Gaia, Inc. operates a digital video subscription service and on-line community for underserved member base in the United States, Canada, Australia, and internationally. It has a digital content library of approximately 10,000 titles in Spanish, German, and French languages available to its subscribers on internet-connected devices. The company's network includes Yoga channel, which provides access to yoga, eastern arts, and other movement based classes; Transformation channel that offers spiritual growth, personal development, and consciousness content; Alternative Healing channel, which features content focused on food and nutrition, holistic healing, alternative and integrative medicines, and longevity; and Seeking Truth channel that offers category-leading talent that enables to draw speakers, authors, and experts in the alternative media world. It also operates gaia.com and gaiamtv.com websites. Gaia, Inc. complements its produced and owned content through long term licensing agreements. The company was formerly known as Gaiam, Inc. and changed its name to Gaia, Inc. in July 2016. Gaia, Inc. was incorporated in 1988 and is headquartered in Louisville, Colorado.
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Here are 1-2 brief analogies for Gaia:
- Netflix for conscious media, yoga, and spiritual documentaries.
- A subscription video service like Hulu, but exclusively for alternative health, wellness, and metaphysical content.
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- Subscription Streaming Service: Offers a vast library of conscious media, including original series, documentaries, yoga, meditation, and transformational videos, available on-demand to subscribers.
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Gaia (symbol: GAIA) primarily sells its streaming content and services directly to **individual consumers** through a subscription model. It does not have major B2B customers in the traditional sense of selling to other companies.
Based on the content and nature of its service, Gaia serves the following categories of individual customers:
- Individuals interested in personal growth and spiritual development: This category includes subscribers seeking content related to consciousness, metaphysics, ancient wisdom, spiritual teachings, and self-discovery.
- Practitioners and enthusiasts of yoga, meditation, and mindfulness: Many subscribers are drawn to Gaia for its extensive library of yoga classes, guided meditations, breathwork exercises, and mindfulness practices for all skill levels.
- People seeking alternative health and wellness information: This group consists of individuals interested in holistic health, functional medicine, plant-based nutrition, natural healing modalities, and documentaries exploring alternative perspectives on well-being.
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- Apple Inc. (AAPL)
- Alphabet Inc. (GOOGL)
- Roku, Inc. (ROKU)
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James Colquhoun, Chief Executive Officer
James Colquhoun assumed the role of CEO in December 2023, having previously served as Chief Operating Officer since June 2023 and as a member of Gaia's Board of Directors since 2021. A seasoned entrepreneur and filmmaker, Mr. Colquhoun founded Food Matters and Food Matters TV (FMTV), a health and wellness subscription video-on-demand company. FMTV was acquired by Gaia in June 2019. He is also known for producing acclaimed documentaries such as "Food Matters" and "Hungry For Change."
Ned Preston, Chief Financial Officer
Ned Preston joined Gaia as Chief Financial Officer in June 2023. Prior to his role at Gaia, Mr. Preston served as the Chief Financial Officer of Tive Inc. from May 2022 to September 2022 and Motional Inc. from April 2020 to April 2022. He also held various senior finance positions at Fortune 500 technology companies, including PTC Inc. from November 2016 to December 2019, Akamai Technologies, Inc., and Oracle Corporation.
Kiersten Medvedich, President
Kiersten Medvedich was promoted to President of Gaia, Inc. in July 2023, having previously served as Executive Vice President of Production. She joined Gaia in 2016, bringing over 14 years of experience from Sony Pictures Television, where her background was firmly rooted in all facets of production and national broadcast.
Jirka Rysavy, Executive Chairman
Jirka Rysavy is the founder of Gaia, incorporated in 1988, and has served as Chairman since its inception, also holding the CEO position during various periods. Mr. Rysavy founded Corporate Express, Inc. in 1986, leading it to become a Fortune 500 company. He also established Crystal Market, a health foods concept that was sold in 1987 and became the foundation for the first Wild Oats Market, now part of Whole Foods Market/Amazon. Additionally, he served as Chairman of Real Goods Solar, Inc., an entity Gaia founded and took public.
