‘Post-COVID subscriber contraction’ shrinks Gaia’s 2023 sales

LOUISVILLE — Streaming video provider Gaia Inc. (Nasdaq: GAIA) saw lower year-over-year sales and a higher net loss in 2023, citing “post-COVID subscriber contraction” for the performance. 

Gaia’s revenue for the 2023 fiscal year was $80.4 million, down from $82.0 million in 2022. Steamers “experienced industry-wide (subscriber losses) during the later part of 2022,” the company said, and have yet to bounce back. 

Gaia’s net loss in 2023 was $5.6 million. That’s compared to a loss of $3.6 million in 2022.

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For the fourth quarter of 2023, sales were up 6% to $20.7 million from $19.6 million in the same period of 2022.

Still, Gaia increased its net loss from $1 million in the fourth quarter of 2022 to a loss of $1.8 million in the same period last year. 

“As we closed Q4 2023, we continued our trend of executing on cash flow positive growth. We found continued improvements in marketing efficiency with some of our lowest customer acquisition costs since the beginning of 2021,” Gaia CEO James Colquhoun said in a prepared statement. “We also launched a beta version of our Gaia Marketplace; a curated selection of experiences, retreats, courses, and physical goods — an initiative aimed at increasing (average revenue per user), without further marketing expenditure, while supporting the conscious lifecycle of our members. Our focus for 2024 will include improving on marketing efficiency, the continued rollout of our Marketplace initiative, alongside a renewed focus on our premium membership tier.”