LOS ANGELES, Sept. 15, 2021 /PRNewswire/ -- LiveXLive
Media (Nasdaq: LIVX) ("LiveXLive"), a global platform for
livestream and on-demand audio, video, and podcast/vodcast content
in music, comedy, and pop culture, and owner of PodcastOne, Slacker
Radio, React Presents and Custom Personalization Solutions,
announced today that it plans to change its name to "LiveOne, Inc."
as part of an overall rebranding of the Company and its business
units, subject to obtaining applicable approvals and consents.
LiveXLive expects to change its NASDAQ stock symbol to "LVO" in the
coming weeks. No actions are needed by LiveXLive's
stockholders with respect to the planned name change and stock
symbol change.
Separately, LiveXLive also announced its intention to spin-out
its existing pay-per-view business as a separate public company and
its plan to distribute a portion of the new company's equity to
LiveXLive's stockholders, anticipated to take place by March 31, 2022, in each case subject to obtaining
applicable approvals and consents and compliance with applicable
rules and regulations and public market trading and listing
requirements.
As part of LiveXLive's plans to rebrand its businesses as the
"ONE" brand, LiveXLive plans to rebrand its individual subsidiaries
and businesses as follows:
- LiveXLive's podcasting business, PodcastOne, will remain
branded as PodcastOne
- LiveXLive's music subscription business, Slacker, will be
branded as "SlackerOne"
- LiveXLive's pay-per-view business is anticipated to be spun out
as a separate public company and will be branded as "PPVOne"
- LiveXLive's live music business, React Presents, will be
branded as "ReactOne"
- LiveXLive's merchandising business, CPS, will be branded as
"PersonalizedMerchOne"
- LiveXLive's original content business will be branded as
"StudioOne"
Commenting on the announcement, LiveXLive's Chairman and CEO,
Robert Ellin, stated, "We are
excited to announce a rebranding of LiveXLive that reflects the
evolution of our Company, its accelerated growth, and our vision
for the future as 'ONE' brand. Our new LiveONE name and the
associated business unit brands of 'ONE' will further pull together
our flywheel business model and collectively become synonymous with
our mission to be the 'ONE' leading end-to-end talent-first
platform creating, producing, monetizing, marketing, and
distributing premium audio and video content across all genres and
distribution outlets."
"LiveOne" builds upon the brand heritage created by the founder
of Westwood One and PodcastOne, which was acquired by LiveXLive in
July 2020.
The new LiveOne name captures the core of the brand's mission to
be the one-stop platform for talent and fans alike for music,
sports, esports, social media influence, lifestyle, podcasting,
merchandise, publishing and technology. The combination of
acquisitions and the expansion of products and franchises has
facilitated LiveXLive in becoming a top-rated music, entertainment
and media services company.
LiveXLive recently announced its 13th consecutive quarter of
record revenue. The Company's Slacker Radio subsidiary currently
has more than 1.2 million paid subscribers*, and since launching
its PPV platform with events for Monsta X, WonHo,
Darius Rucker, Pitbull, Trey Songz,
Modern Drummer Festival, among many others, LiveXLive has
generated approximately $21 million
in PPV sales of packages, sponsorships, production, and merchandise
sales in the current calendar year.
LiveXLive made history in 2021 with the launch of the first-ever
NFT music festival poster for its global streaming event Music
Lives, and again, as the first-ever PPV event to offer an NFT with
every PPV livestream purchase of Social Gloves: Battle of the
Platforms. Over the last 12 months, LiveXLive has livestreamed 146
live music events and 1,781 artists across the LivexLive platform,
generating over 149 million live views. Engagements within
LiveXLive's social media channels experienced a triple-digit
increase this past year with total engagements up over 20% and
average engagements per post up 25%. PodcastOne had over 2.38
billion podcast downloads of its franchise of exclusive shows
including The Adam Carolla Show, Off The Vine
with Kaitlyn Bristowe, Bad
Bad Things, The Jordan Harbinger Show, Mea Culpa with
Michael Cohen, The Cray Final
Days on Earth, Uncut with Jay
Cutler, Doug Ellin's
Hollywood Wayz and others, and now has more than 235
exclusive podcasts, producings more than 300 podcast episodes per
week. Total social media reach across the exclusive PodcastOne
talent roster now exceeds 282 million.
