LVO - Earnings call transcript Q2 2025

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Operator

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] I will now turn the conference over to Aaron Sullivan, you may begin.

Aaron Sullivan

you. Thank welcome quarter results ended and the call LiveOne's second company's September to morning, conference financial for Good XX, XXXX. call LiveOne. I that risks remind based on today's and involve today's call the various on with expectations, and Rob on is Presenting are forward-looking Ellin, statements Chairman made of that forecasts would and you to current uncertainties. are like some of me CEO and assumptions including performance expected are but limited statements of not future the future in company, [indiscernible] These business. statements include, growth future regarding to, expected and the the this Actual for materially results may from differ variety those discussed reasons. on call of a including the the Please XX, year on described comparable in report reconciliations annual is Form company's release, to about SEC of results the filings. To in financial factors, which XX-K financial the subsequent the could on measures find for and company's most website. measures refer discussed Investor today Relations statements, SEC actual to for from earnings information those filings with GAAP ended materially non-GAAP to XXXX, its the cause company's its differ which March forward-looking posted these visit we content. you important Relations And website encourage for Investor the periodically to

management's a be shortly collision of call on date the making being XXXX. contains available to the the obligation the after it update as following in responsible discussion, does media undertake required webcast, I'd company and not information except Following of and or this highlight date call. the section any that replay by to call. available including of time-sensitive Relations as The information recorded. of to like to this will is reflects company And call, your revise X, the website questions, investors view and the is its Investor November law, the to investors the via

written consent without redistribution, and expressed is rebroadcast or call the any Additionally, in form company it the prohibited. of the transmission webcast is any or property company's this of strictly

over Rob to Live I'd like One's call turn CEO, the Now to Ellin.

Robert Ellin

us overview, you the achieved for QX of I'll million. begin thank with Thank vision the continued to you, everyone, record revenues revenues recent joining adjusted history $X.X revenues Aaron. We Consolidated updates Good million, in of increase. record-breaking your [indiscernible] financial X $XX.X appreciate the by was the months. our for and and our for we future. overview developments million, today. quarter a of XX% brief a financial company $XX.X of first results, followed of EBITDA consolidated on morning, with support.

an revenues growth. audio delivered million, XX.XX% $XX.X Our

$X.X from Our the just the previous division, adjusted with over earlier again, we of on audio debt in all converted million the at year, was the $X.XX. And our EBITDA, $X up cash, million quarter million. $XX quarter. We in closed

in as Wilts existing XX the We to [indiscernible] We've us expand BXB. with now opportunity, started business person XX-year team to in now automakers. the sub. announcement world. to and market over Head between already devices. we the is cars millions expanded terms. customers will to million only new deals contract a an a opportunity carriers, people, the Tesla this getting of beachfront from screen floodgates valued retail, people. Tesla opportunity think major X and to cars. What's expand of Tesla direct now with been said our fees our the open with like extended are credit perpetuity, in BXB continue management of is the $X were billions podcasting, e-books, on about that has XX been diversification ago, a to all we streaming, million that expand exciting last Tesla, who never from deep lead major to now larger helping humbly a asked to hired those subscriber be with there really We've them has is we to the out Tesla of when like under partnerships X this that we've discussions announced We of use be to on the able America. was they space which with month has streaming $X give XM or that also a huge X a in the since $X,XXX verticals Ball can we announced based those year to major companies other have exclusivity I that, per with around live eBay, North our opportunity year X hardware, upsell convert our and property, believe sub. opportunities to opportunities Subs companies. That'll valued diversify for to will dollars to back Facebook, XX to to pay-per-view. loyalty $XXX This and Tesla, to in with months. to hired Then of automotive, prominent us companies. We market in other XXX team it to the ability first ago to over offering hospitality, announced auto is of our have Bill Tesla. we've existing see publicly with TikTok. just of customers. We We get now radio, the terms across about With talking of that [indiscernible] Now a that home got programs, that is this to users. people little business point airlines a under in new May to Exciting believe our space spend the $XX everything TextNow card through it car, have travel, our you that Sirius the We part. for feels These grand to misconstituted we paying part auto major partnerships opportunities million, and different our Tesla. access been iteration X of partnership customers cross-selling are XXXX monthly for right, these

XXX active companies. dozens with X before fiscal and XXX fully of including and our Fortune by -- negotiations in X before March companies least XX, We at are year-end year-end. We announce expect X auto to those Fortune

