LiveOne (LVO) 2027財年第一季度業績電話會議：營收1940萬美元，PodcastOne實現增長

核心要點

• LiveOne公佈截至2026年6月30日的三個月（2027財年第一財季）綜合營收為1940萬美元，調整后EBITDA為430萬美元。
• 音頻部門營收為1860萬美元，調整后EBITDA為630萬美元。業績受益於以股票支付服務費的交易以及部分債務的消除。
• PodcastOne錄得創紀錄的1610萬美元營收，調整后EBITDA為160萬美元。管理層表示，該業務的年化營收運行率有望超過6000萬美元。
• LiveOne錄得GAAP淨虧損310萬美元，即基本和稀釋后每股虧損0.23美元；而上年同期淨虧損為390萬美元，即每股虧損0.40美元。
• 據管理層稱，在本季度內，現金增加了330萬美元，股東權益增加了700萬美元，公司消除了500萬美元的債務。
• 在B2B分銷、PodcastOne、潛在併購和AI內容授權的支持下，管理層認為未來三年內年營收有望突破2.5億美元。這是管理層設定的目標，而非正式業績指引。

核心財務數據

業務與運營表現

PodcastOne仍是主要的運營增長引擎。其營收創下1610萬美元的新高，而五年前LiveOne收購該業務時，其年營收僅約為1700萬美元。管理層表示，PodcastOne目前的年化營收已超過6000萬美元，並實現了正向調整后EBITDA。

LiveOne繼續拓展其B2B分銷渠道。公司與一家未具名的頭部零售商簽署了一份為期四年的協議，並表示即將敲定第二家零售合作伙伴。管理層還提及亞馬遜帶來超過2000萬美元的營收，派拉蒙（Paramount）帶來超過2700萬美元的營收，但未説明具體的適用時間段。

與AT&T的車載合作正在推進中，但合作伙伴名稱仍受保密協議約束。管理層預計將在30至45天內提供更實質性的最新進展。此外，LiveOne已接入三大智能電視平臺，相關營銷計劃正開始推出。管理層預計將在60至90天內對其用户採納情況有更清晰的瞭解。

與奈飛（Netflix）的合作最初將專注於播客而非音樂。官方未透露具體商業條款。管理層表示，視頻內容目前約佔公司營收的30%，而公司被收購時這一比例為0%。

LiveOne正在評估總額超過4億美元的潛在併購交易。管理層透露，其下一筆交易正在推進中，旨在實現高度的收益增厚，符合公司的音視頻生態系統，並增加調整后EBITDA。

該公司還在尋求AI授權機會。LiveOne擁有超過25萬小時的視頻內容和50萬小時的音頻內容。管理層表示，正與17家AI公司進行談判，考慮在非排他性基礎上按每小時100至500美元對內容進行定價。

LiveOne已完成其1200萬美元股票回購計劃中的700萬美元。此外，公司還收購了15萬股PodcastOne股票，並償還了PodcastOne的次級債務。

管理層展望

管理層相信LiveOne在不久的將來營收可突破1億美元，並在三年內達到2.5億美元以上。這一長期目標取決於與大型分銷合作伙伴的執行情況、新增B2B協議、PodcastOne的增長以及潛在的併購。

對於智能電視和其他B2B渠道，管理層預計營收將在第四財季出現更顯著的增長。在將員工總數從約350人削減至約80人后，公司正計劃在零售、運營商、汽車及其他B2B領域增加管理人員和銷售人員。

管理層預計AI內容授權將在下一季度開始產生營收，但這取決於與藝人及音樂版權合作伙伴達成的協議。全球音樂業務的擴張也將取決於能否鎖定需要更廣泛國際授權的分銷合作伙伴。

風險與關注事項

• 第一財季的調整后EBITDA和Slacker利潤率包含非經常性收益。其中約150萬美元來自債務消除，而以股票支付服務費的協議提供了額外支持。
• 管理層表示，除非LiveOne繼續進行以股票支付服務費的交易，否則利潤率應會迴歸至更正常的水平。
• 以股票支付服務費的安排增加了股票數量。管理層預計在60至90天內將有更多交易，作為以每股7.50美元或更高價格定價的約1500萬美元交易的一部分。
• 多項合作關係仍處於早期階段，關鍵商業條款、合作伙伴身份、採納數據和營收確認時點均受到保密協議的限制。
• AI變現取決於與內容創作者、藝人和音樂合作伙伴的談判。管理層提及的定價區間和時間節點仍屬於前瞻性質。
• 實現三年營收目標需要繼續深化與現有合作伙伴的關係、成功轉化B2B儲備項目以及有效執行潛在併購。

