Looking for the right opportunity, and the idea to build a group of earned media companies that would have additional value in the years ahead, and I can state why in a second, is what was the investment thesis for Dolphin, and what's earned media mean, right, so if you break all of marketing into two buckets, you have paid and earned. Paid's the province of ad agencies, like TV commercials, billboards, et cetera. Earned is the province of PR firms and influencer marketing, and the idea that with the rise of the Internet, social media specifically, you'd be creating what are now called influencers. You'd create online celebrities. You could launch product or promote content without needing a huge paid media campaign. But you'd have to be able to promote with earned media, so went down the path of buying these companies. 42 West is a film and television PR firm. We like to think it's the most powerful one in Hollywood. We have a celebrity division with Tom Cruise, Tom Hanks, et cetera, and we promote movies and TV. So White Lotus, James Bond, Top Gun, shows like that. We added, a couple years later, Shore Fire to be music to that. We have a whole roster of Springsteen and on down, and rather than go through each of the companies, but the idea would be PR firms like that, Rachael Ray with The Door, and then influencer marketing's Be Social and Socialyte. You can see we're pretty steady, one a year, to build this group. We merged Be Social and Socialyte to create a company called Digital Department. We'll talk about that in a second. We added celebrity booking with Special Projects. And then this year we got really aggressive.
We bought Elle, which is non-profit impact PR, to go with our celebrities, and then we launched Always Alpha, which we'll talk about in a second. All right. So, boom. Or not boom. How about ping? That didn't work either. I feel stuck. So I could wing it, although I might need some help to the arrow, or what happens if I hit enter? It's all good. Maestro?
Everyone loves the improv, right?
Oh, I could. On these companies, that would be easy.
That is so weird.
That Dolphin Entertainment logo you see? That was paid $1 for that off the Internet, the original logo. So that's important. That's what you do when you can't even draw and you start a company. What do you have to do, and then all the other companies have cooler names probably too.
The computers seemed frozen. So we're getting tech to come right now, though. Yeah.
Poor Kayla. The New York one, the whole thing blew up. All right. Well, I'll just wing it. So while we're waiting. So Dolphin then, we like to talk about three aspects of Dolphin. Ooh, I feel good. This looks confident right here. Oh, with an LD hat. So we have the legacy content production company side. Just unplug it. That's what I would have done too. So that's Dolphin. We have the marketing companies all in one group, which is our core business, 1.0 business, if you will. And then we have the reason why we put all these companies together to begin with, which is so we could take ownership stakes in some of the assets we're promoting. We call that ventures. So we have content, we have marketing, and we have ventures. See, this is what you do when you don't have a PowerPoint. You use fingers.
All right? So that's three parts of Dolphin. All right. So the marketing group as a whole, we're going to do $50 million. Feel good?
I think it feels good.
Thank you. No, no, no. Actually, can you come back up here, sir? Come here. Come here. This is how we do it in Hollywood. This is Dolphin Entertainment. Please stand. Yep. And give a real bow. You want to give a speech? Thank your mother? Anything? No? All right. Yeah. Holy cow. That's worth an Oscar right there, baby. So we have Dolphin Entertainment, Dolphin Marketing, Dolphin Ventures. Every face or content piece you see here is one of our clients. So content, obviously our history was in television. We made a lot of digital because we were working with kids. So the first content on YouTube, obviously, was professionally made content aimed at kids, feature films, documentaries. We have Dolphin Marketing.
These are just some of the companies that we have, including our newly launched two weeks ago, Always Alpha, which is a management firm for female athletes, obviously led by Allyson Felix, who is the woman who's won the most medals in Olympic history for track and field, and she's awesome, and I could talk all day about her, and it's the first time we're testing out a new PowerPoint, so I so desperately want to talk about each of the companies because I'm so used to that, but we're just going to treat them as a whole group, and I'll come back to it if I need to, and then Dolphin Ventures, like I said, assets that we will own that we have ownership stakes in, I should say. Okay. So then I'm going to go back before I get to why we think we're undervalued.
So because I know that's the point of LD Micro, right? Dolphin Entertainment, the story here is we're going back into content production now that our group's done. The first deal is a 50/50 joint venture with IMAX to make documentaries. We've done the first one. We put it in theaters in May. It's called The Blue Angels, on the Blue Angels, the Navy Flying Squadron. It did very well for us, more than doubled our money in the year of making it and then selling it. We put it in theaters with IMAX. We also sold it to Amazon Prime. And it proved the thesis that if you can put a movie in theaters, that it just has more value on streaming services because somebody's already promoted it. In this case, it was our own PR firm, 42 West.