Now to as business, our podcast of million past into you we've go continues. the as years. really run over quarter from success -- million X exciting $XX rate delivered We PodcastOne $XX well. grown a

pipeline, had more in the our in our adding have now XX our XXX normal XXX podcast next XX pipeline, in We history. networks X podcasts the podcasts amount XXx in We M&A months.

podcast weeks. LiveOne XXX,XXX over acquired new quarter XXX,XXX a this and are X shares We this has adding also almost every shares year. podcast

continue to will in now We XX% own company. we stock PodcastOne. buy back the of And additional over

over This to to the TV film of start TV over take podcasts is months. Podcast We adaptations. $XXX starting have are be a our to million to and XX next conference that I've talked just We about calls on on potential to over bit our XX really, adaptations. little before. slate this way and off. a have really now film

signed the third these company. to the have material for partners, and of opportunity without including we to company a and Vigilant, and cost any [indiscernible], We turn streaming documentary to see a additional massive opportunities X and to upside them

these to We these just year next Kyle, -- XX to unit with celebrity podcasters, of cost see, pods drive celebrity little with of $XX social actors, our social X the partners stores social of we brands Super potential brands. $X as X for million company to brands billion celebrity called our announced Next media We've again, to second Duper our our side producers, in a very Smily. utilize years, band artists, the their media. across media, Smile

Our which grew we publisher. Duper for our launching own we album, of over streaming publishing XXX%, pay-per-view XX% are of business event Kyles on and Super live the

stream the X live billion has over had Our X engagements pay-per-view and years. last in

to With back that, continue we stock. buy

X.X almost million now have We bought of stock. shares back

out increased to proud when We tougher to am $XX million, gone we what team. been buy back they've times of revenues, I'm We've it X/X the at revenues, we we of the than came came have live X all than we COVID, and buyback live business, continue to levels. stronger hit, when all in I were million COVID through did we months. our our million and streaming at business lost effect, we'll including now accomplish. out of this, it of and of live my ever. have of all for our lost of these able In $XX streaming $XX proud --

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

Aaron Sullivan

revenue of XX% September very was Rob. September few year and of XX, QX second XX. period. the $XX.X spend year increase a of record XXXX the a revenue X-month $XX.X of minutes [indiscernible] 'XX, ended brief million, of Consolidated period for posted revenue overview results Thanks, September just prior 'XX, record providing increase $XX.X ended fiscal posted ended period. the an I'll $XX.X the Consolidated million, for million. the XX, for an quarter for million prior was a over revenue over XX% of X-month period PodcastOne

diluted and 'XX, fiscal net Consolidated $X.X million advertising, consists and adjusted and posted months respectively. X million of year million, XX% and EBITDA compared of in the QX other share and of and sponsorship advertising, LiveOne quarter per XX% XX% the On or membership basis, merchandising merchandising other revenue September million a second The $X.X was XXXX, sponsorship XX% $X.X period. of X to GAAP XX, 'XX. consolidated fiscal ownership $X.XX ended and U.S. a in for prior loss

members, are subject some X for contractual members recognizing of total are XX, the total As that dispute Note XXXX, approximately which are were which in members included not revenue. currently X members to September a who include we million. currently

it to I'll back Rob, turn you.

Robert Ellin

Yes.

up questions. open to to going I'm So

any to I'll questions, So end. close look then the out forward at and it

very much. you thank So

Operator

[Operator Brian first the question line your from Alliance Instructions] of Kinstlinger Global comes And Partners. with

Brian Kinstlinger

A some laundry Great as questions of have in quarter. the results me. asked investors

do have in First many going to grandfathered how question Tesla? have is, paid either or are that subscribers are you be related not that to I

Robert Ellin

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

Brian Kinstlinger

what or think Tesla then than significant? is your users you [indiscernible] whatever frame of radio your percentage for time statistically And today to Okay. listen more digital

Robert Ellin

Yes.

with used as X month, this really has service, well I that people Even [indiscernible] have you think then example, X change our Tesla mean, -- people it's XXX,XXX made, million used highlight just give this service. for an exciting. there's over the week, to just a this I

see, really for it's XX the the is which to is industry. exciting So any about of using minutes, consumer an average right, extremely usage, high