分析師問答精選

分析師關注的焦點是LiveOne B2B合作關係的時間節點和經濟效益。管理層確認AT&T已通過車載合作關係提供LiveOne的內容，但無法透露汽車製造商的名稱。預計將在30至45天內提供進一步更新。

在智能電視方面，管理層表示LiveOne已接入業績會上提及的所有三大主要合作伙伴。營銷纔剛剛開始，公司預計將在60至90天內獲得更清晰的使用情況和轉化數據。

關於奈飛（Netflix），管理層表示初步推出的內容將由播客組成。部分內容可能採用流量或廣告驅動模式，而頂級藝人的內容則需要直接變現。具體支付條款未予透露。

在利潤率方面，臨時首席財務官（CFO）克雷格·克里斯滕森（Craig Christensen）確認Slacker第一財季的盈利能力並非完全具有持續性。消除約150萬美元的債務改善了GAAP業績，而以股票支付服務費的協議則進一步提升了調整后EBITDA。

管理層表示，潛在的併購不僅限於播客領域。LiveOne正在評估涵蓋音頻和視頻領域的各種機會，包括規模較小的增厚收益交易，以及規模較大的戰略合併或資產出售。

業績電話會議完整文字記錄

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完整財報電話會議逐字稿

管理層陳述

Operator

Good morning, and thank you for standing by. Welcome to LiveOne's Fiscal Year 2027 First Quarter Ended June 30, 2026, Financial Results and Business Update Conference Call.

[Operator Instructions]

Presenting on today's call is Rob Ellin, CEO and Chairman of LiveOne; and Craig Christensen, Interim CFO of LiveOne. I would like to remind you that some of the statements made on today's call are forward-looking and are based on current expectations and forecasts and assumptions that involve various risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of the company, including expected future financial results and expected future growth in the business. Actual results may vary materially from those discussed on this call for a variety of reasons.

Please refer to the company's filings with the SEC for information about factors which could cause the company's actual results to differ materially from these forward-looking statements, including those described in its annual report on Form 10-K for the year ended March 31, 2026, and subsequent SEC filings. You'll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed today in the company's earnings release, which is posted on its Investor Relations website.

The company encourages you to periodically visit its Investor Relations website for important content. The following discussion, including responses to your questions, contains time-sensitive information and reflects management's view as of the date of this call, August 12, 2026. And except as required by law, the company does not undertake any obligation to update or revise this information after today's call.

I'd like to highlight to all participants that this call is being recorded. The company will make it available to investors and media via webcast, and a replay will be available on its website in the Investor Relations section shortly following the conclusion of the call. Additionally, it is the property of the company and any redistribution, transmission or rebroadcast of this call or the webcast in any form without the company's expressed written consent is strictly prohibited.

Now I would like to turn the call over to LiveOne's CEO, Rob Ellin.

Robert Ellin

Thank you. Good afternoon, everyone, and thank you for joining us. This was one of the most important and strongest quarters in the history of LiveOne. We delivered $19.3 million in revenues and $18.6 million of audio revenues at a record $6.3 million of adjusted EBITDA. Our podcast delivered revenues of record revenues of $16.2 million (sic) [ $16.1 million ] and $1.6 million of adjusted EBITDA. But maybe just as importantly, we increased our cash position by $3.3 million increased our stockholders' equity by $7 million and eliminated $5 million of liabilities for the quarter.

We've now completed $7 million of our $12 million of stock repurchase program and fully are prepared to continue to grow that and buy more and more stock at these low prices. We also acquired 150,000 shares of PodcastOne and paid off all of the junior debt at PodcastOne. Our focus is simple: grow revenues, grow EBITDA, generate cash, strengthen the balance sheet and create shareholder value. And for the first time, I believe we see a very clear path to the next level of scale. Our B2B pipeline is stronger than it ever has been.

We now have partnership and opportunities with over $10 trillion worth of companies across the world. We have signed major retail agreements with a 4-year agreement with one of the biggest retailers in the world. We are very close to a second retailer. And for the first time ever, we have partnered with Netflix and their 700 million global members. Our relationships continue to grow across Apple, Amazon, Alphabet, AT&T, Samsung, LG, VIZIO and many of the most important and largest companies in the world.