We'll be doing more of those in partnership with IMAX, and we're very excited for it. In 2025, we'll go back into production of television and features for scripted, so it's what it sounds like, right? TV shows, movies, et cetera, and that's a good example of it's our legacy business, but it's also a bridge because it's also a venture in the sense of it's a type of asset that our form of marketing influences the likelihood of success. That's our North Star, so why would we use this collection of marketing companies to promote electric vehicles? It's not that electric vehicles aren't promotion-worthy. It's that we don't add anything to that PR, but if it's a consumer product, we do, so just hearing about our companies briefly, again, 42 West with Tom Cruise. That's our film and TV PR firm. Shore Fire, that's our music PR firm. Very broad.
It's the largest in the world. We have several hundred acts on a roster, obviously Bruce, but Dave Matthews Band just inducted in the Rock and Roll Hall of Fame. Chance the Rapper across all genres is my point. The Door, our culinary. That's Rachael, of course, Rachael Ray. She'll come back in the story in a second. And we have many top chefs, Jean-Georges, Robert Irvine, et cetera. But we also promote events. So South Beach Food and Wine, New York Food and Wine, large culinary events. We'd like to do some of our own. You see where we're going. The Digital Dept., we bought two PR firms, you may remember, from a couple of PR firms, excuse me, influencer marketing firms. We bought Be Social in 2020, based in Los Angeles. We bought Socialyte in 2022, based in New York.
We merged them last year to create the Digital Department. We have both sides of influencer marketing. We represent individual influencers, over 200. We get a fee like an agent or a manager. One of our influencers books a $100,000 campaign with Crocs. We take 20%. They make $80,000. We make $20,000. We do that at volume. Last year, we did 4,300 campaigns for our influencers. Many of them for 5, 10, 15, but some for 100, 200. We probably have a couple dozen influencers that make hundreds of thousands of dollars a year, a few that make a few million a year, a million or more a year, I should say. That's our business there. We also represent the brands, though. We'll create a whole influencer marketing campaign for brands like Crocs, H&M, Molson Coors, Keurig Dr Pepper.
Pepper, where we design the campaign and then go find the right influencers, whether they're on our roster or not. Special Projects, skipping ahead for a second. That's our celebrity booking. That was a picture taken from an event that just happened two weeks ago. This was last year or so. The Academy Museum Gala, that's the Oscars people. They do a gala every year for their museum. We select the celebrities to get awards. We select the celebrities to give them the awards. So when Oprah gives Meryl an award, we not only select, we get them there. We like to use that as a signature event because it's over 200 celebrities in attendance. It's a very large celebrity event, maybe the largest gathering outside of an award show for the year. But we do anything where you want celebrities at the event.
So think Fashion Week, Chanel store opening, Gucci, Valentino, Versace, clients. Think movie premieres, TV premieres. Obviously, that goes very well with 42 West. We also book celebrities for campaigns and endorsements. And that's where it kind of is similar to an influencer marketing, right? If you want to have a celebrity endorse your product, that's the same thing as an influencer endorsing your product, which is then what ties us and why we got into female sports with Always Alpha just two weeks ago, right, with Allyson. Because what are athletes today, but also influencers? And so female athletes, especially, make more money typically from product endorsements than they do from actually playing the sport, right? We've seen that in the last year with Caitlin Clark, famously making $74,000 playing for the WNBA. But how much does she make in brand deals? Yeah, a lot.
Allyson, of course, is a great, great, great, not just first client, but a partner in the business because she's a great lady too. Obviously, a real advocate for women in sports and maternal health, especially. Melinda Gates just gave her a grant of $20 million to allocate to Black maternal health organizations of her choice. It really fits in very well with our impact PR too. So those are our companies. And with that power across those different verticals, then we want to get into ventures. So Staple Gin's a great example. We launched this product in May in partnership with Rachael Ray. It's a liquor, obviously, entertainment and liquor. Entertainment leads you to drinking. Just kidding. If you're up to that, no, I'm just joking. And many successful exits of liquor fronted by celebrities, right? Rachael's a great choice for us.
She's already the most popular chef in America. She had her own daytime talk show for over 15 years. She's on TV all the time, and she has many products in the market. That's why we chose to partner with her for the first liquor as opposed to pick the biggest movie star, biggest musician in the world. We wanted Rachael. Also, we wanted it to be a gin because fun fact, gin's the only liquor that's based on a recipe. I didn't know that, but our liquor specialist did. She designed the recipe for Staple Gin. We submitted it, since we launched in May, to four or five now, blind taste tests from industry sources, and it's come out with the highest rating every time. She's good at what she does, is my point.
Southern is distributing it, which is the 800-pound gorilla in the liquor space, and we promote the shit out of it since we promote other liquor brands, and it's a place where we can make a difference. We actually brought in the Southern deal, for example, so that type of thing, when you take an ownership stake in something like that, at our current market valuation, we believe our ownership stake in that one product's worth more than the whole company, so that type of thing is exciting for us and what we want to do. You see skincare there. We brought in a skincare group into our influencer marketing company in January, led by Susan Yara. Susan is an influencer. She has a YouTube channel called Mix Makeup. She's considered OG in that space. She's 40 years old. She's prehistoric, speaking as a 55-year-old.
