of the largest podcast networks in the country. This achievement reflects the continued growth of our audience, the strength of our programming and the dedication of our creators and team.

整個季度中，我們持續執行策略，透過優質創作者合作夥伴、策略性併購、原創內容開發以及長期創作者關係來擴大我們的網路。本季最重要的里程碑之一，是我們在 Podtrac 的美國播客出版商排名中前進至第 6 名，超越迪士尼，進一步鞏固 PodcastOne 作為全美最大播客網路之一的地位。這項成就反映了我們受眾的持續成長、節目內容的實力，以及創作者與團隊的投入與奉獻。

We also continued strengthening our content portfolio through the acquisition of The Magnificent Others hosted by Billy Corgan, lead singer of Grammy Award-winning rock band, The Smashing Pumpkins, adding another highly respected voice to our network while expanding our reach across music, entertainment and culture.

我們也透過收購由 Billy Corgan 主持的《The Magnificent Others》持續強化內容組合。Billy Corgan 是葛萊美獎得獎搖滾樂團 The Smashing Pumpkins 的主唱；此舉為我們的網路增添另一位備受尊敬的聲音，同時擴大我們在音樂、娛樂與文化領域的觸及。

We also acquired Life Happens with Barb and Michelle while officially launching our original series, It's Okay, We're All Gonna Die with Nurse Julie reflecting our continued investment in both established creator brands and original intellectual property.

我們也收購了《Life Happens with Barb and Michelle》，並正式推出我們的原創系列《It's Okay, We're All Gonna Die with Nurse Julie》，反映我們持續投資於既有創作者品牌與原創智慧財產（IP）。

Further strengthening our creator roster, we renewed our partnership with Lindsie Chrisley's, The Southern Tea, which recently surpassed 2.5 million downloads across more than 248 episodes. We also partnered with PAVE Studios on A&E's The First 48, expanding our relationship with premium media brands and creating additional opportunities to reach new audiences.

為進一步強化創作者陣容，我們續約了與 Lindsie Chrisley 的《The Southern Tea》的合作；該節目近期在超過 248 集中累計下載量突破 250 萬次。我們也與 PAVE Studios 就 A&E 的《The First 48》展開合作，擴大我們與優質媒體品牌的關係，並創造更多觸及新受眾的機會。

Across our network, PodcastOne creators continued attracting influential voices from across entertainment and popular culture. Notable guests during the quarter include actor Josh Duhamel on The Adam Carolla Show, Dancing with the Stars pro Ezra Sosa on Off the Vine and Mandy Moore on Yestergays.

在我們的網路中，PodcastOne 的創作者持續吸引來自娛樂與流行文化領域的具影響力人士。本季的知名來賓包括：演員 Josh Duhamel 參與《The Adam Carolla Show》、 《Dancing with the Stars》專業舞者 Ezra Sosa 參與《Off the Vine》，以及 Mandy Moore 參與《Yestergays》。

Our influence also extends beyond podcasting as House of Stassi premiered on Hulu with Stassi Schroeder's podcast, STASSI with Tay, serving as one of the central storylines throughout the series. Stassi's continued presence across major platforms, including Netflix, highlights the growing ability of podcast talent and brands to expand into broader entertainment franchises and reach audiences across multiple platforms.

我們的影響力也延伸至播客之外，《House of Stassi》已於 Hulu 首播，而 Stassi Schroeder 的播客《STASSI with Tay》在整個影集中作為核心故事線之一。Stassi 持續在包括 Netflix 在內的主要平台曝光，凸顯播客人才與品牌擴展至更廣泛娛樂系列並跨多平台觸及受眾的能力正日益提升。

As our network continues to grow, so do the opportunities to create value for creators, advertisers and listeners alike. Our investment in technology, audience development and advertising infrastructure continue to strengthen our ability to connect brands with highly engaged audiences while helping creators expand their reach across audio, video and social platforms.