We are also seeing very meaningful expansion with our existing partners, Amazon representing over $20 million. And Paramount has now passed and on its way to over $27 million in revenues. This continues to demonstrate the accelerating opportunity across our major global distribution partners. Based on the momentum we're seeing, we believe there is a clear path to over $250 million in revenues over the next 3 years. And importantly, this growth is happening against a dramatically leaner cost structure. We have cut our staff down from 350 people at a high to now around 80, and we are not just simply rebuilding revenues. We are building a much more profitable, scalable LiveOne with the potential for dramatically increasing EBITDA and cash flow.

Our M&A pipeline is the strongest it's ever been with over $400 million of potential deals in the pipeline. We are evaluating carefully acquisitions, mergers across our businesses while continuing to receive substantial inbound interest from strategic and financial buyers looking to acquire individual LiveOne subsidiaries, assets or potentially the entire company. That gives us tremendous optionality.

We can buy, merge, partner or monetize assets depending on which path creates the greatest value for our shareholders. PodcastOne is another critical part of our flywheel. We believe audio and video belong together. We are watching a transformative move in the industry as you see Netflix enter in a very strong way into podcasting and you see the likes of Fox buying up many podcast networks as well as OpenAI paying 13.5x revenues for a podcast network. This is the second round of acquisitions where there was over $10 billion of them in the first round, and I fully expect there'll be a larger scale acquisition mode, right, happening in the overall industry.

It's very strong belief that you're going to see every streaming network, including the Apples, the Amazons and the Alphabets of the world or the YouTubes of the world acquiring podcast networks. We've also now officially sold our podcast Varnamtown to a major streaming partner, and we're hoping for a green light on that in the very near future. This adds to our PodcastOne IP of podcasts that can turn into television or films and dramatically increases our opportunity of generating substantial cash flow from these.

AI adds another major layer across our audio and video content, data and intellectual properties. We have over 250,000 hours of video content, over 500,000 hours of audio content and growing. We see telltale signs that the LLMs are going to be buying up intellectual property content data at somewhere between $100 and $500 per hour on a nonexclusive basis.

The most important message I want investors to take away from this, LiveOne flywheel is robust, it is working and is accelerating. More partners create more distribution, more distribution creates bigger audiences, more audience creates more revenues and more content creates more IP. The more IP creates more opportunities across streaming, television, AI licensing, commerce and M&A.

And then there is the valuation. The industry companies are trading at about 3.7x revenues, while LiveOne is trading at about 65% of revenues. We believe this represents an extraordinary valuation disconnect. As we execute, grow revenues, expand EBITDA, generate cash and strengthen the balance sheet, we believe there is a significant opportunity to close that gap.

After more than 30 years of building media and technology companies to over $10 billion worth of companies, I believe this is the strongest and most powerful collection of assets and opportunities I've ever assembled. I've been through this journey with many companies where stock has had its difficult times and then rebounds in a very extraordinary way. We watched this with Digital Turbine dropping almost $40 million and then 5 years later, trading to a $12 billion valuation. I believe LiveOne has today more assets, more revenue streams and more ways to win.

Now it comes down to final execution. The flywheel is accelerating, and we see a very strong sign of hitting over $100 million in revenues in the very near future.

With that, I want to hand it off to Craig, our CFO, who's done an amazing job and look forward to finalizing our call at the end. Thank you, Craig.

Craig Christensen

Thanks, Rob. I'll spend a few minutes just providing a brief overview of the results for our first quarter. Consolidated revenue for the 3 months ended June 30, 2026, was $19.4 million with positive adjusted EBITDA of $4.3 million. Our Audio division posted revenue for Q1 of $18.6 million and adjusted EBITDA of $6.3 million. The biggest driver of adjusted EBITDA was our Slacker business with stock-for-service deals that covered certain past liabilities as well as credit for future services.

On a U.S. GAAP basis, for the first quarter, LiveOne posted a consolidated net loss of $3.1 million or negative $0.23 per basic and diluted share. This compares to net loss of $3.9 million or negative $0.40 per basic and diluted share in the same quarter last year. At the operating level, our PodcastOne business reported record revenue of $16.1 million and adjusted EBITDA of $1.6 million. Our Slacker business posted Q1 revenue of $2.5 million and adjusted EBITDA of $4.7 million. This was primarily driven by stock-for-service deals and the elimination of certain past liabilities.

