Dolphin Entertainment Q1 2025 Earnings Call Transcript

Quartr
Provided by Quartr
May 13, 2025

There are 5 speakers on the call.

Operator

Please note this conference is being recorded. I will now turn the conference over to your host, Mr. James Carbonara of Hayden IR.

Operator

Sir, you may begin.

Speaker 1

Thank you, operator. Good afternoon. Before we begin, I'd like to remind everyone that during the course of this conference call, management may make forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events. Please refer to the cautionary text forward looking statements contained in the earnings release published earlier today as well as the most recent SEC filings and reports.

Speaker 1

During

Speaker 2

the

Speaker 1

call today, management will also discuss non GAAP financial measures, including adjusted operating income or loss. The company believes that these will provide helpful information for investors. Reconciliations to the most comparable GAAP measures are provided in the earnings release. Now, I would like to turn the call over to Bill O'Dowd, Chief Executive Officer of Dolphin. Bill, please go ahead.

Speaker 3

Thanks, James, and welcome, everyone. As usual, I'll start by reviewing some of the key financial and operating highlights from our first quarter, and then Mirte will provide a more detailed financial overview before we open it up for Q and A. So starting with the financials, while total revenue came in at $12,200,000 for the quarter compared to $15,200,000 a year ago, it's important to remember that last year's Q1 included a significant contribution of $3,400,000 from our Blue Angels documentary. If we set that aside, our core entertainment, publicity and marketing revenue actually grew 2% year over year, which is a testament to the underlying strength of our platform, especially as we managed through the lingering impact of the LA wildfires and a correspondingly lighter awards season. We believe that fires impacted our 42 West and Special Project subsidiaries most significantly.

Speaker 3

Fortunately, the impact of the fires was limited to Q1 for us, And on a personal note, we are very fortunate that none of our team lost their homes to the fires as we continue to give our thoughts and prayers for many of our industry colleagues who are not so lucky. On the bottom line, our adjusted operating loss was approximately 600,000 very comparable to last year if you backed out the movie as well. Obviously, any lost revenues from the impact of the fires flows through to our bottom line, and we believe this is measured and contained. Result demonstrates that our cost discipline remains intact even as we make strategic investments for future growth. Speaking of investments, I want to highlight two areas where we've made strategic investments in Q1.

Speaker 3

First, we're big believers in the future of women's sports. Our women's sports management firm, Always Alpha, co founded by the incredible Allison Felix, has taken a leadership role in this multibillion dollar and rapidly growing market. Our new partnership with Deep Blue Sports and Entertainment now positions us as the largest and most comprehensive firm in the women's sports space. We marked this milestone in style by ringing the NASDAQ closing bell on International Women's Day alongside some of the most inspiring women in sports. That was an extremely fun moment for Dolphin and really brought the momentum we are feeling to life.

Speaker 3

We now represent more than a dozen female athletes and sportscasters, including several Olympians, in addition to Allison herself, of course. We will continue to invest in this business throughout 2025. We want to expand into women's soccer and basketball, with dedicated management teams for each of these two most popular women's sports in The United States. In doing so, we would expect that our active roster of represented athletes and sportscasters will double by the end of the year. Second, our Digital Department has officially launched a dedicated affiliate marketing division.

Speaker 3

As the influencer economy continues to grow and evolve, affiliate marketing is quickly becoming one of the most important revenue streams globally, now estimated at over $17,000,000,000 By building out this vertical, we're one of the rare agencies able to offer every major influencer marketing revenue stream under one roof, making us a true one stop shop for creators and brands alike. And just like with Always Alpha, we will continue to invest in this area. We have two dozen influencers on our affiliate roster today, and we expect to more than triple that number by the end of the year. In order to achieve this growth, we will be hiring affiliate managers at a steady pace throughout the rest of the year. As you might expect, we believe that these investments in Always Alpha and the affiliate marketing division of the Digital Department will pay increasing dividends for us in 2026 and beyond, both in revenues and profits.