隨著我們的網路持續成長，為創作者、廣告主與聽眾創造價值的機會也隨之增加。我們在技術、受眾開發與廣告基礎設施上的投資，持續強化我們將品牌與高度投入的受眾連結的能力，同時協助創作者在音訊、影音與社群平台擴大觸及。

As podcast advertising continues to mature and brands increasingly seek trusted creator relationships and measurable results, we believe PodcastOne remains well positioned to capitalize on these long-term industry trends through our diversified content portfolio, expanding creator network and technology-enabled platform.

隨著播客廣告持續成熟，且品牌愈發尋求可信賴的創作者關係與可衡量的成果，我們相信 PodcastOne 仍具備良好定位，可透過多元化內容組合、持續擴大的創作者網路與技術賦能的平台，把握這些長期產業趨勢。

Now I'd like to turn the call over to Craig to review our financial results.

現在我想把電話會議交給 Craig，請他回顧我們的財務結果。

Thank you, Kit. As a reminder, our fiscal year 2027 began on April 1. Revenue in our first quarter of fiscal 2027 was a record $16.1 million. Operating loss in the first quarter was $1.6 million compared to an operating loss of $1.1 million in the same year ago quarter. This $500,000 increase was driven primarily by stock-based compensation within G&A.

謝謝你，Kit。提醒各位，我們的 2027 會計年度自 4 月 1 日開始。我們 2027 會計年度第一季營收創下新高，達 1,610 萬美元。第一季營業損失為 160 萬美元，去年同期的營業損失為 110 萬美元。這 50 萬美元的增加主要是由一般及行政費用（G&A）中的股票基礎薪酬所致。

Net loss for the first quarter was $1.6 million or negative $0.05 per basic and diluted share compared to a net loss of $1.1 million or negative $0.04 per share in the same year ago quarter. Adjusted EBITDA for the quarter was positive $1.6 million compared to $580,000 in the same year ago quarter, driven by revenue growth and contribution margin improvement. We ended the quarter with $7 million in cash and cash equivalents and no debt on the balance sheet.

第一季淨損為160萬美元，或每股基本及稀釋後虧損0.05美元，相較於去年同期該季淨損110萬美元，或每股虧損0.04美元。本季調整後EBITDA為正160萬美元，相較於去年同期該季為58萬美元，主要受營收成長與貢獻毛利率改善所帶動。本季結束時，我們持有700萬美元的現金及約當現金，資產負債表上無任何負債。

With that, I'll turn the call back over to you, Kit.

接下來，我把電話會議交回給你，Kit。

Thanks, Craig. We are pleased with the momentum we've carried into fiscal 2027 and remain very optimistic about the opportunities ahead for PodcastOne and the broader podcast industry. Podcasting continues to evolve rapidly, and we believe the opportunity extends well beyond traditional audio. Video is becoming an increasingly important part of podcast discovery and consumption, while major media and technology companies continue investing in creator-led content and premium intellectual property. As that ecosystem expands, we see significant opportunities to extend the reach and value of the content we developed across additional platforms and formats.

謝謝你，Craig。我們對延續至2027會計年度的動能感到滿意，並對PodcastOne以及更廣泛的播客產業未來的機會保持非常樂觀。播客持續快速演進，我們相信機會遠不止於傳統音訊。影片正成為播客被發現與被消費中愈來愈重要的一環，同時主要媒體與科技公司也持續投資於創作者主導的內容與高價值的智慧財產權。隨著該生態系擴張，我們看到可將我們所開發內容的觸及與價值延伸至更多平台與形式的重大機會。

We are also seeing continued strategic activity across the broader media landscape with major companies making significant investments in creator-led businesses, content and intellectual property. These transactions reinforce the value being placed on premium content, engaged audiences and the data and relationships that come with them. Under Steve Lehman's leadership, we continue to evaluate opportunities that can strengthen our platform, expand our creator offerings and create long-term shareholder value.

