Welcome to the Podcast One Third Quarter Fiscal 2025 Financial Results and Business Update Conference Call. I'd now like to turn the call over to Aaron Sullivan, Chief Financial Officer. You may begin.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Podcast One Fiscal Third Quarter 2025 Business Update and Financial Results Conference Call and Webcast. During today's presentation, all parties will be in listen-only mode. Following the presentation, the conference will be open for questions. On our call today is Kit Gray, President and Founder of Podcast One, and myself, Aaron Sullivan, Chief Financial Officer. I would like to remind you that some of the statements made on today's call are forward looking and are based on current expectations, forecasts, and assumptions that involve various risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of the company, including expected future financial results and expected future growth in the business. Actual results may differ materially from those discussed on this call for a variety of reasons. Please refer to 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 Form 10-K for the year ended March 31, 2024, filed by the company with the SEC on July 1, 2024, and subsequent SEC filings made by the company. You will 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 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 day of this call february 12th 2025 and is 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 in the media via webcast and a replay will be available on podcast one's 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 President, Kit Gray.

Thank you, and welcome to our fiscal third quarter 2025 earnings call. As a reminder, we are not on a calendar reporting year, and our fiscal year 2025 ends on March 31. Today, we will provide a brief overview of Podcast One and the continuously growing podcast market and highlight our most recent successes before passing on to Aaron for the financial results. After his comments, I will close with an update on our strategic initiatives, including a recent partnership with R19, Amazon's podcast hosting service, and what we are looking forward to in the quarter to come. Lastly, we will open it up for Q&A. Podcast One is a premier podcasting network that has played a key role in the evolution of the podcast industry since its founding in 2012. As the only pure play publicly traded podcast company in the United States, Podcast One provides a platform for top tier content creators offering comprehensive support across production, marketing, sales, and distribution. Podcasting has become one of the most trusted and engaging media formats with over 4 million podcasts registered worldwide as of 2025. The industry continues to grow with advertisers projected to invest over $2.4 billion in podcast advertising this year. Podcast One is a sales network of over 500 of the largest advertisers to reach core demographics effectively and efficiently. play. Podcast One and its 196 shows are positioned at the center of its growth, capitalizing on both the increasing audience demand and the effectiveness of podcast advertising as a high ROI media channel. Podcast One has been ranked as a top 10 U.S. podcast publisher for the second consecutive month by PodTrack, with monthly unique U.S. audiences of 5.2 million and 16.2 million U.S. downloads and streams. Podcasting continues to be a cultural relevant medium shaping conversations around major events. Previously, we saw its impact during U.S. elections and more recently, it played a role in covering the recent California wildfires. As an L.A.-based company, we witnessed the devastation firsthand. Members of our own team saw their communities destroyed and lives upended in a matter of moments. While much of the country watched the tragedy unfold on television, others turned to podcasting for unfiltered perspectives. Podcast One host, Adam Carolla, was among those directly impacted. Displaced from his home, he turned to his podcast to share his experience in almost real time. Broadcasting from my hotel room, he recounted the timeline of events leading to his evacuation, the uncertainty surrounding the status of his condo, and the mixed reports he received. Despite the circumstances, Carolla used his platform to provide a raw, impersonal, first-hand account of the disaster, while blending his sharp, observational, and often sarcastic style of storytelling and social commentary into this situation. With millions of impressions, this moment reinforced podcasting's unique ability to inform engage and mobilize audiences in real time turning personal stories into powerful conversations that drive awareness empathy and action with our industry-leading platform we empower podcast hosts to reach their full potential by providing comprehensive world-class support our 360 degree marketing capabilities drive growth and exposure enabling talent to focus on what they do best creating great content. This support includes access to studio space, marketing, production, editing, distribution, and public relations. Additionally, our experienced direct sales team leverages long-standing relationships with advertisers and brands seeking to connect with the highly engaged audience of podcasts on our platform. As a result, during the quarter, we were thrilled to sign Stassi Schroeder to the Podcast One platform in a multi-year seven-figure deal. Along with being a New York Times best-selling author and reality television personality, Stassi has a captivated podcast audience for over nine years, consistently ranking among the highest rated podcasts across platforms. The acquisition reinforces Podcast One's mission to champion female voices in the podcasting space. As part of this collaboration Stasi will also be integrated into the Podcast One extensive promotional and marketing initiatives spanning multiple genres with plans to expand into live shows, merchandising, and adaptations. The majority of our revenue continues to be generated via our direct sales team with advertisers who want access to the unique audiences that we can reach on our platform. In addition to our direct sales team and programmatic ads, the strategic partnership with Amazon's ART19 announced in January creates a third core revenue channel for the monetization of our library of shows. More on ART19 in a moment. To complement our core revenue channels, we also diversified our emerging revenue streams that provide additional avenues for high margin growth while diversifying our revenue mix and service offering to the entire Podcast One ecosystem. We officially launched Podcast One Pro in conjunction with our new state-of-the-art podcast production studio in Beverly Hills. We have seen great success from major brands such as Boost Mobile and Microsoft who want to harness the power of podcasting and rely on our technology and talent to make it happen. Podcast One Pro offers customizable services with a la carte options to meet exact production needs or a full 360 solution. The new studio enables creators to seamlessly produce, record and broadcast their shows with unmatched clarity and precision. Another way Podcast One and its talent generate additional revenue is through live shows. Stassi Schroeder was among the first to expand her podcast into a live event format in 2019, quickly selling out subsequent tours in 2020 and 2023. We look forward to supporting Stassi and our other hosts in exploring live show opportunities in 2025. Now, before going further, I'd like to turn the call over to Aaron, our CFO, to walk through the financial results for the financial third quarter. Aaron.