Speaker 3

Turning to the incredible work our agencies have delivered this quarter, 42S had fantastic showing at Toy Fair. They championed the clients at both the Sundance Film Festival and the South By Southwest Festival, as well as the Oscars, and drove major campaigns at the Super Bowl, including bringing Wayne Brady and produced Winging It campaign to life and increasing media buzz for the Puppy Bowl and DC Studios. Puppy Bowl being James Carbonara's favorite aspect of Super Bowl Sunday, and he's just a longtime supporter of the Puppy Bowl. We're big supporters in general. Shorefire Media saw its clients win big at the Grammys, celebrated longtime client Cindy Lauper's induction into the Rock and Roll Hall of Fame, Go Cindy, and orchestrated memorable Super Bowl moments from Trombone, Shorty, and Lauren Daigle's pregame performance, which was awesome, to Fred Minnick Live and campaigns for Dove, Uber Eats, and more.

Speaker 3

The Door continued to cement its authority in culinary and lifestyle branding, unveiling a major new chef roster and running creative Super Bowl campaigns itself, like Not So Fast, Not So Furious with Vin Biesel and Friends. Those friends include Michelle Rodriguez of Ludacris. It was a fantastic commercial. Plus the cross country DOS Drive activation, excuse me, for Haagen Dazs. The team at the door just continues to crush it.

Speaker 3

A lot of, as you can see, Super Bowl activations for our PR firms. Speaking of our PR firms, Elle, our newest addition to the Dolphin family, serviced over two dozen clients across both its Lifestyle and Impact divisions, and it's just doing great work. The Digital Department set a new record with our highest grossing Brand Edit Influencer experience in LA this past month, and as mentioned earlier, kicked off the new affiliate marketing division, expanding our reach in the creator economy. And finally, Special Projects strategically brought together top celebrities and cultural influencers for Max, Warner Brothers, and Louis Vuitton events, among many others, I might add, enhancing brand impact and resonance. On the content side, the Blue Angels collected another industry award for sound editing and returned to IMAX theaters with a stunning new three d version in January.

Speaker 3

Our Youngblood feature adaptation has now completed principal photography and is tracking toward a fall festival debut. We're excited for Youngblood very much. All of this activity has not gone unnoticed. We were honored to be named Agency of the Year by Observer's 2025 PR Power List, a major milestone that validates our strategy and the depth of talent across all our agencies. And on a personal note, I continue to put my money where my mouth is.

Speaker 3

I see tremendous upside in our shares, and I've started weekly purchases through a 10b5-one plan, which began in the first week in April after we filed our 10 ks. I believe our current valuation does not reflect the strength of our team, our brands, or our long term growth prospects. Looking ahead, we are building on a powerful foundation with clear leadership in high growth categories. We believe that our investments in women's sports and affiliate marketing are broadening our addressable market and will provide sustainable growth opportunities for us for years ahead. As we stay focused on execution and innovation, I'm confident that 2025 will be another year of progress for both our clients and our shareholders.

Speaker 3

With that, I'll hand it over to Mirta for a deeper dive into the financials. Then we'll open it up for your questions. Mirta?

Speaker 4

Thank you, Bill, and good afternoon, everyone. Let me walk you through our financial results for the first quarter ended 03/31/2025. Total revenue for the quarter was $12,200,000 compared to $15,200,000 for the same period in 2024. As Bill noted, the year over year decrease is primarily attributable to last year's Blue Angels production revenue of $3,400,000. Importantly, if we exclude last year's one time film production revenue, our core entertainment, publicity, and marketing segment revenue grew 2% year over year to $12,100,000, demonstrating the underlying health and resilience of our agency businesses despite the impact of the Los Angeles fires and light and lighter award season wins.

Speaker 4

Operating expenses for the quarter were $13,900,000 compared to $15,100,000 in q one twenty twenty four. This included depreciation and amortization of approximately $600,000 and non recurring or non cash expenses of $600,000 Our operating loss for Q1 twenty twenty five was $1,800,000 compared to operating income of $200,000 in the prior year period. Adjusted operating loss was approximately $600,000 for the quarter as compared to adjusted operating income for the same period in prior year of $1,000,000 If we reduce the revenue of $3,400,000 and the amortization of capitalized production costs of $1,800,000 of the Blue Angels for the first quarter of twenty twenty four, our operating loss would have been approximately $600,000 comparable to the first quarter of twenty twenty five. Net loss for q one twenty twenty five was $2,300,000, including $600,000 in depreciation and amortization, and approximately $600,000 of noncash or nonrecurring expenses. This compares to net loss of $300,000 for q one twenty twenty four, including $600,000 of depreciation and amortization and $300,000 of noncash or nonrecurring expenses.