She launched a skincare line called Naturium in June of 2020, right after COVID started. Just launched it on Amazon. Just did influencer marketing and a dash of PR. She is the living test case of exactly what we're trying to do with our group. She sold it three years later, last fall, to e.l.f. Beauty for $350 million. Never had a paid campaign. And she came in to join Dolphin. We will be launching skincare products starting next year. And because those are skincare, beauty, cosmetics, those are the two pillars of ventures when you think entertainment, liquor, and cosmetics. But we'll do more. Yesterday, we just announced a deal with Loti AI. We'd like to have a venture with one or two AI companies in the next 12 months where we take an ownership stake in the company.
We promote the company, and we think we can do a lot with AI that crosses into entertainment. We're not talking about making movies. We are talking what Loti does is it protects. We have a lot of high-profile celebrities, and a lot of times they're deepfaked online on nefarious sites, and we want those taken down, so do the celebrities. How can you do it at scale? AI can help you do it, and that's what this company does. They've partnered with William Morris Endeavor, a big talent agency in L.A.. We've partnered with them, and those are the types of deals we're looking for. All right, so let's talk a couple of minutes on our company. You can see our revenue growth since 2020. Alan Klee, who's walking around, I don't think he's in the room, though, is the analyst that covers this from Maxim.
You'll see 24 and 25 are his estimates. We do expect to do over $50 million this year. We're on pace. We did over $26 million in the first half of the year. So the old math degree tells me we're over halfway there at the halfway point. And also, that's good because we do have a slight seasonality to our business because of the influencer marketing. Influencer marketing surges in Q4 when so many different brands want an influencer campaign to drive holiday sales. So the second half of the year is better for us than the first half. So if we already are on pace in the first half of the year, you'd expect to beat it in the second half. You can see that represents almost a 20% revenue increase year over year.
We expect next year to be even better, another 10% up, obviously, if not more, because we have a lot of growth catalysts, including the Women's Sports Management Company that we're signing clients to now. And with Allyson as a draw, I mean, that's obviously exciting for us. Also, a big year for us because we've now covered the cost of being public and adjusted EBITDA-wise. This is the year we turned positive. First half of the year, I think we're $900,000 of positive adjusted EBITDA. We expect it to go up over the course of the year because, again, Q4 is a good quarter for us. Alan estimates us to jump that high in 2025. Obviously, it's roughly the size of the increase from 2023 to 2024. He thinks we can do it again from 2024 to 2025.
We don't put out guidance, but we obviously think next year will be more than this year. So that's where we are there. And then you can see our market cap on that day was $16.5 million. Our enterprise value was $27 million. And you compare that to, I think this was an old presentation, right? Or did we not have on? Oh, there we go. No, it isn't. So the enterprise value over this year, 2024 revenue is basically 0.5 versus an average of 1x-3x . So we thought we'd share that. Obviously, against next year's revenue estimate, we'd be under 0.5. So we don't think that's a good value for us. And this also helps explain why I've been buying in the market personally and put out the shareholder letter a couple of weeks ago.
I think every micro cap feels they're undervalued, but I'm just putting the math up, and if you look at his estimated Adjusted EBITDA next year, we're trading at three and a half times forward-looking earnings, and we think we should be trading higher. That's also, again, just we've never put on slides like this about our company before in the acquisition mode, and we thought we'd start doing it this year because if I can buy 1% of the company for $100,000, I'm going to do it all day long after we report in two weeks. Because if I buy before, that's called jail. That's something you saw me buy after our last quarterly report, and we'll do it again. We'll just keep doing it until we get corrected. That's a little bit of our valuation story as we look ahead to 2025.
Oh, and we have significant management ownership. Another thing that's important to know, we brought all these companies in. The average deal, almost every deal was done half cash, half stock. All the CEOs have stayed. All the CEOs are with us multiple years. They care about our stock price. And we're invested in making this work. So we also have a very tight float because a big chunk of our stock's owned by insiders. So that's also nice too. If we can just get that one pop or that one reason to, like we did three years ago when we shot up to $32 intra-day, those types of things can happen. But we're building a company that deserves it because we're the theory.
The last thing I'll say before I turn it over for questions, 30 seconds early, is the mousetrap of Dolphin on that investment thesis is if we can put this group together, because I think the last slide's just, oh, wow, I had more. Well, I talked to you a little bit about why we're excited in the last year and why we think we're undervalued since, because we put a movie in theaters that was profitable, and it will be an annuity for us because it's going to play in IMAX theaters and museums for the next 10 years. We launched a gin. We bought a profitable impact PR firm. Those two ladies are great, and they're already record revenue month after month since we bought them. Profitable. Record profit too per month, and we launched a female women's management firm, athlete management firm.
