Business
Dolphin Entertainment Announces Q3 Revenue of $10.2 Million an increase of 3% YoY, Nine-Month Revenue of $31.1 Million up 6% YoY
Post-Q3, acquired Special Projects and announced multi-year agreement with MasterCard for Midnight TheatreMIAMI, FL / ACCESSWIRE / November 14, 2023 / Dolphin
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"Post-Q3, acquired Special Projects and announced multi-year agreement with MasterCard for Midnight TheatreMIAMI, FL / ACCESSWIRE / November 14, 2023 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the third quarter ended September 30, 2023.Bill O'Dowd, CEO of Dolphin Entertainment commented:\"I'm very proud of the team at Dolphin, which increased revenue in Q3 despite enduring two prolonged industry-wide strikes and the distraction of an internal merger for essentially the entire quarter.On the bottom line, our Q3 operating loss of $2.1 million includes approximately $1.2 million in non-cash charges. Thus, the cash operating loss was approximately $900,000. We believe if it were not for the impact of the two strikes and the one-time costs associated with the internal merger of Be Social and Socialyte, our influencer marketing subsidiaries, to create The Digital Department, we would have achieved a cash operating profit in Q3. And that would have been without the benefit of Special Projects, which we acquired at the start of Q4.Thus, going forward, once the industry resumes normal operations post-strikes, and with the addition of the revenues and profits of Special Projects, we expect to have consistent cash operating profits.The effects of the strikes will be felt into Q1, as many movies and tv series have already been pushed out of 2023 and into the spring and summer of 2024, but make no mistake, the industry is excited to get back to work. And Dolphin has not been sitting idle. Quite the contrary, as we have achieved the following highlights, all since our last Earnings Call in the middle of August:(1) created a market-leading influencer marketing agency, The Digital Department, by merging Be Social and Socialyte;(2) hosted the Grand Opening of Midnight Theatre (now open 7 days a week), and signed our multi-year partnership with blue-chip marketer Mastercard; and(3) completed our 7-year journey to build an Entertainment Marketing Earned Media \"Super Group\" with the acquisition of the best-in-class talent booking and celebrity live event firm, Special Projects.With these accomplishments, we believe Dolphin is in its strongest position in company history, with highly-diversified revenue sources across seven operating subs...