LiveOne announces that Jim Berk is joining the board of directors for PodcastOne. The company says that Berk has over 25 years serving as chief executive, including his prior experience as CEO of PodcastOne, knowledge of the entertainment and media sector, and his expertise in strategic planning, operations, mergers, and acquisitions. Berk is currently chairman and CEO of Goodman Media Partners, investing in early-stage media and tech companies. PodcastOne co-founder Kit Gray comments, “Jim has an impressive track record of working with public companies and has extensive knowledge of our business. We are thrilled to bring his expertise back in the company and on our board during this crucial period of growth for PodcastOne as we are launching our IPO.”
LiveOne announces some preliminary financial figures ahead of the official posting of its fiscal year 2023 third quarter report. LiveOne says it has achieved all-time record growth of 160,000 paid members. For the third quarter of fiscal year 2023, the company expects revenue to be $27 million. It adds that the audio division that includes Slacker and PodcastOne will report revenue of $21.6 million for FY/2023 Q3 and for the first nine months of the fiscal year expects to report revenue of $63.5 million. LiveOne previously announced its intent to spin out PodcastOne as a separate, publicly traded company and plans to IPO Slacker this year.
Digital content platform LiveOne announces that “as part of its focus on generating cash from operations on a consolidated basis, (it) is implementing additional cost and expense reductions from both operations and corporate overhead, which is anticipated to increase the previously implemented annual cost savings to a total of over $30 million in its fiscal year ending March 31, 2023. On December 29, 2022, the company revealed that Courtside Group, Inc. (dba PodcastOne) has filed an S-1 with the SEC for its planned spin-out and special dividend to LiveOne’s stockholders of record on January 16, 2023. The company says that PodcastOne is expected to record revenue of $25 million for the first nine months of fiscal 2023 ending December 31, 2022.
LiveOne adds, “PodcastOne’s proprietary internal Content Management System allows creators and producers to track metrics about shows on an episode-by-episode basis. CMS is the platform where podcast episodes are uploaded, RSS feeds are created and distributed to listening platforms, and the listening data is analyzed and displayed in a dashboard for the creators/producers to see. This fully owned and operated enterprise CMS rivals other paid platforms such as Megaphone (Spotify-owned), Art19 (Amazon-owned) and SimpleCast (SiriusXM/Pandora-owned). The CMS’ day-to-day operation and maintenance is managed by a vendor we contract with and is constantly being updated to be a best-in-class system. LiveOne remains committed to spinning-out PodcastOne as a separate public company to be listed on a national exchange. In connection with such spin-out, LiveOne has moved the record date to Jan. 16, 2023 for PodcastOne’s special dividend to LiveOne’s stockholders of record. In addition, LiveOne intends to explore spinning-out SlackerOne as a separate public company during its 2024 fiscal year.”