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LiveXLive Media, Inc. (NASDAQ: LIVX) reported record revenue of $10.5 million for Q1 fiscal 2021, a 10.6% increase from Q1 2020. The company also achieved a contribution margin of $2.8 million. Despite a net loss of ($7.5 million), the adjusted operating loss improved significantly to ($0.1 million). Paid subscribers rose 20% year-over-year to 877,000. LiveXLive raised its 2021 revenue guidance to $62.5 - $68.5 million, highlighting positive momentum in core businesses.
On August 5, 2020, LiveXLive Media (NASDAQ: LIVX) announced an expanded partnership with Live From Out There to enhance its pay-per-view (PPV) offerings. This partnership aims to innovate the virtual touring model following the pandemic. LiveXLive has successfully livestreamed over 100 shows, reaching 96 countries with an average ticket price of $27. The company boasts a promotional reach of 873,000 paid subscribers and 34 million email registrations. Upcoming events include performances from top artists like Pitbull and Nelly, shaping the future of digital concerts.
LiveXLive Media, Inc. (NASDAQ: LIVX) has entered a distribution agreement with XUMO to produce and distribute a 24/7 linear music channel to over 45 million U.S. households. This deal enhances LiveXLive's advertising revenue potential and expands its brand awareness across multiple platforms. The channel will showcase original shows, artist interviews, and concerts. LiveXLive's growing content library includes thousands of artists and its existing OTT channels have seen an 8% increase in viewership, reflecting strong demand for its content.
LiveXLive Media, Inc. (NASDAQ: LIVX) will release its operating and financial results for the quarter ended June 30, 2020, on August 6, 2020, before U.S. markets open. Senior management will also host a conference call at 5:30 a.m. Pacific time to discuss the results. The event will include a live audio webcast accessible on the Investor Relations section of LiveXLive's website. The company's platform has streamed over 1,200 artists in 2020 and gained significant traction with its 'Music Lives' festival, which garnered over 50 million views.
LiveXLive Media (NASDAQ: LIVX) announced its syndication partnership with Consumable TV, an OTT platform reaching over 100 million viewers. This collaboration aims to enhance advertising revenue and audience engagement via LiveXLive's linear music content. The deal features popular programming like 'Music Lives ON' and expands distribution across premium publisher sites. Executives emphasize this partnership will boost brand loyalty and subscriber conversion.
LiveXLive Media, Inc. (Nasdaq: LIVX) announced two significant transactions that will improve its balance sheet by $17.5 million. This includes a registered direct offering where the company will sell $7.5 million worth of common stock at $4.14 per share, mainly for debt repayment. Additionally, LiveXLive issued 2,415,459 shares to satisfy a $10 million obligation to a major music partner. CEO Robert Ellin stated these moves enhance liquidity and strengthen the balance sheet. The transactions are expected to close shortly, benefiting from existing SEC regulations.
LiveXLive Media (NASDAQ: LIVX) has officially added influencer Violet Benson and her podcast 'Too Tired to Be Crazy' to its PodcastOne platform. Deployed on July 16, 2020, this podcast quickly gained acclaim for its empowering content and relatable discussions relevant to millennial audiences. Benson's addition not only strengthens PodcastOne's female-oriented offerings but also enhances LiveXLive's podcast library, catering to the crucial 18-35 demographic. The partnership is expected to unlock new revenue opportunities through Benson's extensive online brand and audience engagement.
LiveXLive Media (NASDAQ: LIVX) has announced a multi-year partnership with Grammy-winning artist Pitbull to create Pay-Per-View live stream concerts and original content. This collaboration aims to diversify revenue streams while giving artists a platform during the ongoing challenges of live events. The first live stream is set for September 12, 2020, with tickets starting at $9.99. LiveXLive will also launch Pitbull’s video podcast, enhancing its content offerings. This initiative aims to reach Pitbull's 102 million social media followers and leverage LiveXLive’s extensive audience.
LiveXLive Media, Inc. (NASDAQ: LIVX) has announced that CEO Robert Ellin will appear on CNBC's Closing Bell today at 4:30 PM ET, joined by a Grammy-winning artist. This engagement underscores the company's focus on enhancing its market presence. Additionally, LiveXLive recently launched a new revenue-share model for live streaming and Pay-Per-View events, encompassing various avenues such as ticket sales and advertising. This initiative aims to strengthen revenue generation amidst increasing competition in the streaming industry.
