Business
Dolphin Entertainment Q3 2020 Revenue Increases 23% From Q2 2020, And 7% Year Over Year, to $6.4 Million
NEW YORK, NY and LOS ANGELES, CA / ACCESSWIRE / November 16, 2020 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading independent entertainment marketing
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"NEW YORK, NY and LOS ANGELES, CA / ACCESSWIRE / November 16, 2020 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading independent entertainment marketing and production company, reports its operating results for the three months ended September 30, 2020.Bill O'Dowd, CEO of Dolphin Entertainment, commented, \"Our Q3 highlight was undoubtedly the acquisition of Be Social. Adding best-in-class influencer marketing capabilities to our entertainment industry leading PR firms was the single-most strategic objective for Dolphin in 2020. With Be Social, we added our first choice of companies in this vertical, and continued to build on the momentum from the Shore Fire acquisition in December, 2019. And that momentum is showing in our financial results. Our revenue grew 23% from Q2, from just under $5.2 million to just under $6.4 million. This also represents a 7% year over year increase. We will continue to integrate Be Social, and cross-sell their services, throughout Q4 and expect to finish the year very strong, as we look forward to 2021.\"HighlightsTotal revenue, fully derived from the Company's core entertainment and publicity segment, was $6,390,653 for the three months ended September 30, 2020, as compared to $5,948,056 in the same period in the prior year. The prior year included $7,616 of revenue from content production.Operating loss for the three months ended September 30, 2020 of $493,185, which included non-cash items from depreciation and amortization of $514,097, as compared to operating loss of $1,412,171 including non-cash items for depreciation and amortization of $485,965 for the same period in the prior year.Net Loss for the three months ended September 30, 2020 of $137,630, compared to net loss of $326,441 for the same period in the prior year.Cash and cash equivalents of $9.9 million as of September 30, 2020, compared to $2.9 million as of December 31, 2019.Announced a major expansion of entertainment marketing capabilities through the acquisition of influencer marketing leader, Be Social. Founded 8 years ago, Be Social is a Los Angeles-based digital communications group representing both brands and highly-engaged digital influencers. Be Social has worked with hundreds of leading beauty, fashion and lifestyle brands on influencer campaigns, including H&M, Nordstrom and Disney, oftentimes alongside the roster of d...