我們也看到更廣泛媒體版圖持續出現策略性活動，主要公司正對創作者主導的企業、內容與智慧財產權進行重大投資。這些交易強化了市場對高品質內容、投入度高的受眾，以及隨之而來的數據與關係所賦予價值的認可。在Steve Lehman的領導下，我們持續評估可強化平台、擴大創作者服務並創造長期股東價值的機會。

At PodcastOne, we believe the next phase of growth is about more than simply adding podcasts to our network. It's about identifying great creators and ideas, developing them into successful franchises and finding opportunities to distribute that content across audio, video, television and other platforms.

在PodcastOne，我們相信下一階段的成長不僅僅是把更多播客加入我們的網路。而是要辨識優秀的創作者與點子，將其培育成成功的系列品牌，並尋找機會把內容分發到音訊、影片、電視及其他平台。

We are particularly excited about our ability to develop original intellectual property that can travel beyond the podcast feed. Projects like Varnamtown demonstrate the potential for PodcastOne content to become broader entertainment franchises, and we believe there is significant opportunity ahead as we continue developing and investing in original programming.

我們特別期待我們開發可超越播客訂閱源（feed）的原創智慧財產權之能力。像《Varnamtown》這樣的專案展現了PodcastOne內容成為更廣泛娛樂系列品牌的潛力；我們相信，隨著我們持續開發並投資原創節目，未來仍有相當可觀的機會。

At the same time, AI continues to help us improve operational efficiencies, enhance audience discovery, identify emerging listener interests and better understand the topics and formats that resonate with audiences. Combined with our growing content library and audience data, these capabilities give us an increasingly powerful foundation for developing and monetizing content.

同時，AI持續協助我們提升營運效率、強化受眾發現、辨識新興聽眾興趣，並更深入理解哪些主題與形式能引起受眾共鳴。結合我們不斷成長的內容庫與受眾數據，這些能力為我們開發與變現內容提供了愈來愈強大的基礎。

The podcast industry itself continues to demonstrate significant long-term potential with consumption reaching record levels and audiences increasingly engaging with podcasts across audio, video and social platforms. We believe PodcastOne is uniquely positioned at the intersection of creators, content, audiences, data and distribution.

播客產業本身持續展現顯著的長期潛力，收聽量達到歷史新高，且受眾愈來愈多在音訊、影片與社群平台上與播客互動。我們相信PodcastOne在創作者、內容、受眾、數據與分發的交會點上具備獨特定位。

As we look ahead, our focus is on continuing to build that platform, finding the next great creators and ideas, expanding the ways our content can reach audiences and creating more value from the intellectual property we develop. I want to thank our team, our creators, our advertising partners and our shareholders for their continued support.

展望未來，我們的重點是持續打造該平台、發掘下一位優秀創作者與點子、擴大內容觸及受眾的方式，並從我們所開發的智慧財產權中創造更多價值。我要感謝我們的團隊、創作者、廣告合作夥伴以及股東持續的支持。

With that, we'll now open the line for questions. Operator?

接下來，我們將開放提問。接線員？

(Operator Instructions) Barry Sine, Litchfield Hills Research.

(接線員指示) Barry Sine，Litchfield Hills Research。

I wanted to touch on the topic of video on podcast, adding a video instead of just audio. I know that's a pretty significant trend. Kit, maybe you could tell us where you stand on that? How much of your content is now also produced in video format? If you could tick off some of the major talents that are available in video? And what has been the reception of that through some of your distribution partners?

我想談談播客影片化這個主題，也就是加入影片而不只是音訊。我知道這是一個相當重要的趨勢。Kit，也許你可以跟我們說說你們目前在這方面的進展？你們現在有多少內容也以影片形式製作？如果可以的話，請列舉一些可提供影片內容的主要人才？以及透過你們的一些分發合作夥伴，市場對此的反應如何？

Thank you, everyone, for the questions today and the time. I appreciate it. Yes, video is a huge part of what we're doing, not only at PodcastOne but in the medium. It's widely accepted. It's huge for discovery, leading with YouTube, their YouTube AdSense revenue generation model has helped us out quite a bit.