So overall, we see strong momentum in the first half of fiscal '27, led by the continued growth of PodcastOne. And as Rob mentioned, we have several strategic opportunities gaining traction, which we believe can support the continued growth and create long-term value.

So Rob, I'll turn it back over to you.

Robert Ellin

And just to finalize, we are well in the process of our next M&A transaction. It's been a few years since we've completed one. But for anyone that knows me, they're usually super accretive, very much like PodcastOne. We acquired it doing $17 million in revenues and losing $5 million a year. It's now on a run rate to do well over $60 million this year as we finished off the quarter with almost what we started with 5 years ago when we acquired it and now is very strong EBITDA. We are going to continue to buy back stock aggressively down at these low valuations.

And as a team, I couldn't be more proud of what they've accomplished this quarter to eliminate this kind of liabilities, create this kind of EBITDA has really been special and really has, really special to see what our team has done, and we continue to look at ways to increase each of those. And again, we'll continue to buy back stock. So I want to thank everyone for joining. I thank our shareholders for the patience, and we look forward to a really exciting end of the year.

Operator

[Operator Instructions]

Your first question from the line of Brian Kinstlinger with Alliance Global Partners.

分析師問答

Brian Kinstlinger

My questions will be around the B2B deals, and I'll get back in the queue. At what point do you expect AT&T to begin offering their plans to automotive manufacturers? Are there any manufacturers that AT&T is already offering LiveOne's content if you buy a car? And if so, which?

Robert Ellin

Yes. So we're under NDA on that, so we can't give names at this point. But the answer is yes and now. We'll have a, hopefully, a very substantial update on that in the next 30 to 45 days and are really excited about that partnership. And Brian, you probably know, historically, this company has done and really before I was involved in it, has done most of their revenues through carriers, starting with Verizon and T-Mobile and obviously, AT&T being the biggest is really exciting for us to have this opportunity to grow with them.

Brian Kinstlinger

Great. Similar question on smart TVs. You've got 3 of the largest that you are -- who's integrating your content. Are all 3 now selling TVs that consumers can buy with your content? And if so, can you talk about any evidence of usage, success, subscriptions, anything like that?

Robert Ellin

Yes. This is just the beginning of the beginning, but the answer is yes. We're across all 3 of them. And the marketing strategies are just starting to come into place, and we'll have a lot more clarity on that in the next 60 to 90 days. But really exciting. I mean not only is it exciting just to have the TVs, but obviously, when you're talking about the likes of VIZIO, right, you also have potential to move into Walmart, right?

And when you're talking about Samsung, you have the opportunity of moving into Android. Again, Samsung was the biggest -- probably was the second largest partner in the history of the company with Slacker Radio and did hundreds of millions of dollars of revenues over almost 20-year period with them. So really exciting, not only just what you can do in automobiles, but getting inside of these large massive companies and building the relationships.

As you know, Brian, once you're in the door and you have contractual relationships, you can really expand to other areas of the business as well. So the distribution is well beyond just TVs that we see and really exciting to have these opportunities. And we've used very tiny numbers, as you know, something like 0.5% to 1% penetration and a conversion off of that. And just take all the numbers of each of these companies, combine them. And we just need a little tiny piece of that for the revenues to really ramp up. And we expect that fourth quarter, right, as we've said throughout the year. It takes time as you put these in.

People need to see them multiple times, right? They need to experience. They got to see the branding. They got to build a relationship with it. But we see, again, at a very tiny percentage conversion with these partners, just a massive opportunity.

Brian Kinstlinger

I'm going to slip one more in, then I'll get back in the queue. You made a comment, Rob, that you have a B2B deal with one of the largest retailers in the world. You obviously are working with Amazon and everyone knows that. But is that something new? Is it one quick comment? I wasn't quite sure what to make of it? Or am I drawing maybe a blank on another announcement you had?

Robert Ellin

No. I mean we -- all I said is that it was a 4-year contract, right? We can't give names, as you know. And no different than we originally had our Paramount deal. We couldn't talk about the name for almost -- we didn't talk about it for almost 2 years, and now it's well over $27 million in revenues, right? This could be a massive, massive partnership. And shortly, we fully expect to be able to talk about it in detail.