Bryan Cooley, Vice President of Strategy, Business Intelligence and Growth
Bryan Cooley is responsible for orchestrating Gaia's corporate strategy, business intelligence, and revenue growth programs. He emphasizes data-driven decision-making and performance marketing efforts, contributing to improved return on ad spend and increased revenue-generating initiatives. Mr. Cooley has 18 years of leadership experience spanning both non-profit and private sectors.
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Key Business Risks for Gaia (GAIA)
Gaia (NASDAQ: GAIA) faces several significant risks to its business operations and financial stability. The most prominent challenges include its persistent struggle with profitability, reputational risks associated with its content, and weaknesses in its internal control over financial reporting.
1. Financial Health and Profitability Challenges: Despite reporting revenue growth, Gaia has consistently faced net losses, indicating that its operational expenses frequently outpace its revenue gains. The company has shown a reliance on external financing, including stock offerings, to fund its initiatives. While its debt-to-equity ratio may appear manageable, concerns remain regarding its long-term liquidity and ability to translate subscriber growth into sustainable profitability. This ongoing struggle to achieve and maintain profitability poses a significant threat to its long-term viability.
2. Reputational and Content-Related Risks: Gaia's business model, centered on a streaming service focused on wellness, spirituality, and alternative media, also features content that has been criticized for promoting pseudoscience, conspiracy theories, and misleading claims, including anti-vaccine misinformation. This content strategy, while appealing to a niche audience, exposes the company to substantial reputational damage, potential customer churn, and increased scrutiny from regulators or the public. Past controversies have also involved accusations from former content creators and concerns regarding workplace practices. Such issues can limit mainstream market appeal and hinder subscriber growth.
3. Internal Control and Financial Reporting Weaknesses: Gaia has identified and disclosed material weaknesses in its internal control over financial reporting, leading to restatements of past financial statements. Such deficiencies can undermine the reliability of its financial reports, impact its ability to comply with securities laws and stock exchange requirements, and significantly erode investor confidence, which could negatively affect its stock price.
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Gaia (symbol: GAIA) offers a digital video streaming subscription service focused on conscious media content, encompassing spiritual growth, transformation, alternative healing, yoga, and meditation.
Addressable Markets for Gaia's Main Products or Services:
1. Conscious Media, Spiritual Growth, and Transformation Content (Streaming Service):
- The global spiritual products and services market is projected to be USD 186.53 billion in 2025, with an expected increase to approximately USD 254.69 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.04%.
- Another estimate for the global spiritual services market size indicates it will be USD 392,460.8 million in 2025 and is projected to reach USD 699,945.1342 million by 2033, with a CAGR of 7.5%. North America is a significant contributor to this market, with an estimated size of USD 113,813.63 million in 2025.
- The global spiritual & devotional products market was valued at US$ 3.6 billion in 2022 and is projected to grow to US$ 8.3 billion by 2031 at a CAGR of 8.7%.
- The Global Spiritual and Devotional Products Market size is expected to reach around USD 8.5 billion by 2034, from USD 3.9 billion in 2024, growing at a CAGR of 8.1%.
2. Online Yoga and Movement Classes:
- The global online yoga market is estimated at USD 20 billion in 2025 and is projected to reach USD 60 billion by 2033, expanding at a CAGR of 18%.
- The Digital Yoga Market (online classes & apps) is expected to surpass USD 30 billion by 2027.
- The global yoga market size was estimated at USD 107.1 billion in 2023 and is expected to grow at a CAGR of 9.4% from 2024 to 2030, reaching USD 200.35 billion by 2030. North America led the overall yoga market with a 33.36% share in 2024.