Thank you, Kit. As Kit mentioned at the beginning of the call, I want to remind listeners that our fiscal year ends on March 31st. Revenue in the fiscal third quarter of 2025 increased 22% to $12.7 million, compared to $10.4 million in the same year-ago quarter. Operating loss in the fiscal third quarter of 2025 was $1.6 million, compared to an operating loss of $2.6 million in the same year-ago quarter. This was primarily driven by lower, non-cash compensation expense. Net loss in the fiscal third quarter of 2025 was $1.6 million, or $0.06 a share per basic and diluted share, compared to a net loss of $2.6 million, or $0.11 per basic and diluted share, in the same year-ago quarter. Adjusted EBITDA in the fiscal third quarter of 2025 was negative $0.7 million compared to adjusted EBITDA of negative $0.4 million in the same year ago quarter. The change in adjusted EBITDA was primarily due to timing of content acquisition costs. We ended the fiscal third quarter with no debt on our balance sheet and $0.6 million of cash and cash equivalents as of December 31st, 2024. As we look ahead, I'd like to also briefly touch on guidance. We are pleased with the progress this quarter, and given the revenue-generating deals that are currently in place for Fiscal Q4, along with the equity-based revenue share deals with certain podcast talent also starting to be effective in Fiscal Q4, we are comfortable reaffirming our Fiscal 2025 guidance. We expect revenues for the full year to be at least $51 million, representing an increase of at least 17% when compared to revenues of $43.3 million in Fiscal 2024. Given the continued strong double-digit revenue growth, we also project positive adjusted EBITDA for the full year of fiscal 2025. Now, I'd like to turn the call back to Kit for some additional comments on the quarter before wrapping up with questions from the audience. Thanks, Aaron.

