Robert Ellin: Right. So we’re doing pay per views. But this time, A lot of those are coming from. They’ll come from the record labels, they come from publishers, they’ll come for managers who are bringing it in. They’re bringing it in with the sponsor with it. So it’s really exciting and really energetic around it. And as you know, we’ve streamed over 3,000 artists, right? We’ve had about 5 billion engagements. The plan was always pre-COVID to launch pay-per-view for music festivals, big artists, right? We’ve done a lot of K-pop, as you probably read about the whole works. Now is the time to really step on the gas on that. We’re going to be very cautious and very careful about, right, and really focus those on ones they’re backed by a sponsor or they’re backed and paid for directly from us. So we did pre pay and they paid us $75,000 upfront with 30% margins on it to stream it and then with the upside of the pay-per-view as well.
Calvin Hori: Okay. And then finally, can you just clarify how much of PodcastOne will be spun off to shareholders — existing shareholders?
Robert Ellin: Yes. So between 5% and 10%. So think in between, thinking about 7.5%. So the public filing says it’s going to start trading at $150 million valuation. So a lot of equity is going to be dividend out to our shareholders in the next few weeks.
Calvin Hori: So that means .
Robert Ellin: Shareholders. What’s that?
Calvin Hori: LiveOne will own 93% then?
Robert Ellin: Yes, it’s a little — it’s going to be less than that because remember, we sold $8 million at a $68 million valuation. So LiveOne’s going to own about 80%. Yes, a little bit higher than 80% of it. And if you take 80% of $150 million, it’s a big number. And guys, just to add to it, I just got to know from Sue McNamara, my Head of Sales telling me, our advertiser actually way higher than that this year including programmatic, we would add hundreds of additional advertisers is right on top of the 400 that — of direct sales that we have.
Operator: This concludes our Q&A. I now hand back to Rob Ellin, CEO, for any final remarks.
Robert Ellin: Yes. Just to wrap it up, I just want to thank everyone for their patience, right? This has been a humbling a couple of years. I think we recognize very differently than most, 18 months ago, that the market was going to change and the capital is going to change. I’ve gone through this before in my career for any of you that have been investors before. And I’m so proud of my team. They’ve come together. It’s been a tough battle, making cuts. My team has come together. And we just have a world-class team, laser-focused on winning for all of our shareholders. And I think we’re going to have a dramatic win this year. So thank you, everyone. Thank you for joining.
Operator: This call has now concluded. We’d like to thank you for your participation. You may now disconnect your lines.
