PodcastOne has unveiled its financial results for the second quarter, and the report was an encouraging one for the digital audio company.
Revenue for the company was up 24% compared to the second quarter in 2023. In total, the company brought in $13.2 million during April, May, and June, which set a new high mark for PodcastOne.
Despite the record revenue gains, it still featured an operating loss of $1.4 million. The company attributed the operating loss to increased expenses from becoming a fully public company.
“Once again, I am extremely proud of our team’s accomplishments,” President Kit Gray said in a statement. “We’ve seen record-breaking revenue figures backed by our incredible team. By implementing strategic acquisitions, effective marketing efforts, and leveraging long-term relationships with advertisers and brands, it allows us to maintain profitability and worth for both our company and valued shareholders. We look forward to continued growth and success as we prioritize revenue and commit to the future of our business.”
With its second-quarter performance, PodcastOne maintains it is still on pace to generate between $51 million and $56 million during the fiscal year.