As highlighted, the momentum we're building continues to drive meaningful financial results, which is a direct result of our extremely scalable platform and the execution by our team at Podcast One. One of the biggest strategic and financial partnerships took place in January with the move of our library of shows to Amazon's podcast hosting service, Art19. This move underscores our commitment to innovation and delivering exceptional value to our talent, advertisers, listeners, and shareholders. By partnering with Amazon's ART19, we are not only future-proofing our hosting needs, but unlocking new growth opportunities by leveraging their cutting-edge technology and advertising opportunities. For the listener, there will be no change. They will still be able to access Podcast One's hit shows wherever they choose, including Spotify, Apple Podcasts, or YouTube. But for Podcast One, it's a big change, and I would like to review some of the key benefits. As an overview, Amazon has already invested heavily in podcasting, acquiring both Wondery and Art19 in the last few years. While Podcast One is now using Art19's hosting service, Art19 is paying us for access to our library of shows. Secondly, there are operational and technological advantages. ART19's advanced CMS content management system will improve efficiency, reducing the time and resources spent on back-end technology, allowing us to sunset most of our technology used for hosting, leading to cost-effective savings and increased efficiency on our staff. ART19 can provide enhanced analytics, including geotargeting and audience insights and targeting. Amazon's ongoing investment in broadcasting technology should bring future advancements to ART19's capabilities. On top of that, we will see revenue growth and stability. Podcast One will receive a minimum guarantee revenue stream of $15 million over three years, and as Podcast One scales its network and impressions, the minimum guarantee increases, ensuring upside potential. This will allow us to better forecast the value of shows and improve cash flow predictability. ART19 acts as a complement to our current sales team and programmatic ad sales, leading to an increase in revenue through ART19's integration with Amazon's advertising ecosystem. Amazon can package Podcast One's inventory with their premium ad offerings across podcasts and Amazon Prime TV, creating additional revenue streams beyond our reach previously. We also have a competitive edge and M&A potential. The deal strengthens Podcast One's position as a top 10 podcast network, aiding in talent acquisition by providing better monetization forecasting. It has the potential to open Podcast One up for future partnerships with Amazon's ecosystem as podcast hosts flock towards video and consumer preferences move towards watching their favorite hosts, not just listening. Overall, the partnership with Amazon's R19 provides immediate financial security, multiple revenue growth opportunities, better technology, and a stronger competitive position, making it a significant milestone for Podcast One, all while aligning with Podcast One's long-term growth strategy and reinforcing our leadership role in the evolving podcasting industry. In closing, we delivered a strong fiscal third, calendar fourth quarter, achieving double-digit revenue growth once again. In fact, this was Podcast One's largest revenue result for the period. The momentum continued into the start of calendar 2025, marked by major accomplishments, including the collaboration with Amazon, the retention and extension of flagship podcasts from Adam Carolla, Brendan Schaub, and Caitlin Bristow. Outcast One now hosts 196 shows, having added 64 new programs in 2024 and 10 exciting new shows in last quarter alone. Outcast One's talent roster continues to expand, supported by a debt-free balance sheet and multiple accretive growth opportunities. We are actively evaluating M&A prospects, not only to acquire top content networks, but also to enhance our platform with production, sales, and technology acquisitions that strengthen our offerings for hosts and advertisers. Podcast One remains the only pure-play publicly-traded podcast company in the U.S. Our expanding content portfolio, strategic partnerships, and revenue diversification efforts continue to create long-term shareholder value. Thank you for joining us.

And at this time, I'd like to turn the call over to the operator for q and a operator thank you we will now begin the question and answer session if you would like to ask a question please press star one in your telephone keypad to raise your hand and join the queue if you would like to withdraw your question simply press star one again your first question comes from a line of sean mcgowan from roth capital partners your line is open good morning guys can hear me okay yes hey sean good morning okay um hey aaron um yeah a couple questions so um you know you've talked in the past about cost of sales reflecting you know content acquisition

costs so you're i gather from your reaffirming reaffirming the guidance that you're comfortable that that's going to go down a lot in the fourth quarter so what drives that is it just is it simply the timing or is there something else behind that hey sean aaron i'll take this one it um yeah correct sean it's it's timing um you know we had a few revenue deals we were expecting in q3 that kind of moved into q4 uh we had the kind of the content cost or the minimum guarantee in in q3 that we had to expand some pay to pay to our talent without that revenue coming in the same quarter so it's really a a timing thing okay um and then the uh in gna the level of gna

