Business
Dolphin Entertainment Q1 2024 Revenue Increases 54% Year over Year to a Record $15.2 Million, and Reports Positive Adjusted Operating Income of $1.0 Million Compared to an Adjusted Operating Loss of $1.9 Million in Q1 2023
Quarterly Revenue Increased 27% Over Previous Record in Q4 2023.Adjusted Operating Income increased 236%. From Q4 2023MIAMI, FL / ACCESSWIRE / May 14, 2024 /
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"Quarterly Revenue Increased 27% Over Previous Record in Q4 2023.Adjusted Operating Income increased 236%. From Q4 2023MIAMI, FL / ACCESSWIRE / May 14, 2024 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the first quarter ended March 31, 2024.Bill O'Dowd, CEO of Dolphin Entertainment commented:\"In Q1 2024 Dolphin achieved record revenue of $15.2 million, an increase of 54% year over year, and a significant increase of 27% over our previous record of $12 million in Q4 2023. We also achieved positive Adjusted Operating Income of $1.0 million, an increase of 236% from Q4, 2023.By concentrating on organic expansion among our top-tier marketing entities and launching complementary Ventures at a steady pace, we believe we are strategically positioned for sustained growth in both revenue generation and Adjusted Operating Income, the crucial financial metric against which we gauge our performance.Our Ventures will provide us ownership stakes in assets wherein our form of marketing can provide the greatest influence on the likelihood of success --- content creation, consumer products, and live experiences. Notably, we anticipate Dolphin securing ownership stakes in the majority of these endeavors without the necessity of a cash outlay.Now that our full group of marketing companies has been assembled with the acquisition of Special Projects last October, and we are developing Ventures opportunities in earnest, we expect the amplifying impact will grow significantly as the Dolphin Ventures portfolio expands. We believe this strategy will unlock compounding returns and continuous value creation by sustainably getting paid for services while accumulating equity stakes - again, many times without any capital required from Dolphin.This is a big week at Dolphin. In addition to posting our first quarterly results as a fully formed group, we have significant Ventures milestones occurring:May 15: We launched the first product developed by Dolphin in partnership with one of the A-list celebrities on our talent rosters: Staple Gin, a recipe-driven spirit created by Rachael Ray and crafted in New York's Catskills region. Pre-orders are now available at www.staplegin.com, with shipments starting May 15, 2024, to 43 states and retail rollout unde...