Craig Christensen

Yes. And I mean to add to that, Brian, I think you're going to see us add a head of partnerships in the retail area. You'll probably see the same thing in the carrier area. So as we've now shrunk the team dramatically, you will see some add-on team members coming shortly, including the President of the company, right, as well as area heads and sales heads of B2B divisions of where we're growing, right, carriers, auto, retailers, et cetera.

Operator

Your next question is from the line of Barry Sine with Litchfield Hills Research.

Barry Sine

I want to start off and continue on the topic of B2B partners. Rob, you mentioned Netflix at the beginning of the call. And obviously, that's a big partner. Are you at liberty to expand on what you're doing with them? And if I was a Netflix subscriber, what would I see from LiveOne? Would I just see podcast? Or is it also music?

Robert Ellin

No. You're just going to see podcast to start, right? But this is my humble opinion. I did a podcast on this. I think it was 3 months ago, and maybe for once I'll be right, right? I came out and said very clearly that I fully expect that every streaming network will move into audio, right? No different than cable and satellite did, right? There are still more channels on cable and satellite for music choice than there is anything else.

I fully expect that you're going to see the likes of Netflix, Warner, Paramount, Hulu, Disney, every one of these streaming networks are going to add audio to their platforms, where they add it as a distributor or they acquire them. And I see it as really intellectually smart for them to acquire them, right? You're seeing Netflix doing deals with iHeart. You saw Disney do a deal with iHeart, right? You see Sirius trying to buy iHeart. All this is coming in when you think about it, right, that audio streaming is charging the same price as Netflix is. Right, whether it's Spotify, Apple, they're basically almost the exact same price, except for the differences in audio, the music is already made, right? They don't have the risk of spending $10 billion to $20 billion producing content.

So as they try so hard every year to increase their ARPUs, it makes so much sense to me that a Netflix should have an audio network, right? And having an audio network will drive -- give them the ability to raise their ARPUs way more than they can raise in the dollar a year that they're doing today. And I think the same thing on the audio side.

So I think you're going to see a roll-up happening where you're going to see every streaming platform, including Apple, Amazon, who already have theirs, right? And YouTube, those have a music network, but they're going to go harder into podcasting and then you're going to see the other streaming platforms that are competing with them, right, are going to have to have an audio platform. It's going to be so important to them. And I think you'll see acquisitions happening in the space quickly.

Barry Sine

Okay. And then my second question is around M&A specifically. You said you're close on the deal. And you've talked about criteria where you gave the deal being accretive. Where are you shopping? Are you shopping only in podcasting? I know Kit is always looking for perhaps to pick up companies.

Robert Ellin

No, no, no. We have -- yes. So we brought in Steve Lehman, right? Steve is Vice Chairman of LiveOne, and Steve's background is rolling up audio, right? He's done some video as well, but rolling up audio as a whole. So there's massive opportunities there. And there's a fractured market, right? You're either big or you're small and kind of left out there. We're looking at both, right? From the M&A side is we fully expect another acquisition that will be similar to Slacker and PodcastOne where we acquire it extremely cheaply, right? It fits into our flywheel and it picks up substantial EBITDA for us and is extremely accretive.

At the same time, we are looking at big chess moves that could be anything from a buy to a sell, right? The inbound calls are coming in on a regular basis. You guys are all watching as companies, again, podcast networks were bought up at like 5x to 15x revenues 5 years ago when the industry was a $600 million industry. Now it's a $25 billion industry and growing, right? As video has been added, it's going to continue to grow. And as that happens, I think you're going to see very aggressive moves in the media space. And you've started to see for the first time in 7 years, media stocks really moving, right?

Media stocks have had just a miserable, miserable 7 years. Now you see Starz stock has grown at 3x and iHeart stock was up -- it was up 6.5x, 7x. Now it's still up 5x. Same thing with Lionsgate. All of a sudden, you're waking up. And part of that is because people are realizing how valuable the data is. That data may not just be valuable to other content partners, it could be enormously valued to the AI models, right?

As you're figuring out human behavior, right, human movement, so on, you're going to need a substantial amount of content to keep feeding these LLMs and continue to feed them quickly. And they're not going to be able to get content from the majors, right? You just saw the settlement, right, that Anthropic just did, they paid a staggering $1.2 billion just to the book industry, right, for stealing some books. I imagine what's going to happen and how long it's going to take to settle the film, music, television, right, stuff that has been effectively taken whether intentionally or not by the AI models, right, that is now all blocked.