3. Mindfulness and Meditation Content:
- The Global Mindfulness Meditation Apps Market size is valued at USD 939.0 million in 2024 and is predicted to reach USD 19,020.1 million by 2034, with a 35.2% CAGR.
- The global mindfulness meditation app market is set to reach US$ 646.9 million in 2024 and further expand to US$ 1.45 billion by 2034, with a CAGR of 8.4%. The North American mindfulness meditation app market size is projected to reach US$ 421.7 million by 2034.
- The global meditation market size, which includes meditation apps, was valued at USD 8.79 billion in 2024 and is expected to reach USD 34.01 billion by 2032, at a CAGR of 18.5%.
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Below are 3-5 expected drivers of future revenue growth for Gaia (GAIA) over the next 2-3 years:
- Strategic Subscription Price Increases: Gaia has recently implemented subscription price increases, which have positively impacted revenue growth and average revenue per user (ARPU), despite leading to a slower pace in member acquisition. The company plans another similar $2 price increase in March 2026. This strategy is expected to continue driving bottom-line growth.
- Growth in Member Count and ARPU: While price increases can temper member growth, Gaia continues to focus on attracting and retaining members, with total members increasing to 883,000 as of Q3 2025. The company's revenue growth has been driven by both member count and ARPU. The focus is on high lifetime value members.
- Leveraging AI for Enhanced Engagement and New Services: Gaia has launched a proprietary AI model aimed at enhancing user engagement and is developing a conscious AI companion, with internal testing showing exceptional results. This AI guide launched in beta to direct members in Q3 2025, with management reporting encouraging engagement and usage trends ahead of a full rollout. Strategic investments in AI are expected to improve product offerings and user experience.
- Launch of a Global Conscious Community Platform: Gaia is actively developing and plans to launch a global conscious community platform next year (2026). This platform aims to connect members globally, allowing them to explore, learn, and share, thereby enhancing member value and driving future growth.
- Expansion of the Igniton Product Line: The new product line, "Igniton," which includes Cogni and Longevity supplements, has shown promising results in initial trials and offers significant growth potential, including a potential future spin-off. Igniton generated $700,000 from Gaia marketplace sales in Q3 2025, with an annualized run rate projected around $3 million.
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Share Repurchases
- In May 2021, Gaia's board of directors authorized a share repurchase program of up to 5,000,000 shares of its Class A common stock. The program does not have an expiration date and does not require the company to repurchase any specified number of shares.
Share Issuance
- In October 2023, Gaia completed an underwritten public offering of 1,855,000 shares of its Class A common stock at $2.70 per share, generating approximately $5.0 million in gross proceeds.
- In February 2025, Gaia closed an underwritten public offering of 1,600,000 shares of Class A common stock at $5.00 per share, resulting in approximately $7.2 million in net proceeds.
- As of September 30, 2025, 19,709,325 Class A shares were issued, compared to 18,066,942 at December 31, 2024.
Inbound Investments
- In April 2024, Gaia's subsidiary, Igniton, Inc., completed a sale of 2,750,000 shares of its common stock to certain funds for approximately $3.2 million in net proceeds.
- In July 2025, Gaia's majority-owned subsidiary, Igniton, raised $6.0 million in equity, contributing to an increase in noncontrolling interests to $15.273 million.
Outbound Investments
- Gaia utilized $6.5 million for the acquisition of Yoga International and a French language content library during the quarter ending December 31, 2021.
- On September 30, 2025, Gaia acquired UTV L.L.C. for $2.5 million, which included $2.0 million of goodwill, and made a separate $2.0 million cost-method investment.
Capital Expenditures
- For the first nine months of 2025, net cash used for capital expenditures was $4.361 million, an increase from $3.881 million during the same period in 2024.
- Capital expenditures as of June 30, 2025, amounted to -$4.9 million.
- For the remainder of 2025, Gaia expects content and capital expenditures to be between $11.0 million to $13.0 million, primarily focused on expanding its content library and enhancing digital platform capabilities and AI capabilities.
