Business
Dolphin Entertainment Q4 Revenue Grows to $6.7 Million and "Dolphin 2.0" Commences with 2021 Launch of NFTs Division and First NFTs Partnership
MIAMI, FL / ACCESSWIRE / April 15, 2021 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company,
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / April 15, 2021 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the fourth quarter and full year ended December 31, 2020.\"Dolphin 1.0, our core investment strategy to form and operate a best-in-class entertainment marketing ‘Super Group,' had a successful 2020 with the highly strategic acquisition of influencer marketing agency, Be Social,\" said Bill O'Dowd, CEO of Dolphin Entertainment. \"Momentum continued into 2021, with the acquisition of BH/I, a leading entertainment content, gaming and Esports PR firm, expanding Dolphin into exciting new entertainment verticals, and greatly enhancing cross-sell opportunities.\"Mr. O'Dowd continued, \"Our financials reflect the strength of our Super Group. Even during the pandemic, with movie theaters, live music venues, restaurants and hotels closed nationwide, Q4 revenue grew to approximately $6.7 million, from $6.2 million in 2019. We believe Q1 revenues will pass $7 million, and we continue to believe that 2021 revenues will pass $30 million, without taking into account any Dolphin 2.0 initiatives, such as our recently announced NFT division. As exciting as our revenue growth is, we feel even more proud about our improved balance sheet. In 2020, even while continuing to pursue our growth and acquisition strategy, we improved our working capital deficit by over 80%, from $15.6 million down to $3 million. We believe we will reach a working capital surplus shortly, within 2021. Furthermore, both stockholder's equity and current assets doubled in value, and our cash on hand more than tripled, from 2019 to 2020.\"Mr. O'Dowd added, \"We are a company that is growing stronger and, with the further acquisitions of Be Social and B/Hi, we believe we have tremendous scale across the major verticals of entertainment. So, we have launched Dolphin 2.0. By leveraging our unique & powerful entertainment marketing Super Group, Dolphin will now start owning some of what we are marketing. To that end, in March, we formed a new division dedicated to designing, producing, releasing and promoting Non-Fungible Tokens (NFTs) for our clients across the film, television, music, gaming, culinary, and sports industries. Next, we signed our first NFTs partnership with Hall of Fame Res...