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Here are 1-3 brief analogies for PodcastOne (PODC):

• The Netflix for audio entertainment and podcasts.
• Spotify, but exclusively focused on creating, distributing, and monetizing a network of premium podcasts.
• An iHeartMedia for the podcasting world, focused on content creation and ad sales.

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• Original Podcast Production (Media Production): PodcastOne creates and produces a diverse library of original audio shows featuring popular personalities and compelling content across various genres.
• Podcast Distribution & Syndication (Media Distribution): The company distributes its extensive catalog of podcasts across major listening platforms, reaching a broad audience of listeners.
• Podcast Advertising Sales (Digital Advertising): PodcastOne sells advertising inventory within its network of podcasts, connecting brands with engaged listeners through host-read ads, programmatic ads, and sponsorships.

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PodcastOne (symbol: PODC), a subsidiary of LiveOne (symbol: LVO), sells primarily to other companies.

PodcastOne operates as a podcast platform, content producer, and advertising network. Their primary customers are therefore advertisers and brands seeking to reach podcast listeners, as well as companies that may commission podcast content.

Due to the nature of its business model as an advertising network, PodcastOne serves a broad and dynamic base of clients across numerous industries. These clients are brands and businesses that purchase advertising inventory within PodcastOne's extensive library of podcasts or engage PodcastOne for content production services. As is common for diversified advertising platforms, specific "major customers" (individual companies representing a significant, reportable percentage of total revenue) are not publicly disclosed by PodcastOne or its parent company, LiveOne. Their revenue is generated from a diverse portfolio of advertising campaigns run by a multitude of brands rather than relying on a few dominant clients.

While specific names of major customer companies are not publicly identifiable, their customer base includes companies from various sectors that utilize podcast advertising, such as:

• Consumer Packaged Goods (CPG)
• Automotive
• Financial Services
• Technology & Telecommunications
• Health & Wellness
• Entertainment & Media
• Direct-to-Consumer (DTC) brands

These are the types of companies that represent PodcastOne's customer base, utilizing their platform to reach target audiences through audio advertising.

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• The E.W. Scripps Company (SSP)
• Veritone (VERI)
• Amazon (AMZN)

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Robert S. Ellin Executive Chairman and Chief Executive Officer

Robert S. Ellin is the Executive Chairman and Chief Executive Officer of PodcastOne. He is also the founder, CEO, and chairman of LiveOne, Inc., PodcastOne's parent company, which he founded in 2015 and took public in December 2017. Prior to LiveOne, Mr. Ellin served as Chairman of Digital Turbine, which he successfully took public. He also managed and subsequently sold the internet media company iWon to Barry Diller's IAC. Mr. Ellin is the founder and managing director of Trinad Management, a Los Angeles-based hedge fund, and has a history of launching, selling, and taking public numerous ventures.

Kit Gray Co-founder and President

Kit Gray is the co-founder and President of PodcastOne, which he established in October 2012 alongside Norman Joel Pattiz. He is recognized as one of the early strategists who developed a monetization standard for the podcast industry. With nearly two decades of experience, Mr. Gray has been instrumental in working with talent and developing podcast concepts across various genres. Before co-founding PodcastOne, he worked extensively in media sales across major markets like New York City, Los Angeles, Boston, and Chicago. In 2005, he was awarded Seller of the Year for Katz Media Group and was a pioneer in selling mobile advertising campaigns for Verizon Wireless EV-DO network in 2007, and an online digital streaming network for Clear Channel's Digital in 2009.

Ryan Carhart Chief Financial Officer

Ryan Carhart serves as the Chief Financial Officer, Vice President, Controller, Treasurer, and Secretary for PodcastOne and its parent company, LiveOne, Inc. He was promoted to this role in February 2025. Mr. Carhart is a seasoned financial professional with extensive experience in corporate strategy and development, financial reporting, mergers and acquisitions (M&A), and public company compliance. Prior to his current role, he served as CFO at AUDIENCEX, an AI-powered digital ad partner, where he guided the company through its acquisition by Vado Corp. He also held positions as Senior Director of Finance and Controller at MNTN and previously worked at PricewaterhouseCoopers.

Sue McNamara Chief Revenue Officer

Sue McNamara serves as the Chief Revenue Officer of PodcastOne.

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The key risks to PodcastOne's (PODC) business operations are:

1. Operational and Financial Risks, including Going Concern Doubt: PodcastOne has consistently incurred significant operating and net losses since its inception and expects this trend to continue for the foreseeable future. This financial performance raises substantial doubt about the company's ability to continue as a going concern. The company may also need additional capital to fund its debt obligations and potential acquisitions, and there is no guarantee such financing will be available on acceptable terms.
2. Intense Competition and Dependence on Content/Talent: The success of PodcastOne's business is heavily reliant on the performance and popularity of its podcasts and the talent associated with them. The company operates in a highly competitive digital media landscape, facing significant competition for popular content creators from major platforms such as Spotify, Apple, and Netflix.
3. Technological and Security Risks: PodcastOne depends on third-party services and technologies, including major cloud platforms like AWS and Google Cloud Platform, for its operations. Any disruption to these services or unauthorized access to its systems could lead to data breaches, negatively impacting its reputation and business.