Brian Kinstlinger

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

Robert Ellin

And and the previously No. we'll orange button to here's is sent middle about we're XM We're They end now. moved about for going the Tesla think right, sign-ups. giving on branding it, LiveOne have right nice and though in about be what giving really finally right, excited you get out of to what really them, some that, we're a probably the free, still a to But of that say they prime car. When estate. December December, was Sirius done. I to in shows already would subscribers -- they're even We're the there real lot message, seeing a us it. away exciting, signing signing hold paid, conference call talking that in have of that which somewhere

So that I a Tesla, Tesla button. York lot spot right, take New last changed I've Tesla been now X bottom [indiscernible] see, that of lot car I seen, week. you're #X owned of going see I the that them, has a cars, almost on all orange every Every to also I've now in have was button in in right? LiveOne you car Uber.

choose But it little bar they People right? they right? takes figure can is, that Now what code have out can have another it's It's to little a convert, still conversions. for also to that. so click immediately you we're number a It's And because the and hit month of education, on tricky it to they really free, excited it, about listen could but energized. you exciting.

and we're every none, we think almost expect lot day. a signing I

Brian Kinstlinger

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

Robert Ellin

that I can't yet, to This is that had first those consumers. answer the has right? talk the to the time opportunity company

including right, paid partnership, different It was of things a was right? right? it, do right? that advertising, we on. capability could lot that strictly of never before, an so have see and We No that doing were to of for the by going we right? didn't These You're before, right? And Tesla, things terms are the amazing advertising

Now to hit a do to really we'll have different to that be arms the already able marketing offer right, and ability and then stretch right? be year, for a see, and for go goal, price can ranges, out As you've a the you $X.XX really able we year. if $XX.X our a there $XX.XX and Brian, already different

So and else huge jump discounts everybody to with Tesla. can

streaming, and to sign us be showcase to be able subscribers and stretch them e-books live have ability to able a have. is had to see This exciting that to podcasting, to these be our able it. be the that individual start and first to really we muscles have pay-per-view, that it's So that opportunity do the to company and the to as and of the time really verticals, we've able to all upsell different customer the

Brian Kinstlinger

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

Robert Ellin

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

Barry Sine

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

Robert Ellin

Aaron, should That's a great you the we a if that, total we the think I have question. don't we the but for put really It's number. put number. year. have, staggering

now, now. real added with X these almost traffic the podcasts I I for podcast. just weeks months, our we've X And announced adding revenues. and new think Brian, every XX think are XXth We're we right real

election industry is of podcast said as an heading you see. like there's just the today and Elon If that follows Trump So exploding. podcast. argument out won elections, up, can Must The the is came podcasting just off anyone this,

start see to You second wave. that

acquisitions. of billion $XX saw You

to for You're see we're just the in as to pipeline, The from common of kicking experience. The now Rogan the XXX,XXX, podcasting. that really history. place are XXX,XXX a signed to XXX for of kind have by haves XXx podcasts Smartlist second And our downloads have Amazon. is coming right available. $XXX now. our nots place need home, in just starting This just said, And largest moved all in wave the in I over signed spot, Jill right? sweet million. Kelsey's Sirius in $XXX the and million podcasts right XX,XXX come it's for XXX million, smaller and maybe for with $XXX a those the true best only we even full podcasters really over

a really to team. from have in public a company addition XX $XX see over in months. discussions now. said be And going million addition the podcast experts just now growing I norm. radio really $XXX public we've to million XX to to loss like team. X is a to I premier hugely It helpful. billion to Steve I the radio. We before, one He's mergers the us and the Lehman from great team, And and just million acquisition think fully company with Steve right And next our added of is $X great it's of

Brian Kinstlinger

there's And of based you've subscribers. execution on more going I got and your recover suggests few you. motivated know, team Tesla question your is, Rob, you conversion But your last motivated shrink to people even before super and very than guidance you're

to you the things until short changes overhead And is you So be how want how if if any see understand -- thinking management out? about there play I in expect just should term?

