Business
Dolphin Q1 Revenue Increases 8% to Record $9.9 Million
"The Blue Angels" Sells to Amazon Studios; Dolphin To Earn approximately $3.5MLOS ANGELES, CA / ACCESSWIRE / May 15, 2023 / Dolphin Entertainment, Inc.
About this update from Dolphin Entertainment, Inc.
[{"type":"text","content":"\"The Blue Angels\" Sells to Amazon Studios; Dolphin To Earn approximately $3.5MLOS ANGELES, CA / ACCESSWIRE / May 15, 2023 / 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, 2023.\"2023 is off to a strong start, said Bill O'Dowd, CEO of Dolphin Entertainment. \"Q1 revenue, seasonally our lowest quarter, grew 8% to $9.9 million. We're now halfway through the month of May and expect Q2 revenue to be meaningfully higher than Q1. Furthermore, we expect 2023 to hit its revenue goal of 20-25% YoY revenue growth.\"\"On the operating line, following our Q4 2022 acquisition of Socialyte, we now have two influencer marketing firms in our Q1 2023 results. Influencer marketing firms seasonally lose money in the first quarter, before generating a profit during the rest of the year. As such, we were pleased that our fully diluted Q1 2023 loss per share remained flat vs Q1 2022. We look forward to benefiting from both influencer firms' annual profitability as we move ahead this year. Additionally, we have more acquisition synergies to create that we expect will positively impact our profit lines in future quarters.\"\"After quarter end, we were pleased to announce The Blue Angels, the first project from our multi-year agreement with IMAX to co-finance the development and production of a slate of feature-length documentaries for global release, was sold to Amazon Studios, which will place the film on its streaming service after it receives a theatrical release in IMAX theaters. We expect to generate approximately $3.5 million to Dolphin from the acquisition agreement, which would result in a 75% ROI before the inclusion of any revenues to Dolphin from the ticket sales from IMAX institutional theaters - providing powerful validation for our model of also taking equity in projects we market.\"Mr. O'Dowd concluded, \"The great success with \"The Blue Angels\" gives us a nice springboard for the next projects with IMAX, which we expect to announce this summer. And, with Midnight Theatre building toward a full 7-day a week schedule, and the hiring of Ellie Doty as our Chief Marketing Officer to oversee future Dolphin Ventures (formerly Dolphin 2.0) partnerships, we feel we are building strong momentum as we ramp ...