LiveXLive has the first talent-centric platform focused on
superfans and building long-term franchises in on-demand audio and
video, podcasting, vodcasting, OTT linear channels, pay-per-view,
NFTs, and livestreaming. Its model includes multiple monetization
paths, including subscription, advertising, sponsorship,
merchandise sales, licensing, and ticketing across LivexLive's
apps, website, and OTT channels on Amazon, Apple TV, Sling, Roku,
and STIRR. LiveOne recently raised revenue guidance for its 2022
fiscal year based on strength in its core businesses.
*Included in the total number are certain subscribers which are
the subject of a contractual dispute. LiveXLive is currently not
recognizing revenue related to these subscribers.
There can be no assurance that LiveXLive's efforts will result
in the planned spin-out of its existing pay-per-view business as a
separate public company and the planned distribution of a portion
of the new company's equity to LiveXLive's stockholders or with
respect to the timing of such plans. LiveXLive does not intend to
make any future announcements concerning this process or
developments unless and until its board of directors has approved a
specific transaction or the company has otherwise determined that
further disclosure is appropriate or required by law.
About LiveXLive Media, Inc.
Headquartered in Los Angeles,
California, LiveXLive (NASDAQ: LIVX) (the "Company") is a
global talent-first, interactive music, sports, and entertainment
subscription platform delivering premium content and livestreams
from the world's top artists. The Company has streamed over 1,800
artists since January 2020, a library
featuring close to 30 million songs, 500 expertly curated radio
stations, 235 podcasts/vodcasts, hundreds of pay-per-views,
personalized merchandise, an NFT business, and has created a
valuable connection between brands, fans, and bands. LiveXLive's
other major wholly-owned subsidiaries are Slacker Radio, React
Presents, Custom Personalization Solutions, and PodcastOne, which
generates more than 2.38 billion downloads per year, 300+ episodes
distributed per week across a stable of hundreds of top podcasts.
The combination of acquisitions and the expansion of products and
franchises have secured LiveXLive as a top-rated music,
entertainment and media services company. LiveXLive is available on
iOS, Android, Roku, Apple TV, and Amazon Fire, and through OTT,
STIRR, Sling, and XUMO, in addition to its app, online website, and
social channels. For more information, visit www.livexlive.com and
follow us on Facebook, Instagram, TikTok, and Twitter at
@livexlive.
Forward-Looking Statements
All statements other than
statements of historical facts contained in this press release are
"forward-looking statements," which may often, but not always, be
identified by the use of such words as "may," "might," "will,"
"will likely result," "would," "should," "estimate," "plan,"
"project," "forecast," "intend," "expect," "anticipate," "believe,"
"seek," "continue," "no target" or the negative of such terms or
other similar expressions. These statements involve known and
unknown risks, uncertainties and other factors, which may cause
actual results, performance or achievements to differ materially
from those expressed or implied by such statements, including: the
Company's reliance on one key customer for a substantial percentage
of its revenue; the Company's ability to consummate any proposed
financing, acquisition, spin-out, distribution or transaction, the
timing of the closing of such proposed event, including the risks
that a condition to closing would not be satisfied within the
expected timeframe or at all, or that the closing of any proposed
financing, acquisition or transaction will not occur or whether any
such event will enhance shareholder value; the Company's ability to
continue as a going concern; the Company's ability to attract,
maintain and increase the number of its users and paid subscribers;
the Company identifying, acquiring, securing and developing
content; the Company's intent to repurchase shares of its common
stock from time to time under its announced stock repurchase
program and the timing, price, and quantity of repurchases, if any,
under the program; the Company's ability to maintain compliance
with certain financial and other covenants; the Company
successfully implementing its growth strategy, including relating
to its technology platforms and applications; management's
relationships with industry stakeholders; the effects of the global
Covid-19 pandemic; changes in economic conditions; competition;
risks and uncertainties applicable to the businesses of the
Company's subsidiaries; and other risks, uncertainties and factors
including, but not limited to, those described in the Company's
Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the U.S. Securities
and Exchange Commission (the "SEC") on July
14, 2021, the Company's Quarterly Report on Form 10-Q for
the fiscal quarter ended June 30,
2021, filed with the SEC on August
16, 2021, and in the Company's other filings and submissions
with the SEC. These forward-looking statements speak only as of the
date hereof, and the Company disclaims any obligations to update
these statements, except as may be required by law. The Company
intends that all forward-looking statements be subject to the
safe-harbor provisions of the Private Securities Litigation Reform
Act of 1995.
Press Contact:
LiveXLive:
917.842.9653
aileen@livexlive.com
LiveXLive IR Contact:
310.601.2505
ir@LiveXLive.com
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SOURCE LiveXLive Media, Inc.