謝謝各位今天的提問與撥冗參與。我很感激。是的，影片是我們正在做的事情中非常重要的一部分，不僅在PodcastOne如此，在整個媒介也是如此。這已被廣泛接受。它對於被發現（discovery）非常重要；以YouTube為首，他們的YouTube AdSense營收生成模式也對我們幫助很大。

For some of our shows, specifically Adam Carolla has a big audience in his YouTube channel. The Some More News guys do as well. Stassi and others in our network have really significant audio views, even -- or video views even beyond just YouTube now. I mean Stassi, whose television show just relaunched on Hulu just this last month, where she references her podcast quite often is also featured on Netflix now, too.

就我們的一些節目而言，特別是Adam Carolla在他的YouTube頻道有很大的受眾。Some More News的團隊也是如此。Stassi以及我們網路中的其他人也有非常可觀的音訊觀看量，甚至——或說影片觀看量——如今已不僅限於YouTube。我的意思是，Stassi的電視節目就在上個月於Hulu重新上線，她也經常提到自己的播客；此外她現在也在Netflix上亮相。

So all these video distribution channels are getting more and more into the podcasting world, which allows us to expand our discovery but also charge more for advertising CPMs just based on having their commercials in video. And many of our shows, if you watch them now, the commercials are host done with video and with product, which allows us to charge great CPMs and advertisers see amazing results.

因此，所有這些影片分發渠道都愈來愈深入播客世界，讓我們能擴大被發現的機會，同時也能僅因廣告以影片形式呈現而提高廣告CPM收費。而且我們許多節目，如果你現在觀看，廣告是由主持人以影片方式口播並搭配產品呈現，這讓我們能收取很好的CPM，且廣告主看到非常出色的成效。

So video is a huge part of what we do. And specifically in the discovery side of it, these short clips, whether it's on YouTube or Instagram or TikTok, it's great for us to clip two-, three-minute segments of the podcast to promote the shows, make them sponsorable, all of that adds to what we do.

所以影片是我們工作中非常重要的一部分。尤其在被發現這一端，這些短片剪輯，不論是在YouTube、Instagram或TikTok，對我們都很有利；我們很適合剪出兩、三分鐘的播客片段來宣傳節目、讓它們可被贊助，所有這些都強化了我們的作法。

That's very helpful. And then my follow-up is more on advertising revenue. So you recently jumped up to the number 6 ranking in the Podtrac rankings. Congratulations on that. What does that mean for Sue McNamara and her sales team and then also for programmatic? And how has advertiser willingness to use podcast for their advertising changed over the last year? Is the perception changing and improving?

這非常有幫助。接著我的追問更偏向廣告營收。你們最近在Podtrac排名中躍升到第6名。恭喜。這對Sue McNamara及其銷售團隊，以及對程式化（programmatic）意味著什麼？而在過去一年，廣告主願意使用播客投放廣告的意願有何變化？市場觀感是否正在改變並改善？

Yes. I mean I'll answer the last part first. Yes, you're seeing brands -- when I say brands, it's not just the using-the-code type brands. You're seeing the Progressives, the State Farms, the O'Reilly's, the Lowe's, those type of companies are jumping into the podcasting space, Macy's as well. These are these brands are actually realizing the benefit of podcasting, one, because they get the attribution for using it as a digital medium, but they're also using it on the creative side where they're really developing integrations into the communities of the talent, right?

是的。我的意思是，我先回答最後一部分。是的，你會看到品牌——我說的品牌，不只是那種「使用折扣碼」的品牌。你會看到Progressive、State Farm、O'Reilly、Lowe's這類公司正在進入播客領域，Macy's也是。這些品牌其實正在意識到播客的好處：第一，因為它作為數位媒介能帶來可歸因（attribution）的效果；同時他們也在創意端運用它，真正把整合式內容（integration）融入人才的社群之中，對吧？

So Macy's we're trying on clothes on air, we're talking about deals and discounts and what people can go and buy, right? And it's just really integrated not only in the audio, the video, but also the social. When you look at that, that's the exciting thing for brands because they're just not buying spots and dots. That business is definitely booming, especially with us, but it's not -- it's gone beyond that. The brands are really trying to buy into the communities, which is awesome.

