LiveXLive Media Completes Corporate Name Change To LiveOne
LiveOne (Nasdaq: LVO) has officially changed its corporate name from LiveXLive Media, Inc. and its common stock will trade under the ticker symbol 'LVO' starting October 6, 2021. CEO Robert Ellin emphasized the strategic rebranding aimed at enhancing shareholder value, coinciding with the conclusion of consolidation efforts across its subsidiaries. LiveOne's rebranding includes renaming its subsidiaries under the 'ONE' brand, while its pay-per-view business is set for a spin-off as a separate public entity called 'PPVOne.'
- Completion of corporate name change enhances brand identity and potential market presence.
- Plans for subsidiary rebranding may streamline operations and increase shareholder value.
- Spin-off of the pay-per-view business as 'PPVOne' could unlock additional shareholder value.
- Potential risks related to reliance on a key customer for revenue.
- Forward-looking statements indicate uncertainties in achieving growth strategies.
LOS ANGELES, Oct. 6, 2021 /PRNewswire/ -- LiveOne (Nasdaq: LVO) ("LiveOne"), a global platform for livestream and on-demand audio, video, and podcast/vodcast content in music, comedy, and pop culture, and owner of LiveXLive, PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions, announced today that it has completed its previously announced planned corporate name change to LiveOne, Inc. from LiveXLive Media, Inc, and that its shares of common stock will begin trading on The Nasdaq Capital Market under the new ticker symbol "LVO" at the market open on October 6, 2021.
LiveOne's CEO and Chairman, Robert Ellin, stated, "The entertainment industry has gone through a significant shift over the past year, changing many aspects of the business and we've worked hard to ensure we are on the cutting edge of innovation, helping talent and fan engagement reach new levels. With consolidation of all these acquisitions completed, this is the right time and place to utilize the "ONE" brand to create shareholder value similar to what was created the last 40 years by the brand."
As part of the company's plans to rebrand its businesses as the "ONE" brand, LiveOne plans to rebrand its individual subsidiaries and businesses as follows:
- LiveOnes podcasting business, PodcastOne, will remain branded as PodcastOne
- LiveOne's music subscription business, Slacker, will be branded as "SlackerOne"
- LiveOne's pay-per-view business is anticipated to be spun out as a separate public company and will be branded as "PPVOne"
- LiveOne's live music business, React Presents, will be branded as "ReactOne"
- LiveOne's merchandising business, CPS, will be branded as "PersonalizedMerchOne"
- LiveOne's original content business will be branded with a name reflecting the "One" brand
The new LiveOne name captures the core of its brand's mission to be the most comprehensive 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 LiveOne in becoming a top-rated music, entertainment and media services company.
About LiveOne Media, Inc.
Headquartered in Los Angeles, California, LiveOne (NASDAQ: LVO) (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. LiveOne'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, spin-out, distribution 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.
LiveOne Investor Contact:
310.601.2505
ir@livexlive.com
LiveOne Press Contact:
917.842.6953
aileen@livexlive.com
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SOURCE LiveXLive Media, Inc.
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