Think of Dolphin Entertainment as a specialized version of Endeavor (parent company of WME), focused on public relations, marketing, and content production for the entertainment and lifestyle industries.

• Public Relations Services: Provides strategic communications, media relations, and talent publicity services for individuals, brands, and corporations across various industries.
• Creative & Digital Marketing: Offers comprehensive brand strategy, advertising, design, digital content creation, and social media management solutions.
• Content Production & Distribution: Develops, produces, finances, and distributes feature films, television series, and digital entertainment content.

Dolphin Entertainment (symbol: DLPN) primarily operates on a **business-to-business (B2B)** model, providing marketing, public relations, and content production services to other companies and professional entities within the entertainment, lifestyle, and brand sectors.

According to its regulatory filings (e.g., Form 10-K), Dolphin Entertainment does not have any single customer that accounts for 10% or more of its total revenues. As such, specific major customer names are not disclosed by the company. However, based on its stated business operations and the services offered by its various divisions, its major customer categories include:

• Major Entertainment Studios, Streamers, and Networks: These are film studios, television networks, and streaming service providers that engage Dolphin Entertainment for public relations, marketing campaigns, social media management, and content production/distribution for their films, TV series, and other entertainment properties.

  Examples of companies that fit this customer profile (these are illustrative examples of their target market, not confirmed specific clients):

  • The Walt Disney Company (NYSE: DIS)
  • Netflix, Inc. (NASDAQ: NFLX)
  • Warner Bros. Discovery, Inc. (NASDAQ: WBD)
  • Paramount Global (NASDAQ: PARA)
  • Amazon.com, Inc. (NASDAQ: AMZN) for Amazon Studios/Prime Video
  • Apple Inc. (NASDAQ: AAPL) for Apple TV+

• Luxury, Lifestyle, and Consumer Brands: Companies across various industries, including fashion, hospitality, food & beverage, beauty, and technology, utilize Dolphin Entertainment's branding, strategic communications, and influencer marketing services to promote their products, services, and corporate image.

  Given the diverse nature of these brands, many are private, or divisions of larger conglomerates. Specific public examples are harder to pinpoint without direct company disclosure, but could include various large consumer product companies or luxury groups seeking advanced marketing and PR services.

• Talent Management and Production Companies: While Dolphin Entertainment works with individual talent (actors, musicians, athletes, influencers), these engagements are typically facilitated through their professional representatives (agents, managers) or their own production entities. Dolphin provides strategic public relations, reputation management, and project publicity for these professional entities.

  These are generally not individual public companies, but rather professional service firms or smaller production houses representing talent.

William O'Dowd IV, Chairman & CEO

William O'Dowd IV founded Dolphin Entertainment in 1996. He has over two decades of experience in the television, digital media, and film industries. Prior to taking the company public, Dolphin produced television and feature films. After going public, he led the acquisition of eight entertainment marketing companies to form a group that markets film, television, music, and influencers. He also launched a feature films division, Dolphin Films, in 2013. He was an attorney before founding Dolphin, starting the company from his bedroom.

Mirta Sanchez Negrini, CFO & COO

Mirta Sanchez Negrini has served as Chief Financial and Operating Officer since October 2013 and as a Director of Dolphin Entertainment since December 2014. She possesses over thirty years of experience in both private and public accounting. Before joining Dolphin, she was a named partner of Gilman & Negrini, P.A., an accounting firm that was a client of Dolphin Entertainment, Inc..

Lois Najarian O'Neill, Co-Founder & Co-CEO, The Door; COO, Dolphin Executive Committee

Lois Najarian O'Neill is the Co-Founder and Co-CEO of The Door, a subsidiary of Dolphin Entertainment, and also serves as COO on the Dolphin Executive Committee.

Charlie Dougiello, Co-Founder & Co-CEO, The Door; Chief Innovation Officer, Dolphin Executive Committee

Charlie Dougiello is the Co-Founder and Co-CEO of The Door, a subsidiary of Dolphin Entertainment, and also holds the title of Chief Innovation Officer on the Dolphin Executive Committee.