We did all four of those things, had record Q4 revenue in Q4, record revenue in Q4 last year, broke that record in Q1 of this year, and our stock price is down 70%. So after all that, so at some point, you'd like to believe we're going to turn it around. And then yesterday's news, again, partnered with Loti AI to protect and try and protect our celebrities online. Thank you. So the last thing, wow, you would think, again, I should know my own PowerPoint better. But the thesis, the investment thesis of Dolphin again is if you could put this type of group together and you own the only collection of premium earned media assets in entertainment, right? And I think the client roster speaks for itself. So each one of the companies has one or two competitors, but there's no group together.
There's no PR firm that has the scale of our film and television clients and our music clients, for example, that type of thing. Then what would you do with this group is the question I asked at LD Micro for years when we were done building it. And our answer of what you would do with this group, because the group's going to organically grow, they cross-sell, they grow, you saw our revenue growth. The answer to us is to take ownership stakes in the assets that we're marketing and build a portfolio of those. And so last year I said, "We're going to start next year." This year I say, "We've already started. We have the gin in market. When we meet next year, we'll have four or five of those.
We meet in two years, we'll have 10 or 12 of those." And now you've got the mousetrap of real revenue, real cash profit combined with the upside of Ryan Reynolds sold his gin for $650 million. Clooney sold his tequila for $1 billion. The Rock's tequila today is worth $2 billion. 10% of that is a larger number than our company. So that's the game we're playing, and we think we can play it well. All right. So I'll finish with the thank you and take questions if there are any. Yes, ma'am. Yes.
I have a question about your film and TV division. So did you take you said that you're doing a launch in 2025. Does that mean that you've been taking a break from the production side of things?
Yeah, to buy the companies. To buy the companies.
Okay, great.
And when you bring back that division, do you have a specific budget range that you focus on? Do you have a specific genre that you're focusing on?
Right. We're trying to focus on the things that we think we do best, which would then be YA is an area that we do well because of Nickelodeon and in the Bieber movie and the Mattel movie. And then Sundance-type movies. 42 West is the best at promoting movies for acquisition. At Sundance this year, the three biggest sales, the only three sales that were more than $10 million were promoted by our PR firm, two scripted and one documentary. The scripted film just hit Netflix last week, and the documentary was on HBO.
Do you have a slate yet?
We've developed for the last couple of years, and we have a slate of eight projects.
And we're out on we should be shooting the first couple next year. Yes, ma'am.
Do you find AI is helpful, hurtful, or neutral to earned PR right now?
Helpful. Many of our PR firms use AI to help draft the initial draft of the press release. I would say it's less impactful in our business than other forms of marketing because so much of what we do still requires human interaction. I got asked, would it impact influencer marketing at a meeting earlier today? And it will impact ad buying, programmatic ad buying, because that's just you buy a commercial, and here, it won't impact influencer marketing. I don't know if ever, really, because so much of it is you have to do the follow-up with humans to make sure they post, post right, get the report, put it back to the client.
So I think hopefully it can speed up some of our processes, but it will have less impact on our business than other businesses. Yes, sir.
Will all the individual units operate autonomously with their own budgets and P&Ls and funnel cash flow, or how does that work?
Yes, they do. And Dolphin, just for lack of a better word, just I never had an ego about it. So we never wanted to put it all under one brand. They have such brand value in their own markets. 42 West is, if you're in the entertainment industry, that's a Goldman Sachs equivalent. So they operate with their own P&Ls. Yes, sir.
Is the stake that you create normally 10%?
We shoot for 10% if we don't put up any money. And it's not our asset.
And then, is it attached to any contract with your other properties, or do you own it?
Yeah. Yeah. And oftentimes, too, we get paid to promote, and we own the equity, and we put up no money. So that's a good deal. Any last question because we're right at the end? Yes.
Do you, okay, what am I trying to say? I'm going to do it again. Do you outsource capital for your film and TV projects, or do you use your own? Do you have your own fund?
How Dolphin worked previously, and we'll probably replicate it as a public. For sure, you're going to ask me, do I? No. How do we finance capital? So on the IMAX deal, it's 50/50. And we can get third-party financing for our half, or we can put up our own capital.
With Blue Angels, we put up our own capital, and we were rewarded for it. But we have access to third-party capital because of our long track record, and we can finance our portion. And I love 50/50 deals because then you have a partner, usually in distribution, that has skin in the game too.
Right. Right. Do you own your own equity?
Mm-hmm. So we'll share in the revenue of Blue Angels forever. Well, thank you, guys, for the time. I appreciate it.