spending seen in the third quarter is that what we should expect you know around that level to continue or were there you know unusual positives or negatives in the quarter there became a little lower than it should be it should be pretty consistent with that sean yeah okay um and maybe couple of questions from kit so where and maybe you too aaron so where in the pnl would we see the financial benefits of working with art 19 is it multiple places or is it primarily in the you know kind of cost side or or where do you see that i'll uh i can take this and you can oh yeah go ahead go ahead yeah go ahead okay sorry um yeah you're gonna you're gonna see it um

with some cost efficiencies on our operational side of things, right? So there'll be less cost for our team to run tech and do some stuff there. So there's a lot of efficiencies there, and I'll have our team be working on some other projects, not as much on that, which will be great. And then you'll see, like I mentioned in the call, you know, revenue growth on a consistent basis. we'll have you know payments coming in from uh from art 19 based on that minimum guarantee audience threshold that we'll have and then as we scale up there'll be more revenues on that so those are the uh you know i think you'll see that you know ancillary which won't be as clear i believe you'll see um pressure on our cpms for um you know more demand right if we have uh effectively three units, our direct sales team, the R19 Amazon team, and the programmatic channels monetizing our impressions, it all should work where all ships rise, right? So we'll see, hopefully, higher CPMs as we continue working with them. Aaron, I don't know if you want to add anything to that.

No, I think you covered it. Just maybe to clarify a little bit for you, Sean, there'll be a small impact in sales and marketing, right, because that's where some of the commission is. So, yeah, obviously, that's a variable expense. If we've got more revenue flowing through there, you'll see a little bit more expense there. But on the G&A side, where the kind of the hosting and operational costs are, you'll see a drop in that particular line. But exactly what Kit said.

Okay, thanks. And the last question for you, Kit. So I think everybody looking in this podcast world got a kind of an eyebrow-raising positive surprise on the impact that podcasting seems to have had in these various events that you cited, the election, the fires. How has that changed the competitive landscape? Are you seeing – it seemed like this time last year there was maybe a retreat by some of the major players, you know, diminishing their commitment or not renewing at the same levels, you know, some of their content. Has that shifted now, and are you seeing competition kind of increase or get more aggressive?

No, I mean, there's some activities out there, right? I think if you read the news, Red Sea Ventures did a deal with Fox over the last couple of days. So there's definitely still activity in the M&A space and will be a player in those type of deals as well moving forward. So you're not really seeing that. What you're seeing is just more people listening and the medium strengthening and more dollars being spent into it. more attention by advertisers, more attention to big brands, obviously Amazon, no one bigger than them, and investing in a relationship with us and continuing their commitment to podcasting, I think is huge. So I only think it's really helping everybody, just keeping the medium excited, keeping advertisers in there and just getting better based on using technology and and working with great talent to not only, you know, do audio like we have for years, but the video aspect of things and social media and events and things like that as well. Great. Thank you very much. Appreciate that. Good to hear from you, Sean. Talk to you later.

Your next question comes from a line of Leo Carpio from Joseph Gunner. Your line is open.

Good morning, gentlemen. A couple of questions regarding the quarter. Can you tell us about the quarter's revenues? Was it ad activity driven? Was there some sort of seasonality? I mean, thinking of the third quarter, people could be back from the beach. There's new content being placed on a platform. And then how does that drive and think about for the fourth quarter in terms of the art that you're projecting to hit your guidance?

You know, I can tell you this. You always are going to see seasonality, you know, in terms of consumption uh production and um and really ad spends they're all a little different in uh uh you know november and december where people are taking some time off to be with their families um maybe they're not as producing much content but we can we've got an advantage because we can bank content in advance um but as far as advertisers they go heavy because that's when people are spending money so um we had you know had some good pickup in sales and some of our new shows like stassi as we mentioned um did really well um i'm looking you know at january and and things are looking pretty good you know uh we're we're fighting through um you know january is always a little slow based on you know people slowing down spends but um we've seen some nice numbers and nice direct sales on that front uh the transition to art 19 amazon's art 19 is taking place right now so uh we're in uh we're in that phase and and we'll see how that starts to roll out in this quarter but uh like we mentioned we should be you know we're pretty comfortable hitting those numbers that we quoted for the quarter slash year okay and speaking of art 19 when are we going to see the real financial impact of uh the transition uh will it be like the next

I mean, two quarters from now, in the beginning of 2026, or more of a summer 2025 calendar effect?