所以像梅西百貨（Macy's），我們會在節目上試穿衣服，談論優惠與折扣，以及大家可以去買什麼，對吧？而且這不只是整合在音訊、影像裡，也整合到社群上。當你看到這一點，對品牌來說最令人興奮的是，他們不再只是買「點位」和「曝光」。那塊業務當然非常蓬勃，尤其是在我們這邊，但它不——已經超越那個層次了。品牌真的在嘗試買進社群、融入社群，這很棒。

And for a company like us, where we have really strong relationships with the talent and the production of the shows, we can gain trust for these brands to make sure they're getting what they pay for and they're protected in their messaging. That's a big part of really growing the brand business in the podcasting space is actually having trust, and we're able to provide that. As far as the programmatic side and being number 6, we actually -- we just came out for July too, we remain number 6, which is great news for us. That's really -- it's a good thing to open doors for our sales team in the sense that there's some big names behind us, whether it's Disney or Barstool or CNN, some of those networks, sometimes it's easier for them to get in the door of advertisers or brands, and we can actually say we're bigger than them, which is a nice sales point.

而對像我們這樣的公司來說，我們和藝人以及節目製作端有非常強的關係，我們可以為這些品牌建立信任，確保他們拿到所付費的價值，並且在訊息傳遞上受到保護。在播客領域真正推動品牌業務成長的一大部分，其實就是信任，而我們能提供這一點。至於程式化（programmatic）那一塊，以及我們排名第 6 的部分，我們其實——我們也剛公布了 7 月的數據，我們仍然是第 6，這對我們來說是很棒的消息。這確實——對我們的銷售團隊來說是個很好的敲門磚，因為有一些大品牌在我們後面，不管是迪士尼、Barstool 或 CNN 等網路；有時候他們比較容易打進廣告主或品牌端，而我們其實可以說我們比他們更大，這是一個很好的銷售賣點。

When it comes to programmatic and the Amazon ART19 deal, that's where that really comes into play, right? As we get more and more consumption on our network, there's more impressions to monetize, whether that's done by our direct sales team with our highest CPMs or the Amazon deal and having them buy through our network or programmatically where we continue to evolve and grow through our partners that we have in that world, too. So yes, it's been honestly really just a great year for growth on all levels, whether it's revenue, audience and just brands buying into the space. So it's been great.

談到程式化以及 Amazon ART19 的合作案，這就是它真正發揮作用的地方，對吧？隨著我們網路上的收聽量越來越高，可變現的曝光（impressions）也越來越多；不管是由我們的直銷團隊以最高的 CPM 來銷售，或是透過 Amazon 的合作讓他們在我們的網路上採買，或是以程式化方式，透過我們在那個領域的合作夥伴持續演進與成長。所以是的，老實說，今年在各個層面都是成長非常好的一年，不論是營收、受眾，或是品牌對這個領域的投入。所以真的很棒。

(Operator Instructions) Barry Sine, Litchfield Hills Research.

（接線員指示）Barry Sine，Litchfield Hills Research。

That's not a mistake. I limited myself and then jump back in the queue, but I guess I am the next one. I had one more question, Kit. On the LiveOne call, Rob mentioned the Netflix, and I haven't seen a separate press release. I'm very enthusiastic about that.

這不是失誤。我先限制自己，然後再回到排隊序列，但我想我就是下一位。我還有一個問題，Kit。在 LiveOne 的電話會議上，Rob 提到了 Netflix，但我沒有看到另外的新聞稿。我對那件事非常興奮。

And I want to get a little more data from you because it seems to me as if your core demographic is very closely aligned with the Netflix core demographic. If you could remind us what your demographics look like, age, gender, et cetera? And then when did PodcastOne podcasts start appearing on Netflix? And then Rob was asked what the revenue model is. He said you're not disclosing that. But whatever that model is, when will investors start to see the benefit of that relationship show up on the PodcastOne income statement?