Emerson Davis, Vice President, Development & Production

Emerson Davis serves as the Vice President of Development & Production for Dolphin Entertainment.

Key Risks to Dolphin Entertainment (DLPN)

1. Financial Health and Liquidity: Dolphin Entertainment has faced ongoing net losses, reporting a net loss of $365,494 in Q3 2025 and a substantial $3.7 million for the first half of 2025. The company operates with a working capital deficit, meaning its short-term assets do not cover its short-term debt, evidenced by a current ratio of approximately 0.76 as of September 30, 2025. Furthermore, Dolphin Entertainment carries significant debt, totaling $25.4 million as of September 2025, leading to a high debt-to-equity ratio of 301.3%. This financial instability is further highlighted by an Altman Z-Score of -3.33, placing the company in a distress zone.
2. Dependence on High-Profile Projects and Intense Industry Competition: The company's revenue is highly sensitive to the broader economic climate and it operates in a highly competitive entertainment marketing sector. Dolphin Entertainment's business is heavily reliant on a relatively small number of high-profile, event-driven projects, such as "The Blue Angels" and "Youngblood." Any delays, underperformance, or weak distribution of these titles could lead to significant volatility in project-based revenue and negatively impact overall earnings. The company faces intense competition from larger, more established firms, and secular shifts towards in-house digital marketing and automated advertising platforms could pressure fee rates and net margins for its specialized PR and influencer agencies.
3. Lack of Public ESG Report and Sustainability Policy: Dolphin Entertainment's absence of a public, comprehensive ESG (Environmental, Social, and Governance) report or sustainability policy is identified as a significant risk. This lack of transparency can be a red flag for institutional investors who increasingly have mandates to invest in sustainable companies, potentially excluding Dolphin Entertainment from capital flows. Moreover, failing to demonstrate a commitment to green production could hinder its marketing subsidiaries from securing new business, potentially impacting 10% to 15% of its revenue in high-profile segments where client scrutiny on sustainability is high.

Major social media platforms are increasingly developing robust marketplaces and tools that directly connect brands with creators and influencers, facilitating campaign management, payments, and analytics. This trend threatens to disintermediate influencer marketing agencies, including those owned by Dolphin Entertainment. As platforms like TikTok Creator Marketplace, Instagram's branded content tools, and YouTube BrandConnect mature, brands can bypass traditional agencies to source, manage, and execute influencer campaigns, potentially reducing demand for DLPN's intermediary services and putting pressure on its market share and fees.

Dolphin Entertainment (DLPN) operates in two main segments: Entertainment Publicity and Marketing, and Content Production. The addressable markets for these services are substantial.

Entertainment Publicity and Marketing

This segment includes services such as public relations, entertainment and hospitality content marketing, strategic communications, influencer marketing, and celebrity booking services.

• Influencer Marketing: The global influencer marketing market is projected to reach $32.55 billion in 2025. It is further estimated to reach $121.81 billion by 2030. In the U.S. specifically, influencer marketing spending is expected to surpass $10 billion in 2025, reaching an estimated $10.52 billion.

Content Production

This segment focuses on developing, producing, and distributing feature films, television, and digital content.

• Digital Content Creation: The global digital content creation market was valued at approximately $36.38 billion in 2025 and is projected to grow to $69.80 billion by 2033. North America, a key region for Dolphin Entertainment, held a significant share of the global digital content creation market, with the U.S. market alone accounting for a projected revenue of $6,411.8 million in 2024 and expected to reach $12,283.5 million by 2030.
• Independent Film Distribution: The global independent film distribution market size stands at $6.8 billion in 2024, with a projected compound annual growth rate (CAGR) of 7.1% from 2025 to 2033, reaching $12.7 billion by the end of 2033. In North America, this market accounts for approximately $2.3 billion in revenue in 2024. The U.S. domestic market for independent films is estimated at around $4.8 billion in box office intake.
• Podcasting: The global podcasting market size was over $32.48 billion in 2025 and is projected to reach $362.99 billion by 2035. North America's podcasting market is a significant contributor, with the U.S. market expected to grow at a CAGR of over 19% from 2025 to 2030.