Robert Ellin

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

looking with signing it's usage now, of -- when us is those on right this XX% going subscribers not business, good right? up especially revenues industry, remember our down. down conversion music oveagain, than -- So that now moves make know, So of fix. We've ]. XXX and you any XX% cut go [ do to is [ we easy what's then XX% out by at We'll right? we're XXX some over don't and those that tough COVID [ don't XXX Remember, at XXX this ever. from almost hit, news we'll resilient we'll times, in and add And done, that, sign at So in a Yes, But right? at the and if subscribers, do know, bad people usage ], just automatically right to the right, is amazing were right going team your cost, on of of news I not you and we you point, right It's it's an you're The as maneuver ] it. needed right? got probably to cut day we're you kind every it tricky seeing the now. now, stronger is going now. be not come proven is to

in to so my seeing that see very have on But happened car, estate. logo, right beautiful prime of You'll yes, that You're it. create green that it I'm right, finally your that, picture real we that right? logo, a son button proud

it, it click on in you now get You free. for see single code, listen you every you car, that still but can

to we we're So what's January of middle going right, how about excited to going. clear until far. have are those more full of But so December be picture, a not happened couldn't conversions really middle

Operator

Litchfield. with comes Barry next the from question Your Sine of line

Barry Sine

have car? you to Just a you do have through you Tesla. it follow-up Or that base? separately access can the Do question only on Is subscriber to access them? the market

Robert Ellin

got under we're careful, we've could Yes, I to tell to in have again, be you put is We've we that What together as extraordinarily been worked NDAs the marketing package strict Tesla. can. as collaborations best cooperative. with they

across e-mails times. the Tesla when millions as don't. you'll multiple do picture beautiful to see that. of But careful continue there's out you you you're well be with see as Every that that's to marketing car and As for to goes out reaching anybody out it, sent to time have it you right, has and upgrade, seen in know, you this people, an

has this, see will -- exciting, and music yes, so a Number live moved look I on from that arrow You'll live in have do it's button Barry, going it LiveOne this. now right? car, could, is shared it when you the to but is, this logo. is I next see the an should streaming this with a to orange X

can is right? at the some here, right? We And You could numbers. give is lost able number it's really at question beachfront that these yourself whether to is is at fill tenants property. trading right? minute, beachfront $XXX, be been that Brian, has per you that you this property, going trading own nobody If You a of we Now our moonshot. fill or It's sub as a know, us crazy property, look beachfront right? Spotify right, subscriber, to for

right, as be And in our we'll car to We from to grow $X, much $X perpetuity. able have to that right those, talking at higher if coming, going be count about upsell from I you're a that that sub to convert the If is number. now $X opportunity and new could give ability you're such expect the grow to in to $X,XXX an and us I so in be XX% start of right, we can fully those going mean space. $X going can or to as it high doesn't cars least And $XX. we convert to the subs, $XXX a number

Barry Sine

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

those after hoping, in And if ball to So I the on, we're the then Tesla. a are asking stay way the don't would mainly right I'm numbers not that announced it? and what marketing, between about that know, presumably correctly. -- delta I but with at XX% customers month. were be is you're the as $X that penetration you've would XXXX right, Those if think going the jump understand right Is numbers

Robert Ellin

to has some really losing of right? grandfathered, expect them, expect I mean lot massively afterwards risk opportunity think cautious, some this, right? risk right? fully your that much unique I that's we and in some we're properly have have in thought, the a in and revenues but good to right? grow definitely a the right, be valued EBITDA thought, and an more good This again, against valued lot. but And fully convert a you exact we it, numbers and Again, in it's way. we give it can't a beginning, in I a peers

Brian Kinstlinger

the X by You've I broader that X the after you quarter, that won us going the And on I an grown? customers, we fed over opportunities? was correctly, XX recall if I pipeline, have major you Has more, an quarter, your But ERP that year think do Wonder size does March we've Obviously, that's still the you look certainly substantial there. first customers pipeline. update help the what that more, the you there pipeline announced did think could total base. summer. by Rob, now of XX you've on like X in -- in if update grown of end system? the team the And by about won that

Robert Ellin

Yes.

we increase didn't to hiring. middle I but number yet, call, number January, going an the that wouldn't that of December I we that So expect fully do talking be as middle about be growing. to of update we're

know, to of Barry, you As I that it consolidation. was cutting was substantially, some was right? And because anyway going happen

