LOS ANGELES - PodcastOne, a prominent podcast platform operating under LiveOne (NASDAQ: LVO), today announced the expansion of its Board of Directors with the appointment of Jon Merriman. Merriman, a seasoned Wall Street figure with a history of identifying high-growth investment opportunities, is expected to contribute significantly to PodcastOne's strategic initiatives.
The addition of Merriman comes at a time when PodcastOne is intensifying its efforts to scale business operations and enhance its visibility within the financial and investment communities. PodcastOne President and Co-Founder, Kit Gray, expressed confidence that Merriman's extensive experience in investment banking and advisory services will be a valuable asset to the company's growth.
Jon Merriman holds the position of Chief Business Officer at B. Riley Financial (NASDAQ: RILY), where he is also a Senior Managing Director of Investment Banking. His expertise spans advising companies on financing, capital markets, and operational challenges, particularly within the technology, media, and entertainment sectors.
In response to his appointment, Merriman conveyed enthusiasm about joining PodcastOne at a pivotal moment in its growth trajectory. He commended the company's creative and distribution achievements, as well as its successful B2B partnerships that have propelled its monthly recurring revenues.
PodcastOne, established in 2012 by Kit Gray and Norm Pattiz, has become a significant player in the podcasting industry, offering a comprehensive suite of services to content creators and advertisers. With over 2.1 billion downloads annually, the network maintains a robust community of 250 top podcasters and reaches over a billion listeners each month across various platforms, including an exclusive presence in Tesla (NASDAQ:TSLA) vehicles.
The press release statement also outlines PodcastOne's parent company, LiveOne, as an award-winning, creator-first platform that delivers music, entertainment, and technology experiences worldwide. LiveOne's portfolio includes subsidiaries such as Slacker Radio, PodcastOne, and others, with availability on multiple devices and platforms.
This announcement is based on a press release statement and includes forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated.
InvestingPro Insights
As PodcastOne aims to amplify its business and market presence, the financial health and performance metrics of its parent company, LiveOne, become increasingly important for investors to consider. Here are some key insights from InvestingPro that shed light on the current financial standing of LiveOne (NASDAQ: LVO), which could influence the company's ability to support PodcastOne's strategic initiatives.
InvestingPro Data shows that LiveOne has a market capitalization of $43.99 million USD, indicating the size and scale of the company in the broader market. Despite the challenges in profitability, as reflected by a negative P/E ratio of -1.81, the company has demonstrated revenue growth of 18.87% over the last twelve months as of Q3 2024. This growth is a positive sign for potential investors looking at the company's ability to increase its earnings over time.
The gross profit margin for the same period stands at 15.2%, which is an area of concern as highlighted by an InvestingPro Tip, noting the company's weak gross profit margins. This indicates that while revenues are growing, the cost of goods sold may be disproportionately high, affecting the overall profitability.
Another InvestingPro Tip points out that LiveOne holds more cash than debt on its balance sheet, which is a reassuring sign of financial stability and could provide the necessary resources for PodcastOne's expansion and operational scaling. Still, it is important to note that the company does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income from their investments.
For investors seeking more in-depth analysis and additional InvestingPro Tips, there are 7 more tips available on InvestingPro, which can be accessed at https://www.investing.com/pro/LVO. To enrich your investment strategy with these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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