LiveXLive To Acquire Gramophone Media, Inc., An Artist and Brand Development Company
LiveXLive Media (NASDAQ: LIVX) has announced a binding Letter of Intent to acquire Gramophone Media, Inc., a boutique agency specializing in artist and brand development, with the acquisition expected to close by the end of June 2021. This strategic move aims to enhance LiveXLive's service offerings and is projected to be immediately accretive to earnings. The deal comes as LiveXLive seeks to fortify its position within the music and entertainment industry, leveraging Gramophone's expertise to support artists through comprehensive PR and development services.
- Acquisition expected to close by end of June 2021.
- Gramophone Media's expertise will enhance LiveXLive's service offerings.
- Acquisition projected to be immediately accretive to earnings.
- Supports LiveXLive's strategy to develop and amplify artists' brands.
- None.
LOS ANGELES, May 28, 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 has entered into a binding Letter of Intent (LOI) to acquire Gramophone Media, Inc., an artist and brand development company which comprises boutique agencies specializing in PR, music and technology, A&R, strategic marketing, brand positioning, graphic design, and social media management, including Mavrick Artist Agency. The proposed acquisition is expected to close prior to the end of June 2021, subject to customary and other closing conditions. The acquisition is expected to be immediately accretive to earnings and add a new component to the Company's flywheel of complementary businesses.
Gramophone Media is an NYC-based agency specializing in Music Publicity. Known for its innovative work breaking international acts like K-pop sensations BTS & Monsta X, as well as its unique approach to PR & Artist Development in the U.S. Gramophone and its specialized divisions have a commitment to positively impact and influence the world of music and culture. Current and past clients and platforms include: Tiffany Young, Melii, Lil Simz, San Holo, Steve Aoki, Jazz Cartier, Kiiara, Zhu, Tessa Violet, Tayla Parx, Jesse McCartney, Joshua Radin, KT Tunstall, Ani DiFranco, Randy Jackson, WIX, Amuse IO and many more.
The deal complements LiveXLive's online digital talent search platform, Self Made. The acquisition will add to LiveXLive's flywheel business model - listen, watch, attend, engage and transact - by providing artists an end-to-end solution to develop and amplify their brand to audiences across LiveXLive's apps and social media platforms.
Robert Ellin, LiveXLive's Chairman and CEO, commented, "Gramophone Media is another outstanding addition to LiveXLive's complementary businesses. As an artist-first platform, LiveXLive continues to aggregate synergetic businesses as well as experienced professionals who are positioned to assist and collaborate with artists on attracting superfans, building long-term franchises in audio music, podcasting/vodcasting, OTT linear channels, NFTs, merchandise, PPV, and live streaming."
Gramophone Media's founder & President, Eshy Gazit, added, "We are super excited to join forces with LiveXLive and support the platform and its associated artists with all-encompassing PR services and development. The foundation of Gramophone media is supporting musicians of all levels to achieve notoriety and credibility. Together, we can really add value to all of LiveXLive offerings as well as bring new artists to the platform."
As part of the acquisition, Gramophone Media's team, including President, Founder and sole shareholder, Eshy Gazit, will remain with Gramophone Media after the closing of the deal, as well as Patrick Ermlich Co-founder and CMO. Gramophone Media will operate as a wholly owned subsidiary of LiveXLive.
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, 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 global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1,800 artists since January 2020, has become a go-to partner for the world's top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called "Music Lives" with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive's library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site 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. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.
Forward-Looking Statements
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Press Contact:
LiveXLive
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LiveXLive IR Contact:
310.601.2505
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SOURCE LiveXLive Media, Inc.
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