我想從你這裡再取得一些數據，因為在我看來，你們的核心族群和 Netflix 的核心族群非常貼近。你能不能提醒我們你們的受眾輪廓是什麼樣子，例如年齡、性別等等？另外，PodcastOne 的播客是從什麼時候開始出現在 Netflix 上的？然後有人問 Rob 營收模式是什麼。他說你們不會揭露。但不管那個模式是什麼，投資人什麼時候會開始在 PodcastOne 的損益表上看到這段合作關係帶來的效益？

Yes. So the Netflix got into podcasting, I don't know, maybe six months ago, maybe a little bit longer if I had to guess. Stassi is our lead pony in that world. She's a great personality, great -- she comes from the Vanderpump world, if you guys don't know. Barry, I know you're well versed in Vanderpump. So you've got this. But she is a superstar. And just an amazing talent. Her show on Hulu has gotten picked up. This is the second season. It's fantastic. She's really fun.

是的。所以 Netflix 進入播客領域，我不知道，大概六個月前吧，如果要我猜，可能更久一點。Stassi 是我們在那個領域的主力。她個性很棒、非常——她是從 Vanderpump 那個圈子出來的，如果各位不熟的話。Barry，我知道你對 Vanderpump 很熟。所以你很懂。但她是超級巨星。而且是非常了不起的才華。她在 Hulu 的節目已經被續訂。這是第二季。非常精彩。她真的很有趣。

So her podcast going on Netflix just made a lot of sense. We worked with her agent to get that show up there. And really, the benefit is discovery. And we are running commercials in there, right? So when I go to Macy's, I say, all right, well, Stassi is not only going to have it in her video audio world, but she's also going to have that in the Netflix distribution as well. So you're going to see premium rates because of that and growth of the shows, right? So it's great. It's just another big company. You've got the YouTube, you've got the Amazons, the Spotifys, the XM Sirius is just jumping in full throttle in podcast. And now you see Netflix, you see -- you got Disney is doing some stuff too now.

所以她的播客上 Netflix 就非常合理。我們和她的經紀人合作，讓那個節目上架到那裡。而真正的好處是「被發現」（discovery）。而且我們也在裡面投放廣告，對吧？所以當我去跟梅西百貨談時，我會說，好，Stassi 不只會在她的影音與音訊世界裡呈現，也會在 Netflix 的發行渠道裡呈現。因此你會因為這點看到更高的優質費率（premium rates）以及節目的成長，對吧？所以這很棒。這只是又一家大型公司加入。你有 YouTube、你有 Amazon、Spotify，XM Sirius 也正全力投入播客。現在你又看到 Netflix，你看到——迪士尼現在也在做一些事情。

I think these distribution channels are going to be just additive to podcasting just growing as a medium and a distribution channel for advertisers. So you'll start to see that. You're seeing it in her show in terms of revenue and getting premium rates. So we'll continue that relationship and continue to charge forward with some other shows getting on there and some of the other platforms I just mentioned.

我認為這些發行渠道只會對播客產生加乘效果，讓播客作為一種媒體、以及作為廣告主的發行渠道持續成長。所以你會開始看到這些。就她的節目而言，你已經在營收面看到，並且拿到更高的優質費率。所以我們會延續這段合作關係，並持續推進，讓其他一些節目也上架到那裡，以及我剛提到的其他平台。

So just to follow up on that. If you could remind us what your demographics look like? I have a sense of what Netflix look like. And then it sounded as if that's the only podcast you have on Netflix. What about adding other podcasts to Netflix?

那我再追問一下。你能不能提醒我們你們的受眾輪廓是什麼樣子？我大概知道 Netflix 的樣子。另外，聽起來那是你們唯一在 Netflix 上的播客。那把其他播客加入 Netflix 呢？

Yes, we're in talks on that. They wanted to roll out with kind of a phase. They've got a bunch on there, and we'll continue to talk to them about adding more. So we'll see how that goes over the next six months. We picked up one of the shows with Billy Corgan. And if you guys know Billy from his days with The Smashing Pumpkins, take a look at his video on YouTube and how amazing.

