LOUISVILLE — Streaming video provider Gaia Inc. (Nasdaq: GAIA) added subscribers in the second quarter of 2023, but profitability remains a struggle after a comparatively successful run during the COVID-19 era, when television and web-streaming viewership skyrocketed.
Sales for the most recent period were $19.8 million. That’s “down 4% compared to the year ago quarter, due to the post-COVID subscriber contraction experienced industry-wide during 2022,” Gaia said.
The company posted a net loss of $1.7 million in the second quarter of 2023. In the same period last year, Gaia had a modest $100,000 profit.
Gaia added 8,000 members to the Gaia platform in the second quarter, ending the period with 774,500 members.
“The initiatives implemented over the past nine months to attract and retain our members have continued in the second quarter,” Gaia chief financial officer Ned Preston said in a prepared statement. “We continue to focus on growing revenues in a cost-effective manner, while also generating cash flows from operations in excess of our reinvestment in content and other capex that attracts and retains high lifetime value members.”
Gaia’s stock finished trading Tuesday up nearly 10% at $2.58.