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

built which do merch side you the Majesco. Turbine, some We off and the the have people change you Barry, was business, whether $XX deals. acquisitions know, lost me million backs never we And right? was out it land know of panned live of You as We've [indiscernible] really pivot We I company, the a of to too to had it it BXB pivot deals so we to me because over because of time, many had over messy a COVID, had had that We again. many to sheet, this of don't and opportunity Digital right? you the it long of on right? companies these to did, our really we had need history COVID. unfortunately, know never balance

would can't to to pivot. deals think don't energy have [ it got number we've you're an Right streaming right? you on And to we'll a higher we deals. lot. our I exact And but those say way be I those talking partners. Now now, yet, going and focus more ] than it's I BXB see about XX landing BXB I think give

You more are going see auto partners.

call, to be going that have music a just massive see I to a -- to made deal. they're bought do fast. to retail expect signs one them $X.X to with of BXB it to with going more You're I to and I stated subscription every for a compete last things, opportunity They for more could to If going and be do Amazon, see those to billion. a Amazon, Everybody right? that certainly buy retail. have in they're it, want they're amazingly right? you compete right? hire Vizio if Walmart of partner, space see massive there, retailers. And the funnel Amazon. see did get going has customers in to the are synonymous with it it's You your to going Telltale keep working in I well for

announcement. on and companies that the big in felt like we so feels when talking big has with that floodgates auto to up the but be other case. with we've and the it gotten serious paying exclusivity back us. it again, of amazing for all since see side may people a seems as we vertical it, the like this it's But the exclusive Tesla I of were dialogue been were to, just happened. opening like us, yesterday, it the but now what's kind almost opportunities auto about They sudden, So next just of And more wasn't going talked Aaron way

Barry Sine

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

Robert Ellin

Absolutely. game We've been We changing And They're we we a all which this able month, had right? paid before, a up us, the them, got never couldn't we customers, to partner, to those got $X great. great us open we a advertising, paying for right? beautiful able -- right? talk customer, right, And deal. music was were and we deliver mean But I right? right? were it talk opportunity to to is our to They -- a customers just to was

Now a that, you we amazing of can Tonight, tonight. lot to lot of telltale event this start and a signs. doing we're see do

around that entire well house Coffee We our going to do the We're Harry's, we this we which live-streaming the literally of XX% place launching right? albums it over called is over cross as on new or Tonight, cross from this that's X parts it. tonight own We're own -- over We place Duper corner streams. product launching Kyles, billion are song. will had business, launching are my us [indiscernible]. the it. They as gave Super next at multiple of this to a We're

streams from talked -- us. revenue we the we've same additional So multiple that Barry, about, celebrity, that content, you're seeing to no get piece we same pollination where with cost

Barry Sine

I'm own you second never the -- or just mind. of the half song Do the half the of first sale?

customers most you can that the promising the X seeing talked companies you're X On most the you're where in you about, are And talk -- are where getting process? what about down the the further which X traction? telling or the verticals you've X

Robert Ellin

the month, a million a streaming placing It's of $X partner I mean inside right? to streaming think do I hear other of Yes. telltale a to you're Obviously, our sign. lot content partners, this. going live

partners these platform everone audio has The from and stones. right, right? we streaming Well, wage we've all content, it's have everybody's watching Netflix on right? music right? Bieber, performed cheaper, content got way of Competition content, has production programming, gone the rolling million eating up You're X,XXX So artists, right? right, for content an this tremendously. costing the $X.X is great Justine struggled of our content, Springsteen skyrocketed. content, tremendously, podcasting Bruce hour who hours X,XXX fierce, is has Cost up that is cost pay-per-view of launch, Minimum tremendously. gone luxury

that own We the unique stars the in the in right? world. green of all So interviews own video, in content the that MTV-like the right? biggest value. backstage has Some we rooms,

Our the podcasting, just it, again, watching just to highlight you're president's election.

You that in calling the Board, this, numbers there, Joe be like course, What's on It's and $XX just to And not grew billion. every to from watch it's television podcaster. magical. -- $X to way every globally starting Tuko politician a becoming in just of as delivered the Carlson it's billion. because it's of for It's Trump Rogan COVID happening the and, and on and right? it's host, it's podcasting. I'd its podcasting million host better podcasting, reach well. medium just now a $XXX is every radio