是的，我們正在就此洽談。他們希望以某種分階段的方式推出。他們那邊已經有一批內容在上面了，我們也會持續和他們討論加入更多內容。所以接下來六個月我們會看看進展如何。我們簽下了一個由 Billy Corgan 主持的節目。如果各位知道 Billy 在 The Smashing Pumpkins 時期的他，可以去看看他在 YouTube 上的影片，有多麼精彩。

It's a really cool set and he's a very cool, interesting guy that has amazing interviews, and it just fits. So I think you're going to see more and more of that type of stuff over the next 6 to 12 months. As far as our demographics, when I created the company, I really wanted to be agnostic on that. I wanted to be able to really fill out any RFP an advertiser would have with a group of shows that hit any demo. So yes.

這真的是一個很酷的組合，而他也是一位非常酷、很有意思的人，做了很多精彩的訪談，整體非常契合。所以我認為在接下來 6 到 12 個月，你會看到越來越多這類型的內容。就我們的受眾結構而言，當我創立公司時，我其實很希望在這方面保持中立、不預設立場。我希望能夠用一組能覆蓋任何受眾族群的節目，去完整回應廣告主提出的任何 RFP。所以，是的。

We -- I think probably most of our consumption comes in the female 25-44 range, true crimes, the Stassis, the Kaitlyns, the LadyGangs, the Pop Apologists, those guys for sure are a big part of what we're doing. But you still -- you're seeing growth in the older demographics. And you'll see the people like Adam Carolla, Jordan Harbinger, Brendan Schaub really round out the male 25-54 demo and in some cases, even higher, right?

我們——我想我們的大部分收聽量可能來自 25-44 歲女性族群，像是真實犯罪、Stassis、Kaitlyns、LadyGangs、Pop Apologists，這些節目/團隊確實是我們業務很重要的一部分。但你仍然——你也會看到年齡較高的受眾族群在成長。而像 Adam Carolla、Jordan Harbinger、Brendan Schaub 這些人，會把 25-54 歲男性族群的覆蓋補齊，在某些情況下甚至更高，對吧？

I mean we're all getting older. Adam is still chugging along and doing great with his podcast and just building that and having new distribution channels as he's on XM Sirius with Megyn Kelly's network and you're going to see an older demographic there as Adam gets older and his audience gets older, but we're still getting a lot of advertisers in and a lot of consumption, and that's great. We can kind of fill out that demographic when we go to RFPs as well.

我的意思是，我們都在變老。Adam 仍然持續穩定地推進，他的 Podcast 做得很好，並且持續擴張，也新增了發行通路；他在 XM Sirius 上、透過 Megyn Kelly 的網路，你會在那裡看到更年長的受眾族群——隨著 Adam 變老、他的聽眾也變老；但我們仍然吸引了很多廣告主進來，也有很高的收聽量，這很棒。當我們去回應 RFP 時，也能把那個受眾族群的拼圖補齊。

Leo Carpio, Joseph Gunnar.

Leo Carpio，Joseph Gunnar。

A couple of quick questions on the quarter. In terms of the M&A opportunities, are you -- are there still any platforms available for you to pick up here at this stage or more you're focused on the organic growth, monetizing IP creation and developing talent at this point?

關於本季有幾個快速問題。就併購（M&A）機會而言，你們——在這個階段是否仍有任何平台可供你們收購？還是你們目前更專注於有機成長、IP 內容創作的變現，以及人才培育與開發？

Yes. Leo, good to hear from you. I -- to answer your question, we're doing it all, right? It's -- the main part of the business is either acquiring existing shows with an audience, growing them, monetizing them, doing more with them. That's a big part of what we do. We're launching our own shows with our own IP and growing them and monetizing them is a big part of what we're doing and talking about these different distribution channels. That's a big part of our business.