Speaker 4

Net loss per share was $0.21 per share based on 11,162,026 weighted average shares outstanding for the first quarter of twenty twenty five compared to a net loss of $04 per share based on 9,238,913 weighted average shares outstanding for basic loss per share and 9,302,851 weighted average shares outstanding for fully diluted loss per share for the first quarter of twenty twenty four. With that, I'll now turn it back to the operator to open the floor for questions. Operator, would you please poll for questions?

Operator

Thank you. At this time, we will be conducting our question and answer session. Thank you. We have a question from Alan Teav with Maxim Group. Your line is live.

Speaker 2

Yes. Hi. In Always Alpha, you talked about potentially doubling the roster by the end of the year and adding soccer and basketball. How a couple of things like talk about how it works when you grow in terms of how to think about what you have to invest ahead of time versus the revenue potential? And then how to think about the opportunity in this segment?

Speaker 2

Thank you.

Speaker 3

Sure. Yeah. Similar businesses that we're expanding here with the affiliate marketing at TDD, which I may be anticipating your next question too, Alan. On Always Alpha, you know, managers that'll help you sign new talent. We've been signing at a very steady pace since we launched the company in October.

Speaker 3

Very proud of the roster that's been built by Cosette and Allison primarily, Allison Felix. And they've done a great job bringing in talent. So now to expand and keep going, you need more managers. And we're looking at managers that would be in those verticals of soccer and basketball because we've built a really nice practice of clients with the Olympics, Olympians, excuse me, and sportscasters. And typically, when you bring in an experienced manager, we can go recruit talent athletes in this case who want to be managed by us and have us bring brand deals.

Speaker 3

There's a lag between you bring in a manager, they'll sign talent, they'll start signing talent hopefully week one, right? Month one, certainly. And we can help them recruit that talent. Then they'll start making brand deals and we'll bring brand deals to that talent. And then typically in these types of endorsement deals, it's a little bit of a slower turn than in influencer marketing.

Speaker 3

So you could sign a brand deal to say, get an athlete X going to the Winter Olympics to be sponsored by Delta Airlines, and they'll run a campaign in Q4 of this year and Q1 of next year, as an example. Well, you know, so that's all well and good. And then, of course but of course, you're recognizing that revenue and you're receiving it in Q4 and Q1 of next year. So, you know, there's usually on the athlete side, there could be you'll start seeing some revenue in the first three to six months after bringing in a manager, but it really hits a run rate or, you know, hitting revenue targets usually six to nine months after you make a hire, I would say. So as we what we talk about in 2025 then is, you know, we're hitting our benchmarks that we wanted both in terms of the speed at which we're signing clients, which has gone very well.

Speaker 3

And then, of course, the deals that we have in the works or that we've closed. But that if we've closed, you know, revenue through Q1 for Always Alpha, I think probably it's fair to say that 90% of that revenue will be sometime later in 2025. And then that'll be true in Q2 too. And of course, eventually you'll hit a stable revenue rate that should be quite profitable for you. In terms of the potential of this division, well, I mean, sports could be easily as big as aspects of entertainment.

Speaker 3

How big is big? So we'll see as we go over the next year or two. It will certainly be a profit center for us in the future. And if we can take advantage, we believe, of our first mover advantage the great story, it's always alpha. I mean, Josette's a seasoned executive and Allison Felix is a legend.

Speaker 3

So with the momentum that we can bring that business through their hard work on the brand deals they bring and then hopefully some synergies across all of our other companies that have many, many brand clients, then, you know, what is the hopefully five years from now, the preeminent women's sports athlete management firm worth? We'll find out together, right? But I don't want to set a ceiling that may turn out to just be a floor for them. They have great potential. So that's what we're doing in 2025, and it'll pay big dividends for us, we believe, in 2026 and beyond.

Speaker 2

Thank you. And so it's very clear and understandable what your strategy is. And not that it's not understandable, but affiliate marketing, you said you could triple the influencers. But just explain this a little more about is it targeted in particular areas or or how or you just try to find people who are very good at it or how how does it work?

Speaker 3

Sure. Sure. Yeah. And it's a little bit more of a black box to some people than say, you know, female soccer players. People understand that, right?

Speaker 3

As we had soccer, basketball, all by, you know, we're trying to do it responsibly this summer. So when we get on q two, by the way, we'll see what updates we have in the sports field for everyone. Right? Affiliate marketing, good news is that it's usually a quicker turn. You can have a team of affiliate managers, same thing.