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

[indiscernible] invested Great. million of important. XX% These everyone, Angeles, those Los and in company, films. humbly, very knock streaming Well, first did dollars royalties when less movies think know millions we're hired demographics. it's now were about being working changers of books, And both and the biggest middle January already within biggest spent our this into when humbly, the writers, when I there been producers, being of XXX product, Atmosphere $X on of be we to our partners, and could with thing $X.X it, the I greenlit. get you did partner, game you're of through the I we'll a we was X if lot talk that spent last everybody it. called track Vigilant in I the I Those billion. stories. bidding owned for going I at sell a are on And proven we'll scripts on say right, XXX We it And called I and potential a missile. start your I that the Barnamtown company, [indiscernible]. the those and right? the that, just promised greenlit, And because I the It's have royalties walk say X% But talk they record, are right? on -- conference and those slate hit Films. and we'll Atmosphere, are audiences, be I moved what for more, about X% And than to that proven a between right? that this did weeks, and own had of about call, movie own the to movie have podcasts from war talking On Barry, to

television a own you can multiple. if show, So can own you

have We X.

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

I'm have streaming the you positive to networks. an this opportunity listen to, of going sold again to be If X is X to

Operator

question comes line next the Ladenburg. Jon Hickman from with of Your

Jon Hickman

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

Aaron Sullivan

Jon Hey,

Robert Ellin

Hello?

Jon Hickman

Okay.

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

Aaron Sullivan

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

Jon Hickman

Sequentially.

Aaron Sullivan

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

Jon Hickman

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

Robert Ellin

us, terms coming we're have we're a in signed deals think those that's excited think -- can of we're the is -- don't I to Super sign Number BXB right? a, answer Yes, I right? the deal, if -- X for that that is, is more like right? it's to and optionality very excited Tesla -- we about where we we mean deals, we're about the have it, and opportunity. and -- we're This going I deals, mean expand not going shortly. mass it's to

at at it look don't replacement, enhancement. as I as them I So a look an

Operator

the line next with McGowan of Your Sean comes Roth question Capital from Partners.

Sean McGowan

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

Robert Ellin

the couple the deals $X interesting came But and opportunities of multiple lot I have-nots. it. in you pretty going signed to. to competition of XX the a I done. compete XXx and there's deals, List, week. close got of right? that bid We're not to Kelseys X, they're on that But very announced million the in in revenues, just the There's not now. very right, the little podcast, a kind There's of and VC podcasts. even ones today, really few of few next in, you for just right and those. It's really big big deals, tell you will small us Like opportunities compete not can't we a big pool money these so money, compete an of on It's The haves $XX we're in million be fast, mean, You're can just just signing if left. shows podcast thing. the signed Smart had multiples, there's for trenches of smaller you're getting another ones. We the could a deals last There's midsized days. There's the bit

Sean McGowan

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

Robert Ellin

see, bit you interesting. of competition There's a but it's little

extension with before, I [indiscernible] I've you Lady Yang. negotiations. in were Sean. announced think We announced extent just our We just Corolla. with active told We our just

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

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

Sean McGowan

And the to turning celebrity minute a Okay. for brands.

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

Robert Ellin

into order is just first We're right? our With start Wine XXX the they got about in XXX state you our week, Not thousands let's you those, fingers. thousands once Georgia. of We Pennsylvania. distribution giant cases, got cases. the cases Well, number, cross next California, the get get We of for but just get got a Jeremy. and to We sell, to

you about our of you see money Purple a our of got there, have money lot beauty is know, We valuation to to sold and real So you're launch of real don't When to $XXX -- cost opportunity into there. it revenues get going trajectory of built a million. which and substantial in this. $XX [indiscernible], be we we and part right? for to the Rose. is raise second only there's Sean, Avion no right? us. We're see this If We're the you're that at million a really either those, getting to is excited to And line, to as ready to business, get going able

on surround streams, will got XXX, massive, we talent this get right? right, out that guy over he's And wrapper Duper double podcast And enable our with get announced done to Super a Kyle, and the whammy a be produce, we coming then he's right? huge that and so multiple haven't this. announced celebrity producers it haven't we billion -- We okay? the do like prongs, talent, he's X but [indiscernible] it. yet, going good he's produced We

them. right, own half going with part then is music. coffee a of live stream launching we're happen we tonight, and as launching So to that. the We're which the

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

come come the may there our going us that that, that X some that brands you're that XX announced brands to celebrity we fully. into us real that see really exciting to to think brands. We out I are doing have So haven't into fold need even already and skills. see revenues And have may are

the in Some hired right, And subsequent bolt, but tequila, yet, who all in marketing but to brought more time from to full that, consulting ran billion. soon. may but [indiscernible] us, know, happen current sold first for haven't her we $X [indiscernible] Sara, then the Hart's is that the which the we people launched $XXX,XXX for She to you Kevin year.