No, you'll see it start to take place in the quarter that we're currently in. So we're transitioning all our shows right now over to there, but there's some guarantees that start up. And, you know, they're pushing hard to already get that inventory out to their sales team and in their system as well. We talk to them almost on a daily basis. So that's ramping up nicely. Our connects with the programmatic channels are staying input, too. So that should help. And as always, our direct sales team is, you know, doing their job, too.

Okay, and in terms of the prior question, regarding competitive environment for talent, how does ART19 enhance your position versus, say, Spotify, Apple? Does having Amazon and ART19 behind you helpful in negotiations going forward, and so how?

Yeah, good question. It does help us because we're able to kind of forecast, like I mentioned, like three revenue generating channels earlier rather than two. And we'll really have more of a science on understanding the value of shows just based on pure numbers, right? How many downloads you have a month. We'll be able to kind of look at how that's valued from those three channels, right? not not just two which should help us um calculate that um it should uh effectively make shows more valuable to us so in turn that'll help us um you know hopefully get some get some more shows uh with better deals based on the ability to know we have cash coming in every month we know the value better than we had before on what these shows could bring in so that'll that'll really help us on that front um as far as the technology and the uh you know the the the use of their ad serving technology it's great i mean you know the system that we were on currently is was was good too this is comparable it's not better um but that's where you'll start to see some advancements with amazon over the next couple years on their cms and ad serving capabilities um there are cool things that they can do you know like you can cap uh commercial loads to end users you can you can switch out copy so if they've heard it and things like that that we can offer advertisers um so that that'll take place over the next couple months but uh yeah yeah we're excited about that i mean um you know it's always easier saying you're hosted by a company like amazon rather than your own thing so that also will help but uh yeah we're excited about it it's a huge deal we we as a company spent the better part of all last year analyzing all the major platforms and and potential revenue generating cost saving um aspects of the deal and and we really felt comfortable with um art 19 amazon's art 19 and and how they're uh you know structured their team uh their services and how they're working with us. So a guy I did a deal with, Andy Slater, has been a good friend of mine for 25 years in the radio business. So he's great and his team's great, and we're really excited about the deal.

Okay, and then last question. I don't know if you saw this.

Netflix is exploring adding video podcasts to their platform. um any sense in terms of how you might respond or too early to tell well i they should have gotten into this a lot longer a lot a while ago if you look at all the video companies out there um you know youtube is is now the number one platform for uh consumption of podcast listening right so spotify is investing heavily in the video aspect as well um there are some uh issues with that it's good and bad um you know discovery is great some of the ad dynamics are tough that's that's hard to control um but netflix uh absolutely should be involved in this too um you know the fact that they haven't um gotten more into some of their shows having recap shows and um if you look at some of the the great podcasts out there whether it's sevens on apple i mean these are big big podcasts now that you know people watch the tv show and then want to get involved in the communities so amazon should be involved in that they also should be involved in the ip side of things right it's it's a very effective way to prove concepts on a on a potential movie or television show and um you know so they should definitely be involved in the

podcasting space um so i'm excited to see that they're in there and um hopefully we have some good talks with them uh moving forward but i did yeah i saw that note uh just a day or two ago that's exciting all right well thank you gentlemen and i'll go back in the queue thanks leah your next question comes from a line of tom white from da davidson your line is open hey this is fly at swanson on for tom thanks for taking our questions uh could you talk a little bit about how art 19 helps to drive your programmatic advertising and maybe your expectations of how that ramps up over the next 12 to 18 months do you kind of expect programmatic ads to outpace

