Podcasting company Liberated Syndication posted its third-quarter financials. The business reported revenue up 9% on-year, reaching nearly $6.22 billion. Libsyn was responsible for about $3.64 million of the total, with its hosting revenue helping deliver growth although ad revenue dipped. Pair Networks saw quarterly revenue of $2.58, which included increases from hosting and domain offerings.
Net income for the period was $819,384, down from $1.28 million in the same quarter of 2018. The result included higher costs and operating expenses for the company, with $444,620 in one-time, non-recurring costs.
“Both the Libsyn and Pair platforms delivered strong operating performances during the quarter, driving Liberated Syndication’s top line growth for the third quarter,” remarked Chris Spencer, Liberated Syndication CEO. “Podcasting is growing rapidly, and our strategy continues to position Libsyn to capture that growth as new shows are added to our platform daily. We remain focused on offering our expanding customer base industry-leading services through Libsyn and Pair and are confident this approach will allow us to continue delivering for our podcasters, their audiences, and our shareholders.”