Dolphin Entertainment (DLPN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion into New Verticals and Divisions: Dolphin Entertainment is strategically investing in and expanding new divisions, notably "Always Alpha" in women's sports management and a new affiliate marketing division within its digital department. The company also launched its Tastemakers division. These initiatives are considered "future growth engines" poised to deliver long-term benefits and profits as the initial investment phase tapers off. The company expects investments in Always Alpha and affiliate marketing to continue through Q3 2025, with expense levels reducing in 2026, leading to anticipated revenue contributions.
2. Organic Growth Across Existing Marketing Subsidiaries: The company has consistently reported broad-based revenue growth across its seven marketing subsidiaries. Q2 2025 results, for instance, showed a 23% year-over-year revenue increase, with all seven operating subsidiaries contributing to this growth, indicating strong organic performance independent of specific film releases. Dolphin Entertainment emphasizes that this collective strength and cross-selling initiatives among its subsidiaries fuel organic growth.
3. Content Production and Distribution (Films and Documentaries): Dolphin Entertainment is actively involved in content production, with films like "Youngblood" premiering at the Toronto International Film Festival in 2025 and expectations for a new documentary in 2026. The successful performance of past productions, such as "Blue Angels," which recouped its cash investment and generated profit even before institutional theater releases, demonstrates the potential for recurring revenue streams from content. The company views its films and venture portfolio as offering additional optionality for future upside.
4. Leveraging Integrated Service Model and Cross-Selling: Dolphin Entertainment highlights its unique integrated service model, where each subsidiary contributes synergistically, creating a sum greater than its parts. This collective strength and cross-selling initiatives are expected to fuel organic growth within its companies and contribute to expanding adjusted operating income margins. This approach allows for maximizing client engagement and extracting more value across its diverse portfolio of services in entertainment marketing and content creation.

Share Repurchases

• Dolphin Entertainment initiated a $5,000 per week stock buyback program, amounting to $260,000 annually, to address stock undervaluation.
• CEO Bill O'Dowd personally invested $50,000 in Dolphin stock in the second half of 2024.
• The CEO also started a 10b5-1 plan in April 2025 to purchase an additional $250,000 of common stock, acquiring over 1% of the outstanding shares since April 2025.

Share Issuance

• The number of Dolphin Entertainment's shares outstanding increased by 27.93% in one year.
• In July 2024, the company issued 2,089,783 shares of common stock as part of the acquisition of Elle Communications, LLC.
• On August 12, 2025, 244,698 shares were issued as a commitment fee related to a purchase agreement where a selling securityholder committed to buy up to $15 million of common stock over 36 months.

Outbound Investments

• Dolphin Entertainment acquired Elle Communications in July 2024, involving $2,025,000 in cash and 2,089,783 shares of common stock, with an additional cash payment of $450,000 due in 2025.
• The company expanded its marketing capabilities by acquiring Special Projects in October 2023 and Socialyte, LLC (a social media influencer marketing agency) in January 2023 (effective November 2022).
• Dolphin Entertainment has indicated it plans no further acquisitions, having completed its strategic group of marketing companies.

Capital Expenditures

• Capital expenditures for Dolphin Entertainment were approximately -$1,090 in the last 12 months.
• The company has been strategically investing in "Always Alpha" (women's sports management) and affiliate marketing, with the initial investment phase anticipated to decrease in 2026.
• Dolphin Entertainment aims to improve free cash flow by consolidating office spaces in 2026 and 2027, expecting to save $1.25 million to $1.5 million annually.