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The increasing dominance and aggressive strategies of well-capitalized tech and media giants (e.g., Spotify, Apple, Amazon, SiriusXM, iHeartMedia) in the podcasting space represent a clear emerging threat. These larger players are investing heavily in exclusive content and original programming, making it more challenging for PodcastOne to acquire and retain top-tier talent and popular shows. They are also leveraging their extensive user bases and sophisticated advertising infrastructure to attract a disproportionate share of podcast advertising revenue, directly competing with PodcastOne's core monetization model. Furthermore, these companies exert greater control over content distribution and discovery within their ecosystems, potentially marginalizing content from independent networks.

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PodcastOne (PODC) operates as a podcast distribution platform, offering comprehensive solutions in sales, marketing, public relations, production, and distribution for creators and advertisers. The company also produces vodcasts, branded podcasts, merchandise, and live events, and manages LaunchPadOne, a self-publishing podcast hosting, distribution, and monetization platform for independent podcasters.

The primary addressable market for PodcastOne's services is the podcast advertising market.

• Global Podcast Advertising Market: The global podcast advertising market was estimated at USD 19.36 billion in 2024 and is projected to reach USD 38.52 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 10.0% from 2025 to 2030. Other estimates for the global market include USD 14.35 billion in 2024, with a projection to reach USD 49.70 billion in 2033 at a CAGR of 14.8% from 2025-2033.
• U.S. Podcast Advertising Market: The U.S. podcast advertising market generated approximately USD 5,921.5 million in 2024. It is expected to grow at a CAGR of 8.1% from 2025 to 2030, reaching a projected revenue of US$ 10,587.0 million (approximately USD 10.59 billion) by 2030.

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PodcastOne (PODC) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Expansion of Content Portfolio and Strategic Talent Partnerships: PodcastOne consistently expands its show lineup, having added 24 new podcasts in Q4 Fiscal 2025 and 17 new podcasts year-to-date in Fiscal 2026, bringing its total to over 200 shows. The company is focused on increasing its content offerings and forming strategic partnerships with podcasters, including equity-based revenue share deals, to attract more talent and listeners.
2. Diversification and Growth of Monetization Channels: The company is actively diversifying its revenue streams beyond traditional advertising. This includes new initiatives such as ART19 (an Amazon partnership), Podroll, PodcastOne Pro, and premium subscriptions. Notably, the Amazon ART19 partnership is expected to generate at least $15 million in guaranteed revenue over three years, with an expanded annual run rate of over $20 million. Revenue from a Fortune 250 streaming partner has also increased to a $26+ million annual run rate. Additionally, PodcastOne is leveraging live events for incremental revenue.
3. Strategic Mergers and Acquisitions (M&A): PodcastOne is actively evaluating merger and acquisition opportunities. The objective is not only to acquire top content and networks but also to enhance its platform through production, sales, and technology acquisitions, which are expected to strengthen its offerings for hosts, advertisers, and shareholders. The company has hinted at potential M&A within the next 90 days to bolster growth.
4. Growth in Audience Reach and Advertiser Demand: As a top 10 U.S. podcast publisher, PodcastOne is strategically positioned to capitalize on increasing audience demand and the effectiveness of podcast advertising. The company's consistent expansion of its content portfolio and innovative approach to audience growth and retention aim to drive advertiser demand, reflecting in its strong financial results.

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Share Repurchases

No explicit information on the dollar amount of share repurchases or authorized future repurchases was available in the provided sources for PodcastOne over the last 3-5 years.

Share Issuance

• PodcastOne distributed shares constituting approximately 6.2% of its outstanding common stock to holders of LiveOne's common stock as of January 15, 2023, during its spin-out.
• The number of shares outstanding for PodcastOne increased by 7.89% in one year, reaching 26.41 million shares as of October 29, 2025.

Inbound Investments

• PodcastOne received a capital contribution of $14.991 million from its parent company for its acquisition during the period from July 1, 2020, to March 31, 2021.
• The company formed a business-to-business partnership with a Fortune 250 company, which is anticipated to generate over $20 million in annual revenues (announced around November 2024).

Outbound Investments

• PodcastOne has made investments in acquiring certain podcasts, contributing to an increase in the amortization of intangible assets, for example, from $0.2 million in the previous year's quarter to $0.3 million for the quarter ended September 30, 2024.
• The company added 24 new podcasts to its network during Fiscal Year 2025.
• In the first fiscal quarter of 2026, PodcastOne added 14 new podcasts to its network, bringing its total to over 200 podcasts.

Capital Expenditures

• Capital expenditures amounted to -$192,000 (net cash outflow) in the last 12 months as of October 29, 2025.