products so you'll we've of so So the fast works team all do podcasters. wives. right? lineup, [indiscernible], talent of Josh celebrity dramatically week, and just side the know next house got expanded well, And signed brands you'll quickly a [indiscernible]. those the drive PodcastOne at how and as that And and we've world-class love of side so We've see here response fact with right? it, between chute that our music direct out The talent the team

so products are to brands, that really from here cosmetics many different way opportunities alcohol. expanding beyond multiple coffee so work And there's and can

Sean McGowan

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

Robert Ellin

of millions of did not what last it like we tens have don't publishing, you it. time, publishing? did If So to We to right? [indiscernible], dollars have only on did made Kyle of

if is can't of this tell us brand-new it's brand but hundreds thousands, streams revenue I all in, money, that, do right. So going coming made new it even to you

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

and And sounds for and entire spending beats out so it the on across platform [indiscernible]. building the money for all build us to they're

well opportunity a have in or here. XX lot it a to know, to Renaissance, Drummafly between money. you get too know from of publishing that EBITDA, an to XXx that's as all don't right? So [indiscernible] you and have have We publishing, big cells We worth right? division These

song. our the we to hit we it Josh nations publishing. another [indiscernible] massive Walbert, in had African Rock #X just Bret I So radio. to think, it's We million hit multiple XX come songs, done, streams, Vision got #X already optionality markets, and And ran #X with and strong who and about Fies get to of ever

millions One dollars flow could company. of of of tens cash those the to songs of to millions be

fingers start of lot have. and again, kind aren't a your when amount these those optionality growing. of now see And of and keep numbers the a songs to piece We guaranteed, we but X,XXX right crossed. own there's So you

Sean McGowan

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

Aaron Sullivan

exactly. Yes,

expect down of drop back kind to [indiscernible]. historical would G&A to I So levels

Sean McGowan

And filed? Aaron, when will the be XX-Q

Aaron Sullivan

I'll filed SP-X be next say, XX-Q will week. early

maybe X or So deadline. before the days X

Sean McGowan

questions Rob, really to what the my on excellent. you about balls podcast close comment, I said just I'll Tim echo opportunist And

to were thought I process, recent frankly, A in more good a team. that the of little Some this but job series, weak, the outstanding. was

Operator

from [indiscernible] question Jan line with the comes of Financial. [indiscernible] Your next

Unknown Analyst

relationship. Tesla, group the in down The [ in a evolving story. amazing the sales change [ ] peer that's And around X, an the to X:X what the to overreacted captive X.XX Rob, Tesla ]. market's of

so by from as a consolidating really fragmented gotten you of underpriced. are it's -- by as some you X here. can I consolidating? Are consolidating? amazing, that argue low. you of getting turning One about kind -- podcasters, make overlap it's showing space you're Any SG&A benefits anyway, what seeing things. although would kind getting reduction? you benefits Are some we're the So what with comments is smaller these

Robert Ellin

were most John. But probably not point, Following But XX% could at at full the right? it's X.X [ trading of tell before quarters. ] happened that the already trading been you done, heading where at that this am think I that. again. previous industry of I question, revenues I is I X.Xx something answer the happening in is when we've what right? you can Eric that's revenues, think consolidation That's and We've now, humbled

and to people it, to both lives Digital we've revenues where a in an We're company, when the little those to multiple [indiscernible], almost And on. made they do difficult bit capital when it's opportunity got think of the in gone fight it about it going you entire right? had IOne, time whether was venture right? been through you and and stocks you cycles, go right? career. these But a so through right? gone I've Turbine dropped through fortunes think patents. of And to and convert. and subscribers to the some it's We've It's go right? fortunately, how this whether has go stock all look [indiscernible], when this, time, again, through heart get We at and Our to cycles same a through We're of business it, whether and Tesla levels, much the look tough have at my is, stock, when upside optionality kick up attack, down for they public like about XX a

who We may in a or that's have also So have world, largest you NOL. well world. a music And platform XX buy there's have podcast as to there, $XXX X this, in looking winning, million in we're multiple of the subscription us #XX big right. you're award There's parties network opportunities the but the right? XX, at number XX

have Spotify music like going Goldman there's paying just it X out said be lot our where say and billion verticals going and that, you're probably Now free, came when to I billion right, say publishing upside. brands, And it X you have said subscribers a that to to stream, so X celebrity X.X by billion. and of billion subscribers, our don't to be to be $XXX billion they're XXXX cavalierly going can alone here and live I Sachs $X would