direct sales or how should we think about that uh good good question uh thanks for jumping on and appreciate that the uh the time um so no uh amazon really doesn't have anything to do with the the programmatic side of things um and it basically goes like this so if you have three channels right how i mentioned our direct sales team you've got amazon's um deal their sales team basically and then you have the programmatic desk it's kind of a waterfall right so we have access to our inventory um you know like no one else does we we have that first and typically that's because we know our CPMs on direct sales deals would be higher. We're able to use the talent to voice ads, choose particular shows, particular programs, use the technology to get higher CPMs in terms of behavioral targeting or geo-targeting or, you know, gender targeting, whatever that might be. That's our primary area where we'll make most of our revenue. I still think that's where it's going to be. um that's where for at least the next 18 months for sure that'll still lead to lead the way and i believe that'll still lead the way no matter what but um amazon then will be the second uh you know uh funnel in terms of uh impressions they get to uh to access and then after that it will be the programmatic side of things now amazon will be um hopefully selling higher cpms than programmatic, you know, programmatic revenues are, you know, CPMs are typically in that $8 to $12 range. Amazon's hopefully would be higher than that. Why it will increase, to your question, both on the Amazon side of things and programmatic and even the digital side of our sales team, revenue channel, is because every episode that goes out, you know, it stays and lives forever, right? So you can, we're now monetizing another year of Adam Farola's show and A&E's Cold Case Files and, you know, you know, Kelty and the Lady Gang are having another year. So we keep building our library and more and more people are finding out how great podcasting is and they're going back and consuming all these shows. So where we'll have an advantage is as our library and impressions grow we'll be able to have those three channels in there funneling in as much money as possible um i hope that gave you kind of a an answer on the on on your question or helped you out got it yeah that's very helpful i appreciate it and then i just had one follow-up program sorry once programmatically you're still going to see big money i'm sorry just to add to it like you're still going to see um more money you know going in that space again the brands are really excited about the podcast end user right and and um you know i i believe you know with a political change in our country there's not going to be as much restrictions on you know who's saying what where for these brands if they want to reach people so i think that'll help um i also think you're going is to see more and more in the audio space as audio catches up with video banner network programmatic capabilities. And that's what we're seeing. So I still think you'll see some great revenue growth on the programmatic channel as well.

That's super helpful. I appreciate it. And then I just had one follow-up. I was reading about Launchpad 1. It seems like a really interesting way to discover new talent. As it relates to Art19, given that you're sunsetting most tech used for hosting, Would you maybe expect an uplift in users joining Launchpad to host their podcasts, or do they host through ART19 now, or just how should I think about that?

Yeah, we're still going to be working with our old company to still run Launchpad and grow Launchpad, and I agree with you. It's still a very exciting, you know, free ability to host podcasts. um um and we'll be doing some things this year um a couple years ago we did uh kind of a you know find your next great podcast uh show uh where you know some of our great podcasters were great some of the shows and so forth so we'll be doing some things like that to to grow that uh and expand on the tech there too right so now that we don't have to spend as much time on all the other stuff that we're doing because art 19 is taking over some of it we'll be able to still do those things um so yeah launchpad is definitely on our radar to to focus more of our time and efforts and moving

forward thank you very much thank you and your final question today comes from the line of barry sign from lichfield your line is open uh hey good morning uh gentlemen um actually good afternoon i guess now um i want to talk about um the content um kit maybe you can talk about what podcasts are you know really hot right now what's up and coming you know what new podcasts have you added that you're really excited about and you know what's on the runway for you know potentially give us a sneak preview of what you might be adding over the next month or two yeah sure um

