LiveXLive Completes Consolidation And Integration Of PodcastOne, CPS And React Presents Acquisitions
LOS ANGELES, March 10, 2021 /PRNewswire/ -- LiveXLive Media (Nasdaq: LIVX) ("LiveXLive"), a global platform for live-stream 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 ("CPS"), announced today that it has integrated its business operations across all subsidiaries and divisions for greater efficiencies which is expected to create annual cost savings of approximately $3.4 million.
LiveXLive CFO, Michael Quartieri commented, "Our executive team together with the senior management of our various business divisions have done an outstanding job consolidating and integrating our business operations. Whereas the annual cost savings from consolidating back office operations and leaseholds are meaningful, I believe the more significant impact will result from the increased effectiveness of our newly consolidated sales and marketing, creative content, talent, production and tech teams."
Back office operations across all divisions have been consolidated, including, accounting and finance, HR, and legal. LiveXLive and PodcastOne expect to complete the ongoing consolidation of their offices and production studios into one new leasehold located in West Hollywood, California by September 2021. Sales and marketing teams from all divisions have been consolidated and integrated and will now collaborate on revenue generation for all divisions.
Creative content and production for all divisions has also been consolidated to better coordinate, synergize, distribute and monetize across LiveXLive's flywheel of original content, livestreams, events, podcasts, vodcasts (video podcasts) and merchandise.
Over the past 18 months, LiveXLive has completed the acquisitions of PodcastOne, Custom Personalization Solutions, and React Presents.
PodcastOne expanded LiveXLive's business into the fast-growing podcast category, complementing the Company's music platform of streaming audio, on-demand video and live event performances. LiveXLive now has the opportunity to cross-sell and cross-promote to respective LiveXLive and PodcastOne subscribers, advertisers, and sponsors, while providing artists and on-air talent with an expanded platform to increase their social media presence, as well as their ability to generate new income.
The recent acquisition of CPS further expanded LiveXLive's business model into the global licensed merch market, which is expected to reach $400 billion by 2023. LiveXLive will partner with artists and stars from the music, podcast and entertainment industry who have massive social media and marketing reach, to create and distribute unique and limited-edition personalized merch, clothing, jewelry, and toys, as well as virtual goods.
LiveXLive's React Presents subsidiary is a leading producer and promoter of 250+ electronic dance music events, festivals, clubs, concerts and venues, including the Spring Awakening Festival held annually in Chicago, IL. In calendar year 2019, React Presents generated approximately $15.0 million in revenue through ticket sales, sponsorship, merchandising, and other ancillary revenue. LiveXLive acquired React Presents in February 2020, just before the COVID pandemic brought a halt to all live music events. React Presents stands to benefit greatly once live music returns.
LiveXLive continues to be the industry leader in all variations of content streaming in the music and entertainment space. With its core business rooted in music streaming and original content and festivals, the new corporate model will see the company through future expansions.
LiveXLive's operating performance and consumer reach are showing impressive growth across virtually all meaningful performance metrics. The company continues to drive compelling original content, including pay-per-view ("PPV") events, new artist-driven format and tentpoles, across both LiveXLive, PodcastOne and React Presents. The opportunity is expanding to monetize the company's content multiple times and in multiple ways across numerous platforms, including carriers, automobiles, and OTT.
LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in audio music, podcasting, OTT linear channels, PPV, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses.
About LiveXLive Media, Inc.
Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the "Company") (pronounced Live "by" Live) is a leading global all-in-one streaming artist-first platform delivering premium music and entertainment content and live-streams from the world's top artists, expertly curated streaming radio stations, podcasts, and original video and audio-on-demand content, as well as personalized merchandise, connecting artists to millions of fans every day. The Company has streamed over 1,800 artists since January 2020 and has created a valuable connection between bands, fans, and brands by building long-term franchises in audio, video, podcasting, pay-per-view (PPV), live-streaming, and specialty merchandise. LiveXLive is available on iOS, Android, Roku, Apple TV, and Amazon Fire, and through OTT, Samsung TV, STIRR, Sling, and XUMO, in addition to its own app, online website, and social channels. The Company's wholly-owned subsidiary PodcastOne, generates more than 2.25 billion downloads per year with 400+ episodes distributed per week across a stable of hundreds of top podcasts. The Company's other major wholly-owned subsidiaries are LiveXLive, Slacker Radio, React Presents, and Custom Personalization Solutions. 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," "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 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 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, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended December 31, 2020, filed with the SEC on February 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:
The Rose Group
[email protected]
424.645.4620
[email protected]
614.226.9542
LiveXLive IR Contact:
[email protected]
(310) 601-2505
SOURCE LiveXLive Media, Inc.
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