So I think we're going to have enormous value in the content we have, which content is data. And when you have data, it gives just huge value to these AI models.

Barry Sine

And just to follow up on that, where are you in the process of monetizing for AI licensing? And have you looked at doing that via tokenization, which would make the content much easier to slice and dice and price and sell?

Robert Ellin

Here's what I would tell you what's really exciting is, as of this morning, my team just sent me a message, we're in discussions with 17 AI businesses and growing. All of them looking at somewhere between $100 and $500 an hour for content. So we're very smartly and very carefully working with our talent, right, because they're a partner in that, right? If it's Dr. Phil or it's Adam Carolla, it's any one of them, we're working with that content. And the same with our music content, which we own, we still have to work with our music partners, right, to monetize that. And we couldn't be more excited about the opportunity.

And just to give you color, I personally invested in the company just a couple of dollars, but I saw a friend of mine who started the company and literally, he's gotten $17 million of contracts upfront just to literally give content from security guards, cleaning people, people washing dishes, washing laundry. This is -- if you're going to build robotics and you're going to build AI, they're going to need a staggering amount of content to keep feeding the system to keep it alive, and we have real content, right?

So what I'm talking about is only for the practice models. Imagine it's worth $100 to $500 an hour from practice models, what is this content worth when it really goes to market where it is exclusive deals to someone. It could be multiples of that. So we see a great sign in that, and we fully expect to start to monetize it in the next quarter.

Operator

[Operator Instructions]

Your next question is from the line of Brian Kinstlinger with Alliance Global Partners.

Brian Kinstlinger

A few follow-ups. The first one relates to Netflix. Are they paying annual fees for the content or based on usage?

Robert Ellin

We're not at liberty to give what the model is today. But you could read -- if you read the stories of Bill Simmons and you read the stories with Disney yesterday, you can get a little bit of an idea that some of it is going to be free and it's going to be AI driven, right, and traffic-driven and some of it is going to be paid for, right? It depends on which content it is. You can be sure that you're not going to see us give the likes of a major talent to them, right, without getting -- monetizing it.

And I can just tell you that our video content is probably now 30% of our revenues. I can't give you an exact number on it, but it was 0% when I bought this company, right? So video content is just exploding. There was a great CNBC interview this morning that literally walked through how much money is being monetized in video and what kind of revenues are being driven in video. And I just see great telltale signs that the TAM of our business is going to explode over the next 3 years.

Brian Kinstlinger

Great. I have 2 numbers questions. The gross margin has drastically improved. Craig, you made some comments that I wasn't quite sure how to decipher. But when I back into the gross margin of non-PodcastOne, you're at 63% 3 quarters ago, you were in the 20s for several quarters. Is there any nonrecurring benefits in there? And if so, can you quantify them? Otherwise, is this sustainable?

Craig Christensen

Yes, Brian, you're right. There is some onetime pickups in Q1 in Slacker. As I mentioned in my remarks, that we had an elimination of some liabilities of about $1.5 million. So that gets you back to a more normal margin on a GAAP basis. But then on top of that, we had some stock-for-service deals, and that's what drove the adjusted EBITDA. So yes, there are onetime pickups there. We expect the margin to kind of sustain back to normal, unless we can continue to drive those stock-for-service deals.

Brian Kinstlinger

Yes. Well, that was going to be my next question. We saw the share count jump significantly in the 3 months. Is that related to that stock comp? And how should we think about maybe stock comp and the share count for the remainder of the year?

Robert Ellin

I think we answered that. We've basically given that number, which was around $15 million, right, at $7.5 a share, right? We picked up some great partners with that, Brian, that we've announced, right, and they've announced, right, including a fund that now is part of BMI that owns 7%, 8% of the company now. So it's been great for us. Not only is it great from a balance sheet standpoint, right, but it also is great from having real long-term deals with the music industry, right, which we haven't had in the 8 years since we acquired it because of the payables that existed on the books previously.

So we'll continue to do some deals at $7.5 a share or better. And I fully expect that there'll be more of those as part of that $15 million over the next 60 to 90 days.

Operator

Your next question is from the line of Barry Sine with Litchfield Hills Research.

Barry Sine

Just as a follow-up on that, on the music partners, the record labels. Now that you've kind of cleaned that up, you brought some in as shareholders as partners. In the past, Rob, you've talked about going global and many of your B2B partners like a Netflix do have global businesses. And I know you're not yet licensing music to them, just podcasts. But can you talk about the prospects for taking the music part of the business global and adding global licenses, so you're not just in North America?

