Exhibit 99.1

Dolphin Reports Record Q2 Revenue of $11.4 Million; H1 2024 Delivers $26.7 Million Revenue and $0.9 Million Adjusted Operating Income

MIAMI, FL / Dolphin (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the second quarter ended June 30, 2024.

Bill O'Dowd, CEO of Dolphin Entertainment commented:

“Dolphin achieved record Q2 revenues this year, setting a solid foundation to exceed $50 million in annual revenues and deliver full year positive Adjusted Operating Income—the key financial metric by which we measure ourselves, and the one that we believe truly reflects our value creation. We are lining up for a strong second half of the year, with the acquisition of Elle Communications to concentrate our work in the Impact PR space, and our anticipated launch of a sports company to complement our market-leading position in entertainment. Furthermore, we expect to close on our next Ventures opportunity, continuing our strategy of generating immediate service revenues while amassing equity stakes typically without capital deployment, positioning us for potentially significant returns as our portfolio grows and matures.

In summary, we believe that our record results provide solid progress towards our Revenue and Adjusted Operating Income goals which, along with new vertical expansion, and our Ventures strategy providing optionality, all together position us well for sustained growth, profitability and success.”

Q2 2024 and Recent Highlights

(1)The Company has provided adjusted operating income information that has not been prepared in accordance with GAAP. This measure is defined below in the section “Use of non-GAAP measures.”

Conference Call Information
To participate in this event, dial in approximately 5 to 10 minutes before the beginning of the call.

Date: August 14, 2024
Time: 4:30pm ET.
Toll Free: 877-545-0320 International: 973-528-0002 Participant Access Code: 630741
Webcast: https://www.webcaster4.com/Webcast/Page/2225/51040

Replay
Toll Free: 877-481-4010 International: 919-882-2331 Replay Passcode: 51040
Webcast Replay: https://www.webcaster4.com/Webcast/Page/2225/51040

About Dolphin

Dolphin (Nasdaq: DLPN), founded in 1996 by Bill O'Dowd, has evolved from its origins as an Emmy-nominated television, digital, and feature film content producer to a company with three dynamic divisions: Dolphin Entertainment, Dolphin Marketing, and Dolphin Ventures.

Dolphin Entertainment: This legacy division, where it all began, has a rich history of producing acclaimed television shows, digital content, and feature films. With high-profile partnerships like IMAX and notable projects including "The Blue Angels," Dolphin Entertainment continues to set the standard in quality storytelling and innovative content creation.

Dolphin Marketing: Established in 2017, this division has become a powerhouse in public relations, influencer marketing, branding strategy, talent booking, and special events. Comprising top-tier companies such as 42West, The Door, Shore Fire, Special Projects, and The Digital Dept., Dolphin Marketing serves a wide range of industries, from entertainment, music and sports to hospitality, fashion and consumer products.

Dolphin Ventures: This division leverages Dolphin's best-in-class cross-marketing acumen and business development relationships to create, launch and/or accelerate innovative ideas and promising products, events and content in our areas of expertise. Key ventures include collaborations with Rachael Ray for Staple Gin and Mastercard Midnight Theatre. The company is actively exploring new projects in AI, beauty, and sports.

This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, Dolphin Entertainment Inc.'s offering of common stock as well as expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict, and accordingly, Dolphin Entertainment's actual results may differ materially from the results discussed in its forward-looking statements. Dolphin Entertainment's forward-looking statements contained herein speak only as of the date of this press release. Factors or events Dolphin Entertainment cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause its actual results to differ from those expressed in forward-looking statements. Although Dolphin Entertainment believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Dolphin Entertainment undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

Contact:

James Carbonara/Hayden IR
(646)-755-7412
james@haydenir.com

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Use of Non-GAAP Financial Measures

In order to provide greater transparency regarding our operating performance, the financial results in this press release refer to a non-GAAP financial measure that involves adjustments to GAAP results. Non-GAAP financial measures exclude certain income and/or expense items that management deems are not directly attributable to the Company’s core operating results and/or certain items that are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance.

Adjusted operating income or loss is defined by Dolphin as (loss) income from operations before: (i) depreciation and amortization, (ii) write-off of assets, (iii) impairment of goodwill or intangible assets, (iv) acquisition costs, (v) employee stock compensation, (vi) change in fair value of contingent consideration, (vii) bad debt expense and (viii) and impairment of capitalized production costs.

Management believes that the presentation of operating results using this non-GAAP financial measure provides useful supplemental information for investors by providing them with the non-GAAP financial measure used by management for financial and operational decision making, planning and forecasting and in managing the business. This non-GAAP financial measure does not replace the presentation of financial information in accordance with U.S. GAAP financial results, should not be considered a measure of liquidity and is unlikely to be comparable to non-GAAP financial measures provided by other companies.

Reconciliation of GAAP loss from operations to non-GAAP income from operations