Speaker 3

You bring in talent managers and you recruit a roster of affiliate influencers. The good news for us is we have a backlog of affiliate influencers that would like to work with us, and we're hiring and training affiliate managers in some cases. So, we're trying to do it on a measured pace throughout the year, bringing in a new team of managers, you know, let's say every couple of months, you know, every eight weeks or so. It takes a while to train, it takes a while to add the roster, upload, and etcetera. But they can have a quicker turn.

Speaker 3

You know, a team could be cash positive within, you know, a shorter period of time, a couple of months after being fully ramped up. And obviously, if our main roster of brand influencers now we have over, I believe, over 300 creators on the roster, you know, what's the growth potential of affiliate? Well, right now we have, you know, a couple of dozen, which is a fantastic sign up rate since we just started this in Q1. I'm indicating to us out there that if we have everyone on this call can do that math, right? So two dozen becomes six dozen by the end of the year or more.

Speaker 3

We're on a path in one year to having affiliate be 25% or even 33% size of our core business. That's tremendous growth in twelve months, right? And I don't know that we're going to stop there. So it will be a profit center for us by the end of the year, and we're in a position to have it be a solid profit center for us in Q4, which is already our best quarter for influencer marketing anyway. But affiliate marketing is also very appealing to us because it doesn't really have as much of a seasonality.

Speaker 3

So whatever we do in q four, we can hope similarly somewhat in q one of next year and as it rolls through into 2026 and beyond. So will affiliate be as big as our core creator representation business? Again, you know, we need a crystal ball, and let's see where we are in three to five years. But as a meaningful it could be. And as a meaningful contributor to our bottom line at TBD, absolutely.

Speaker 3

And strategically, it allows us to offer both services to individual influencers. As I indicated on the 10 earnings call, you know, both of our companies, before we merged them, BSocial and Socialite, did not offer affiliate services, and neither do almost all of our competitors. So to have that in house to go along with the brand campaigns gives us a market advantage as the market is settling down into half a dozen firms or so that have a are in positioning to be a market leader. We certainly are one of those. We think this gives us a major competitive edge to attract very good influencers who can make money both from brand campaigns we bring them, but also from affiliate links.

Speaker 3

So we're excited for it and very appreciative of the hard work of the team that's building it out.

Speaker 2

Just so I understand it a little better, an affiliate influencer, if do they come with with leads for businesses, or or or is that generated by kind of your managers, or how does that work? Sure.

Speaker 3

Yeah, absolutely. So typically, what separates us, and I think a misperception in the market, I'll explain what it is and first to help hopefully explain what it is, right? I think even people that understand influencer marketing well often don't realize that when the digital department brings, insert here, Crocs to insert one of our top influencers to do a campaign, and maybe that influencer is gonna get paid, let's say, a hundred thousand dollars to post Crocs products or talk about Crocs products or whatever the campaign would consist of, either on Instagram, on TikTok, on YouTube, whatever it might be for that money, you know, that we bring the deal together to the talent, and we get paid a commission on what the talent earns, and typically 20 percent. So in that case, we get 20% of $100,000 If the influencer were to link for their followers to be able to purchase Crocs shoes, typically, many brands will offer commission to that influencer. That service of managing the links and knowing where to link to, either directly to the brand or most often through influencer sites like a Shop My or LTK.

Speaker 3

That service, which takes a lot of back end support and also coordinating where to link to, because if it's not a brand direct, then you want to get you want to link to the affiliate platform that's going to pay you the highest commission. You know, one platform may be paying you 20% of the sale, and another platform may be paying you 10% of the sale. You want to link to the one that pays you more, right? That service is called affiliate marketing, And we, similar to the core service, we take 20% of whatever the creator makes on those links. Of course, that's only if people buy the product through those links.

Speaker 3

So some influencers are very strong at both brand campaigns and in what's called converting into affiliate sales if they do affiliate links. But the overwhelming majority of influencers do not do affiliate links. And some of our biggest influencers, our highest earners don't do it. They will. And with us offering the service, they could turn out to be high earners.

Speaker 3

But it's no joke to people that have followers that will buy what they're posting or be curious about what they're posting and click on it and go through and buy a product. They can make hundreds of thousands of dollars a month. We have one on roster currently that does that. So it's a business we can grow. But many people think that you just do both at the same time, but that's just not true.