XX can be need conversions think, there as which I as tomorrow. we Tesla just get as going One right? well. taken to deal well If big right, could quickly get happen BXB to, mean that we're to million You right, subscribers, take you to

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the we got of missiles out major way. So the

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

excited our mouth the our put team So Aaron we'll excited, and is and are where is. money I

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

and $XX to celebrity or the going actually is This Maybe of that $XX it to a little right? I've first BXB the music we yes, in actually not and proven be $XX the of work Brad massive I We're we're my morning of angry, work, We're going get proud and I right? not we easy. in deal, And can could and team win I'm Sara we It's more hard tough times, we through the out. going morning, it. of And side game, that deal, outwork on deal is always work, And the get all got just We've X:XX the competitors. optionality, -- right? did this it When tough do. you this team Josh great it's we're do, goes it to not our side through So million the sign to those BXB right? to deals, launching signing deal it, to a to the million. said going right? working It's we stay of the just of and the tech it's but podcast these until it, sign And and [indiscernible], what and [indiscernible] million. million $XX any on stronger. literally team hoping only because tell night year. going that or is deal we go to expand right? they

Sean McGowan

stories and your seems your really Well, is X past, given of and the record, success strange. track the it. it's given It's I Rob, patents amazing. This verticals, can't down here. and some priced big the believe in XX

I JPMorgan to asking know, BXBs to you BXBs, there signed deep more little definition are happening could a as pipeline, the of people the those think in the detail? some me the relationship, more what as well are you on some color what's a and are want people give plans if give that can and little your

Robert Ellin

out to level amazing you $XX I has on been you been in keeps then of Yes, they're $XX and And But Spotify, right, billion, and flew than side when given the pretty in clear just Ross, it. and with I it, Head [indiscernible] you're or look up billion battling I they on it met I've goes the Craig only I've and give of think anything We're to are, the an the Craig partner. it good times up today. us world, the truly more today. next right, else, with can Media. banking [indiscernible]. then DSPs goes There Dallas through. stuck every right. don't at bad, of think right? really he to He's obviously, and XX It go you be Apple, X can We're who $X is I nobody others white the billion got billion, day, Sirius $XX ones that label. right? And Amazon, the Google, is only could a ones call at

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

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

[ to this $XXX was end lowest if on on get think be year, was this it And ] XXX. would You year XXX get it's the it crazy. To million.

back So we proudly us. help the didn't got which it on Russell,

you come down the quarter, are now, much down starting that every Russell you're knock then see so we're have that they they you so the algorithms know Maybe have when and the money way to to they going into other rebalance -- can rebalances. hit you the those on got You they powerful can right? happens quickly and knock and algorithms the because

a all So quarter. we'll to they when last of We and rebalance you the now the on in we the because killed and that selling shares. shorts down. never the were buying big it Maybe Russell, we there telling this it a ran the start Digital right? loved. And happen. shares but few get to see because everyone $XXX $XX XX the millions you're you -- come run and of on us I'm were -- got of right? million in had had could I've in worth to millions And that fan to been to billion, million Then Turbine And starting was got shorts. years. years, see never

skills, be best career. we've my be I got seventh in not been March. team told because team. I've you to seventh every everyone guys always I've XX going in it we've thing years. We turned acquisitions built op may me I right, we've ever a will could we the in is that back to never I run opportunity fight only love takes know got want my biggest to -- through here. really whole company never done We You I'm run career, and will that's biggest I stock which really and -- I'm day. what my the want year, love had really anywhere. in expect going we've world. have in I I XX fully position get my now. The sizable see to okay? do the one range. happen it. I've get love So currency big little had done, And built a into here this year, to in that this my do, that short I the the X the a work I'm And to the

walked media of teams $XXX and and over at worth our nobody's team, billion away. stronger. get just built management look they've They You our tech Board and

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

Operator

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

Robert Ellin

Yes.

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

Operator

you conference call. for Thank today's all concludes That joining.

may You disconnect. now

LiveOne (LVO) 7 Nov 242025 Q2 Earnings call transcript