Robert Ellin

I think the answer is the minute we have our first partner, that is a global partner that needs this across the board will be the minute we go sit down and start negotiating. And we're in a completely different position than we've been in the last 8 years, right? We've had these massive payables from the acquisition of Slacker in the beginning, right? Now that strengthened cleaned up and so many of the music partners, we signed just about every one of them now.

So we got a couple left to do over the next, as I said, 30 to 90 days. But if we can get that cleaned up, we will certainly be exploring that and looking at that opportunity. And also podcasting is exploding around the world, too, right? So there's a real opportunity with it globally as well to expand that.

Barry Sine

And my last question, you threw out a number that's a pretty significant aspirational number of $250 million in revenue 3 years out. And I know that's not guidance, but could you flesh out that vision a little bit more? What does that look like in terms of balance between podcasting, between B2B deals? And then financially, what does that look like from an EBITDA standpoint? What's the vision on this company with that $250 million of revenue 3 years out?

Robert Ellin

I think we want to get to adjusted EBITDA like we're doing now, right? We've taken our cost structure down. As you know, if COVID didn't hit, we were on our way to $250 million 6 years ago, right? If Tesla didn't change the contract on us, we were on our way to $250 million a year ago, right, and 4 months ago.

So we're back on track now. We're highly confident, right? And when you talk about $10 trillion worth of companies that we're in partnerships with, we just got to keep growing them, right? Paramount could grow. It's growing from $2 million to over $27 million. Amazon is growing literally just starting off as a test is now growing to $20 million, right? We're now in a position with 10, 12, 14 partners that all have -- they're all multibillion- to trillion-dollar companies. We just got to execute, right? We got to execute. We got to deliver for them, and we got to continue to sign more and more of those partnerships. And then it's just the numbers game.

The bigger their distribution partners are, right, the more traffic we're going to get, the more revenues we're going to drive. When you go on to a Netflix as an example, right, you put a couple of shows on the start, you got 700 million subscribers right around the world, right? I can't tell you exactly what that number is going to be day 1, but there's going to be some numbers, right? And so that's just the beginning. When you control that, right, that environment, when we go to Netflix, no different than we're on YouTube or on Spotify, whatever advertising is played during that show, we get the revenues from.

Then there could be subscription revenues, right? Our subscription revenues all of a sudden have ramped up with one of our big podcasters, which starting to be a real number every month. And I just see that is just a big opportunity for us to grow. And I think Netflix is missing an audio network. I think Walmart is missing an audio network. I think Costco is missing an audio network. I think that Facebook is missing an audio network. I think Microsoft is missing an audio network. I think every carrier is missing one.

Everyone is coming back. AI is running the world. Everybody is scared. Everybody is infringing on each other's businesses, and it is so critical right now for people to own their own data. There is nothing that is used more than audio content, no matter what, more than video, there's always going to be audio, right? There's still going to be 2 hours a day in a car. There's going to be usage on mobile. It's hard to watch as much on a mobile device as you're going to listen on a mobile device. I think we're right in the sweet spot. And I think with Craig's help and a new President of the company, right, and a couple of more B2B people, $250 million is very achievable over the next 3 years.

Operator

There are no further questions at this time. I will now turn the call back to Rob Ellin for closing remarks.

Robert Ellin

Well I think I've said everything today, very humbly, right? We are humbled by where our stock is today. We're pretty shocked because media has had some life to it. It looked like the stock was going to run last quarter, had a little run up to $7 couldn't break those levels. But we're going to keep buying back stock. We're going to keep our foot on the pedal. We are going to continue to clean the balance sheet until we get rid of any of the outstanding issues that are out there, and we're going to continue to build massive real partnerships with billion- to trillion-dollar companies.

And again, I just want to thank everyone for their patience. We're right there next year. We'll be buying stock as soon as the restriction is off, as soon as we get legal restriction off, which is any day now, we'll continue to buy more stock. And I just couldn't be more proud of my team and what we got accomplished in this year, but just in this quarter, it is just amazing to see $7 million added net equity, $3 million of extra cash. This is just a telltale sign of where we're going, and we're going to continue to grow these things.

So thank you, everyone, and we look forward to talking to you soon with the next update.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.