Speaker 3

And the overwhelming majority of influencers don't do affiliate.

Speaker 2

Do they not do it because they don't understand it? Or can you take your current roster of influencers and then just kind of upsell this to them instead of

Speaker 3

Yes.

Speaker 2

Only bringing in because that sounds like a like a lower cost of having the info. Well, you tell me. Yeah.

Speaker 3

Yeah. It it it is. And it's low hanging fruit too. And, you know, and why it often isn't done because, you know, you could have influencers that would only make $30.40, 50, a hundred, $200 a month, you know, if their follower accounts don't typically think of them as somebody to click on and go through to the link. However, the other thing about building that type of practice or that type of content, I should say, there's some back end work to it.

Speaker 3

And bringing in Kate Steele and that team watching people that do this every day, all day, can meaningfully change even influencers that do affiliate work. You could go from making 15,000 a month to making 30,000 a month. We've got case studies on just that ratio within thirty days. Why? Because the influencer often doesn't have the time to shop across different platforms, know how to link, get certified to link into all these different platforms, know when the ratio changes.

Speaker 3

You sit there and say, oh, okay, Amazon pays 20% for this pair of shoes today. That's better than LTK's ten percent hypothetically. But then LTK runs a special this weekend and they're offering, you know, to clear out inventory, they're offering influencers thirty percent on the same pair of shoes. Do you switch the link? Are you savvy to know that?

Speaker 3

Or Amazon's going do their Black Friday specials. Not only do they lower the price to the consumer, they pay many times influencers a higher percentage of the sale. Those are dream situations if you're an affiliate influencer, right? So doing that, knowing how to handle that, working the links on the back end, you know, there's a lot of science to go with this art. But if you can do it at scale, and that's where having, you know, a leading influencer marketing agency, one with 300 creators on roster, now you have a, you can build out this type of practice and offer it to influencers even if their core work, their brand work's, you know, not done with us.

Speaker 3

So it's major competitive edge. And it can be a selling point to our brands division or, you know, work with brands that have or want to have, you know, affiliate links, especially depending on the type of consumer product they sell. So you can see a flywheel there, right? And having an influencer marketing agency like the digital department that has all four ways to make money or traditionally make money in the influencer economy between creator representation, affiliate marketing, brand representation, which we're very proud of. Ashley Finch and that team do a great job.

Speaker 3

And then Influencer Events, that's Belinda Strom. That's the Brand Edit. That's the one that I mentioned in our prepared remarks, just had their highest grossing Brand Edit showroom to date in LA in April. Let's see if Nashville in June breaks that record. TDD, digital department is definitely a growth company for us and very proud of the leadership of Ali Grant, Kirsten Weinberg and Sarah Boyd for that company.

Speaker 3

So that was a long answer to a short question, Alan. But hopefully that answers why Affiliate's different than the core brand representation and how we can monetize it.

Speaker 2

Got it. Thank you. And then for the movie Youngblood, you said you'd like to get it at a fall festival. Remind us what does that mean in terms of your target for getting it in the theaters?

Speaker 3

Yeah. We're we're hoping for a February release of next year. It'll if it's a streaming platform premiere, you know, we'll see when we take it to And and the reason for that is, you know, it's it's it will be time to the Winter Olympics. You know, hockey's one of the most popular sports at the Winter Olympics. It's in the middle of the NHL season.

Speaker 3

You know, the playoffs right now are very exciting for the NHL. It's a popular sport that's growing. It's also the fortieth anniversary of the original. So, you know, it's kind of a marketer's dream when you have, you know, confluence of events like that. So we would like that in that time next year.

Speaker 3

And the film's shaping up to be prepared for that because we're, as I mentioned, we're editing it now. And we'll, in a perfect world, just you know, would we have the film screening in Toronto where we shot the movie? Sure, you know, Toronto Film Festival, that's one of the big fall film festivals. Whether it's in competition or not, it's not as important to us as much as just having special screening there. And that's also traditionally the time that these fall festivals, whether it's or Toronto, when you talk about ticking off the Oscar season, I'm not positioning Youngblood for an Oscar, but what I am saying is you know, buyers, whether it be studios or streaming companies, streaming platforms, they often buy movies out of one of those three festivals that they will launch even before year end and make them Oscar eligible.

Speaker 3

So buying something at Toronto, which always starts, of course, right after Labor Day every year, and having it ready for release in February is not considered rushed in any way. They do things faster than in the normal course. So we feel good about that and hopefully that's the timing that the market will allow us to exercise.

