DLPN Stock: Why It Increased Today

By Amit Chowdhry ● Oct 12, 2021
  • The stock price of Dolphin Entertainment Inc (NASDAQ: DLPN) increased by over 1.8% today. This is why it happened.

The stock price of Dolphin Entertainment Inc (NASDAQ: DLPN) increased by over 1.8% today. Investors are responding positively to Dolphin Entertainment taking an ownership position in the Midnight Theatre, a state-of-the-art contemporary variety theater and restaurant experience in the heart of Manhattan.

Dolphin is going to manage all aspects of publicity and marketing for the venue, as well as facilitate talent and commercial relationships within the entertainment and culinary industries. And an anchor of Brookfield Properties’ recently opened Manhattan West development, the Midnight Theatre is in the final stages of construction and expects to open in Late Fall of 2021.

The Midnight Theatre features 3 distinct experiences for guests: the theatre itself; a separate pan-Asian restaurant, Hidden Leaf; and a ground-level café. And the Midnight Theatre will have a weekly schedule of performances and immersive experiences across music, comedy, Broadway, and narrative magic shows programmed at the 160-seat venue. The managed by veteran entertainment executive Warren Adcock, the contemporary variety theatre integrates state-of-the-art 270-degree projection-mapped visuals into live performances, allowing for unprecedented intimacy between performers and guests. Plus the Midnight Theatre also has built-in live-stream capabilities, allowing for events inside the theatre to expand beyond into people’s homes and corporate offices. The theatre will be available to host live streamed podcasts, comedy specials, music events, corporate keynote events, and more.

Hidden Leaf is the modern pan-Asian restaurant concept on the second floor of The Midnight Theatre space, led by Josh Cohen and Executive Chef Richard Kuo. And the restaurant features a 75-seat dining room, 20 seat private dining room, and a 40-seat lounge/bar area. Open for lunch and dinner, Hidden Leaf incorporates world-class food with interactive elements such as table-side prep, wine consignments, and memberships.

Set between Ninth and Tenth Avenues, and between 31st and 33rd Streets, Manhattan West is a $4.5 billion, 7 million square foot mixed-use, pedestrian-friendly continuum directly between the newly built Moynihan Station, Penn Station, and Madison Square Garden to the East and Hudson And yards to the West, with the High Line pedestrian walkway directly connecting to the South by 2023. Brookfield started buying the land that would comprise Manhattan West over 40 years ago.

Manhattan West is comprised of 4 office towers with 6 million feet of commercial space, a residential tower with 844 units, and the newly opened Pendry Hotel (the luxury chain’s first in New York City), and includes a 2.5-acre open-air public space surrounded by over 240,000 square feet of retail space. And the public space will include a 100-foot x 17.5-foot video screen for video content, movies, and broadcast events (such as the World Cup), without commercials. And, from November to April, it will include an ice skating rink (a friendly nod to One Manhattan West serving as the new headquarters for the National Hockey League). The other tenants for the office space include J.P. Morgan Chase, accounting firms Accenture and EY, law firms Skadden, Arps, Slate, Meagher & Flom LLP and Cravath, Swaine & Moore, and corporate offices for Amazon and Peloton.

Warren Adcock, Co-Founder, Executive Producer and Entertainment Technologist of Midnight Theatre, had made a career out of collaborating with artists and technologists to tell stories across live events, film, TV, experiential marketing, theater, and magic.

Adcock’s professional experience in this field started when he managed magician David Blaine’s production company, produced Blaine’s live performances and public stunts, and oversaw magic production for the ABC special David Blaine: Real or Magic. And following David Blaine Productions, Warren worked for Pulse Films (a Vice Media Company) on branded, commercial, TV, and film content. Warren also served as an Executive Producer and the Director of Operations at Madison Square Garden Ventures.

Josh Cohen, Co-Founder of Midnight Theatre, is a restaurateur who has helped to put Brooklyn on the map as a dining destination by opening several well-received establishments in Williamsburg and Greenpoint, including the Italian restaurant Lilia, the rock and metal music venue Saint Vitus, as well as Chez Ma Tante, Anella, and Casa Publica, and many others. And Cohen is known for his scouting and nurturing of culinary talent, and his thoughtful presentation of truly inviting hospitality.

Richard Kuo, Executive Chef of Hidden Leaf, was born in Taiwan and raised in Australia. And Kuo worked at Corton and Seäsonal before breaking out on his own as chef and co-owner of pop-up Frej in Williamsburg, Brooklyn. Previous at the helm of popular industry hangout Pearl & Ash, Kuo’s cooking pays homage to the variety in cuisine he’s known his whole life and he has earned a 2015 StarChefs Rising Star Chef Award for his work.

KEY QUOTES:

“The Midnight Theatre is the most exciting live venue concept we have seen in a very long time. A truly modern variety theatre, paired with a fantastic restaurant, is missing in the cultural landscape today. The combination absolutely plays to the broad relationships and marketing strengths of Dolphin, from all aspects of the entertainment industry and the culinary world. Warren and Josh deserve a ton of credit. And, the location is nothing short of phenomenal.”

“To partner with Jason and Brookfield in building the only entertainment venue within their signature Manhattan West property is a truly unique opportunity. Placing the Midnight Theatre within one block of Madison Square Garden, Moynihan/Penn Station and Hudson Yards, as well as a very short walk from the Javits Center, and situated within an absolutely stunning, world-class development, simply gives the property a tremendous number of inherent marketing advantages and opportunities.”

— Dolphin Entertainment CEO Bill O’Dowd

“Brookfield Properties is excited to welcome Dolphin Entertainment to the Midnight Theatre partnership at Manhattan West. We look forward to working with their team of world-class entertainment, marketing and creative professionals to bring the theater to life. The Midnight Theatre is such a unique offering and we cannot wait for New Yorkers to come experience this intimate and immersive venue.”

— Jason Maurer, Senior Vice President, Retail Leasing, Brookfield Properties

“Dolphin coming into the Midnight Theatre quite simply transforms and elevates this venture. It’s not just their PR and marketing muscle, which is second to none. Shore Fire’s incredibly impressive roster of musical artists spans literally every genre of music, and 42West’s reputation and reach within the industry is nothing short of legendary. Together, they will help us fuel the most exciting new venue to hit New York City in a long time, where something magical can be happening on any night of the week.”

— Veteran entertainment executive Warren Adcock

“Pardon the expression, but Dolphin is altogether just a different kettle of fish. There is just no other company out there that can do everything they can do. And for my side of the business, The Door represents the best PR and marketing in the culinary industry. Adding Be Social for influencer marketing was a stroke of genius. Only Dolphin could take Midnight Theatre and provide world-class marketing specialists for every single aspect of it. We’re incredibly excited.”

— Josh Cohen, Co-Founder of Midnight Theatre

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.