PodcastOne, Inc.

Ladies and gentlemen, thank you for standing by. Welcome everyone to the Podcast One, Inc. Q3, Fiscal 2024, Financial Results and Business Update Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press the star followed by the number one on your telephone keypad. If you'd like to withdraw your question, please press the star followed by the one once again. Thank you. I would now like to hand the call over to Mr. Aaron Sullivan, Chief Financial Officer, who may begin your conference.

Thank you, and welcome to Podcast One's third quarter fiscal 2024 business update and financial results conference call and webcast. Presenting on today's call are Kit Gray, President of Podcast One, Rob Allen, CEO and Chairman of LiveOne and Executive Chairman of Podcast One, and myself, Aaron Sullivan, CFO of both LiveOne and Podcast One. 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 goals in the business. Actual results may differ materially from those discussed on this call for a variety of reasons. Please refer to Podcast One'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 Podcast One's special financial report under the cover of Form 10-K for the year ended March 31, 2023, filed by the company with the SEC on June 29, 2023, and subsequent SEC filings made by the company. You will find reconciliation with non-GAAP measures in 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 its investor relations website for important content. The following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, and except as required by law, the company does not undertake any obligation to update or revise this information after the date of this call. I'd like to highlight to investors that this call is being recorded. Podcast One is making it available to investors and media via webcast, and a replay will be available on the Podcast One IR website in the events section shortly following the conclusion of the call. Additionally, it is the property of the company, and any redistribution, retransmission, or rebroadcast of the call or the webcast in any form without the company's express written consent is strictly prohibited. Now I would like to turn the call over to Podcast One's Executive Chairman, Rob Allen.

Good morning, everyone. And thank you. Mostly this morning, you're going to hear from Kit Gray, our president of the company. But I just wanted to highlight in 2020, when we acquired the company, Podcast One was doing 20 million in revenues and losing over $5 million a year. We had 50 some odd podcasts. We've just passed 180 podcasts. Kit, Sue, and Eli, our management team, have done a spectacular job. We're now doing over $10 million a quarter in revenues. And we're the first ever, first public company in the podcast space, PurePlay, trading on NASDAQ, which gives us some great advantages. It gives us advantages in acquisitions of podcasters. It gives us opportunities for acquisitions of additional podcast networks. And this is kind of the perfect storm and opportunity where it's been a seller's market for podcasters, $28 billion of acquisitions. You're seeing some of these deals still happening today with Joe Rogan signing for $250 million and SmartList leaving Amazon and going over to Cirrus for $100 million. It really puts us in the sweet spot of the place we're in, which is the smaller podcast between $250,000 and $5 million. Proud to introduce Kit. We've signed over 24 new podcasts this year and an average of $350,000 a year per podcast. And thank you for a great quarter kit and your team. I'm going to hand it off to you and I'll jump on at the end. Thank you everyone.