Live Current Media Inc. Signs LOI to Acquire the Assets of PowerSpike Inc.

Rhea-AI Summary

Live Current Media has signed a letter of intent to acquire PowerSpike in an all-stock transaction. This strategic move aims to enhance the company's Kast platform by integrating PowerSpike's innovative AI-driven influencer marketing tool, which connects brands with over 10 million creators. The acquisition aligns with Live Current's inorganic growth strategy, capitalizing on the rapidly expanding creator economy. Notably, 66% of brands reportedly increased spending on creator-driven marketing in the past year.

Positive

• Strategic acquisition of PowerSpike enhances the Kast platform and penetrates the creator economy.
• Access to data on over 10 million creators strengthens marketing capabilities.

Negative

• Acquisition in an all-stock transaction could lead to potential shareholder dilution.

Adding unique influencer marketing tool to repertoire.

SAN DIEGO, CA / ACCESSWIRE / September 12, 2022 / Live Current Media, Inc. ("Live Current" or the "Company") - (OTCQB:LIVC) announces that it has signed a letter of intent ("LOI") to acquire all of the assets, including code and social media sites, of PowerSpike, Inc. ("PowerSpike") of New York in an all stock transaction.

"The team at PowerSpike have created a remarkably innovative marketing solution to connect brands with influencers using artificial intelligence," said Live Current CEO Mark Ollila. "This tool will add great value to our Kast platform and further enable our company's entry into the creator economy." Mr. Ollila went on to state: "This acquisition is an example of the inorganic growth strategy that we have been executing. We look for companies that have great technology and communities that share our growth vision. This leads to tremendous opportunities for our partners and our community members. We will continue this strategy in combination with our organic growth activities."

According to a recent CreatorIQ survey, 66% of brands spent more on creator driven marketing year over year and the Consumer Technology Association reported this year that the creator economy now accounts for 39% of all media hours consumed versus 61% for professionally produced media.

About PowerSpike

PowerSpike is a media & technology company focused on building the most compelling and streamlined destination for activating sponsorships within creator communities. PowerSpike has data on over 10 million creators and collaborates with tens of thousands of creators to execute premium, authentic influencer marketing campaigns.

About Live Current Media Inc.

Live Current Media Inc. is a media technology company operating the Kast watch party platform. Kast is a virtual living room where friends gather to watch movies, play games and be together. Kast is at the intersection of the fast-growing markets of Live Events, Social Media, Video Streaming and gaming with its multi-channel watch party solution. The platform is available on the web, iOS and Android and offers a limited free subscription service and an enhanced premium subscription with higher bandwidth and greater functionality.

On behalf of the board of directors of Live Current Media Inc.

Mark Ollila, CEO & Director

For more information please contact:

David Jeffs
david@livecurrent.com
www.livecurrent.com
http://www.kastapp.co/

All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of growth, earnings, revenue, cash or other financial items, any statements of the plans, strategies, objectives and goals of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions particularly as they relate to demand for our products and services; competitive factors; changes in operating expenses; our ability to raise capital as and when we need it and other factors. Live Current Media, Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

SOURCE: Live Current Media Inc.

View source version on accesswire.com:
https://www.accesswire.com/715555/Live-Current-Media-Inc-Signs-LOI-to-Acquire-the-Assets-of-PowerSpike-Inc

FAQ

What is the purpose of Live Current Media's acquisition of PowerSpike?

The acquisition aims to enhance Live Current's Kast platform by adding PowerSpike's innovative influencer marketing tool.

When did Live Current Media announce the acquisition of PowerSpike?

The acquisition was announced on September 12, 2022.

What are the expected benefits of acquiring PowerSpike for Live Current Media?

The acquisition is expected to enable entry into the creator economy and enhance marketing capabilities with access to data on millions of creators.

What are the financial implications of the acquisition for LIVC shareholders?

The all-stock transaction could potentially lead to shareholder dilution.

How significant is the creator economy according to recent surveys?

Recent surveys indicate that 66% of brands have increased their spending on creator-driven marketing year over year.