是的。Leo，很高興聽到你的聲音。我——回答你的問題，我們是全都在做，對吧？——業務的主要部分之一，是收購已經有受眾的既有節目，讓它們成長、把它們變現，並在其上做更多延伸。這是我們做的很大一部分。我們也在推出自有節目、用我們自己的 IP 來成長並變現，這也是我們正在做的很大一部分；同時也在談這些不同的發行通路。這些都是我們業務的重要組成。

But when we look at M&A, yes, I mean, I was on the call yesterday with Steve, and we've got other things that we're talking about constantly. Those are interesting. There's more and more companies with great opportunities and great ideas, whether that's representing podcasts, expanding the paywall world or technology, that's going to be an important thing over the next year. I think there's going to be a lot of acquisition deals out there.

但當我們看併購時，是的，我的意思是，我昨天才和 Steve 通話，我們也一直在持續討論其他事項。那些都很有意思。市場上出現越來越多公司，帶來很好的機會與想法——不論是代理 Podcast、擴展付費牆（paywall）領域，或是技術面——這在未來一年會是很重要的事情。我認為市場上會有很多收購交易。

I know that a lot of different companies are being approached by some of the bigger groups and then a bunch of the smaller companies are talking to other small companies that complement each other quite well. And I think you're going to see acquisitions not only with PodcastOne, but I think you're going to see acquisitions throughout the industry over the next 6 to 12 months for sure.

我知道很多不同的公司都正在被一些更大型的集團接觸；同時也有一批小公司在和其他能互補的小公司洽談。我認為在接下來 6 到 12 個月，你不只會看到 PodcastOne 的收購，我也確信你會看到整個產業都會出現收購潮。

Okay. And a quick housekeeping question. Can you remind us how your -- seasonality in your revenue in terms of how it progresses through the calendar year in terms of which quarters are strong versus which are a little softer?

好的。再問一個簡單的例行問題。你能提醒我們一下，你們營收的季節性——也就是在一個日曆年度中，營收通常如何推進？哪些季度較強、哪些季度相對較弱？

Yes. Obviously, we had a really good quarter last quarter, best, I think, ever that we've ever done, which is tremendous. Summertime usually a little bit slow, slower because people are on the beach, people are enjoying families and stuff like that. But as school gets back into the gear and people get back to work over the next 30 days, you're going to start to see more consumption of podcast as calendar year Q4 rolls up, that's always our biggest quarter. So that's where -- that's typically how it works.

好的。很明顯地，我們上一季表現非常好，我想是我們有史以來最好的一季，這非常了不起。夏季通常會稍微慢一些、比較淡，因為大家在海邊、享受家庭時光之類的。但隨著學校開學、大家在接下來 30 天回到工作節奏，你會開始看到 Podcast 的收聽量增加；而當日曆年度的第四季（Q4）到來時，那一向是我們最大的季度。所以——通常就是這樣運作的。

There are no further questions at this time. I will now turn the call back to Kit Gray for closing remarks.

目前沒有其他問題。我現在把電話交回給 Kit Gray 做結語。

All right. Well, thank you, everyone, for your time today. I really appreciate it. We are extremely happy with where the year ended, where the quarter is and where the team is headed moving forward. Super excited about some of the projects that we got the chance to talk about a little bit this morning. Please keep an eye on us as you move forward and keep watching us. We're launching some great projects and some great shows. I hope you guys get to enjoy them. But looking forward to you guys and looking forward to another great year at PodcastOne.

好的。那麼，謝謝各位今天撥冗參與。我非常感謝。我們對今年的收尾、這一季的表現，以及團隊接下來的前進方向都非常滿意。也非常期待今天早上我們有機會稍微談到的一些專案。接下來也請大家持續關注我們、持續留意我們的動態。我們正在推出一些很棒的專案和很棒的節目。希望大家都能享受它們。也期待與各位一起，迎接 PodcastOne 的另一個精彩年度。

Thank you very much for all your support, all our shareholder support and of course, the team at PodcastOne and LiveOne. Thank you very much.

非常感謝大家的支持、所有股東的支持，當然也感謝 PodcastOne 與 LiveOne 的團隊。非常感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。