I highlighted Stassi, and Vanderpump actually starts up again shortly. Vanderpump is like a phenomenon. We've got two shows that are focused on that, soon to be three, based on a partnership ending and doing their own shows with Jax and Brittany. So that's really killing it. And Cale Lowry, who does the Killer Network and Side of Podcast One with her network of shows, they're also launching another show associated with that as well. So those are, you know, that's our wheelhouse. When we look at female programming, moms, that's still what people are always asking for in terms of advertising. And the audience is really expanding there. So we will continue to focus our efforts on shows like that. We have over 100 shows that we're talking to right now. Many of them fit in that world as well as true crime. You know, a ton of true crime shows out there that are really exciting and fun. And we've got a great true crime network that a lot of them will fit into. We just launched this past week A&E's Ancient Aliens. It's actually the History Channel, which is under the A&E umbrella. So we're part of that family now. We've worked with A&E for almost eight years. The Cold Case File, I Survived, and a couple others. But I'm really high on this show. I think that the alien phenomenon is tremendous. There's some great stories, and everybody has an opinion on these things. And recently, there's been some alien stuff coming up on the news. So I think that's a really good one. And we've got the power of A&E and their TV and social media behind that as well. Those are some of the ones we're really excited about. We're going to be continuing the path of the Farnham towns of the world and owning IP and continuing to grow that library and reaching out and trying to sell more of those shows to networks for second window type opportunities. There's great focus on our company on that as well. So those are a couple of them, but, you know, we're really excited about the network and the opportunities coming forward, and I think we're positioned really well.

Okay, and just elaborating on some of the things you said in terms of some of the female programming, I know, for example, Lady Gang has a three-day weekend event, you know, coming up in September. I don't think you guys are actually running that, but presumably that has spillover effects in terms of popularity and advertising. Anything on that and any other special events in addition to just podcasts you may have in the works? Yeah, we're going to be involved in that.

That's actually, you guys know where I live in Florida. It's maybe 10 minutes from where I live here in Destin, Florida. And yeah, so we're going to be involved in that. I'm actually meeting with the Kelty Knights from Lady Gang next week about finalizing some deals and some ideas down here. That's a cool event. And we'll be doing more of those types of things with our talent. If you notice on the roster, you'll see Caitlin Brissot, Lady Gang, and Stassi, right? So there's other great podcasts that aren't podcasting on The Office Ladies and a couple others. but uh those are three of our biggest most powerful shows all here so we're going to do some fun things and be involved in that um it's cool i mean that's what you can do when you have a podcast community or you have a social media community um you can drive things like that uh where you know there's going to be a weekend of content music as mcgrath is coming down there's there's going to be, you know, eating and yoga and paddle boarding and really just kind of a fun effect. So, Podcast One will be, you know, involved in that as well.

And turning to emerging monetization, you know, things like movies and so on, where are we in terms of a composition of revenue? I assume, like, 95% or more of revenue is still traditional advertising sales and that you know the emerging streams are not that significant and then on a forward-looking basis are there any negotiations in process you know i'm not asking specific you know which specifically but what's the forward-looking view on you know emerging monetization yeah so i think when you look at advertising it's still going to be a big big part of what we do it's that 90-95 zone um it's more um you know diversified uh you know now having art 19 amazon involved in that um with some you know you're hedging your bets a little

bit if you look at that on the financial side of things um so that protects us a little bit um podcast one pro uh is is ramping up um i mentioned you know boost and microsoft but love sack which is uh i think i believe i saw they had a tv commercial around the super bowl as a growing brand um we've got a great show with them uh motor trend continues they're now going to be in their fourth season with us that's a really nice business um so we're focusing on uh on that and that'll help us with our margins quite a bit because we have the the talent booking and the infrastructure in terms of producers, video, audio. So when we charge people for that, it's our margins would be really nice. So that'll be something else that we'll continue in. Merch, you know, shows, you know, owning. You know, our parent company Live One is doing stuff with, you know, a liquor brand and a coffee now. So we're gonna be doing more of that for for some of our partnerships in the um in the talent space so over the next year year and a half you'll start to see that uh change a little bit but again um you know the advertising is really recording okay great thank you sure good to talk to you thank you barry and that concludes our question and answer session i will now turn the call back over to management for closing remarks Hey guys, thank you so much. I really appreciate your time and interest in Podcast One. We'll be at the Roth event in March and we'll be constantly updating everybody on things as they happen within the quarter. Again, we appreciate your time and look forward to hearing from you guys soon. Take care. Bye.

This concludes today's conference call. Thank you for your participation. You may