Speaker 2

Thank you. You have a lot of things on your plate. What would you say your top priorities are for 'twenty five?

Speaker 3

Growing Always Alpha. I'm trying to make a theme of it on a Q1 earnings call because we just spoke to the market six weeks ago. So trying to reiterate where we are, you know, Grow Always Alpha because we have such an opportunity there. Grow the affiliate division of TDD because we see such a big opportunity there. And then after that, as you said, both films, you know, have Youngblood ready, get the next one in the queue behind that, increase the frequency of our productions because they're, you know, if they all worked out like Blue Angels, you know, we'll be geniuses, but, you know, Blue Angels was very lucrative for us.

Speaker 3

We hope the same for Youngblood obviously, and then having them behind it, and then also, you know, our ventures, expanding and increasing the number of ventures. Because now that the supergroup's been built, now, as I mentioned, we see ourselves at the starting line, right, not the finish line. And we're starting to do what? We're starting to expand, grow our services and grow our ventures. And that's what we're going to measure, we had a good year or a bad year in addition to increased revenue, increased profit, of course.

Speaker 3

Are we setting ourselves up for some major successes in 'twenty six and 'twenty seven, and that's how we're going to measure ourselves this year.

Speaker 2

Okay. My other sorry, I think those are my main questions. Is there anything about the financial outlook? I know you're just qualitatively, I know you're not providing specific guidance, but anything qualitatively you might want to comment on?

Speaker 3

I think I probably alluded to it in prepared remarks too. You know, we're past it and sometimes you forget sometimes things that occur four months earlier. I'm a kid from Miami, I remember hurricanes, right? They stick with you, you know, the people that lived through those fires, it's horrific. And our hearts and our prayers, excuse me, go out to those affected.

Speaker 3

You know, business wise, we've had to return to normal and continue to work very hard, but it did have an impact on us in Q1. It's not true if I said anything different, but it was, no pun intended, contained to within Q1 and really by early March. So, we're excited to kind of return to normal in Q2 here and going forward. You know, we expect to still have the stronger years we thought we were going to have it start. Our businesses are growing and no loss of confidence for this full year for us.

Speaker 3

So, nope, we feel great, honestly. It really is a Sorry, I jumped on my own conclusion there. You know, to go up 2% in revenue with that in our entertainment marketing segment, with that type of impact, you know, that's really a testament to the teams working very hard and recovering, so and our growth in general. Very proud of both the business development activities of our companies, especially those that were more affected, and the cross selling that we just continue to get stronger and stronger at each successive year. And so, I feel very good about the rest of this year.

Speaker 2

Well, thank you. I mean, your revenue I mean, we were guiding our estimate was for $10,000,000 in the quarter, so you came in much stronger than that, so with all the headwinds that you did have. Kudos to you. Thank you.

Speaker 3

You, Al. Appreciate the kind words at the end.

Operator

Thank you. Thank you. As we have no further questions in the queue at this time, I would like to hand it back to Mr. O'Dowd for any closing comments.

Speaker 3

Sure. Well, thank you. And long time listeners know, the Q1 call is usually the shortest because we just had our big 10 ks call six weeks ago. But I always like to try and look ahead a little bit, you know, Q2 in August, you know, we expect to be able to provide updates on the progress we're making with Always Alpha, soccer and basketball. I will provide an update on the progress we're making with the affiliate marketing.

Speaker 3

We just brought in team number two, started yesterday. So we'll see where we are even on team number three by the time we get to our Q2 earnings call. We'll have an update on Youngblood, although I don't expect well, we would know where we would be you know, taking it out in the fall film festivals when we do Q2, so that's exciting. Provide an update for sure on our ventures work. And, you know, as I say, we're growing organically on the base businesses and we'll continue to report that.

Speaker 3

But we'll judge years going forward now, not just on that growth, but also on the optionality or the lottery tickets or whatever you want to call things like films or ventures because that will certainly factor in, in future years to the valuation of Dolphin as a whole as we build those opportunities for ourselves. So thank you everyone for listening and appreciate the time and look forward to picking it back up in the August in Miami. It's a balmy time to come down here. Okay. I'll talk to everybody soon.

Operator

Thank you. Ladies and gentlemen, this does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

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Earnings Conference Call
Dolphin Entertainment Q1 2025
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