Instafest Creator Anshay Saboo Joins LiveOne's DayOne Publishing as Head of Product for Splitmind/Drumify

Rhea-AI Summary

LiveOne (Nasdaq: LVO) announced the appointment of Anshay Saboo as Head of Product for Drumify, their subsidiary. Saboo, creator of the popular app Instafest, has driven over 20 million downloads since December 2022. Recently, LiveOne acquired a majority interest in Splitmind, enhancing its portfolio with Grammy-winning producers. Under Saboo's leadership, the Splitmind platform aims to introduce innovative features for users. LiveOne continues to strengthen its commitment to delivering advanced technology and premium experiences in the music industry, further expanding its reach and engagement.

Positive

• Appointment of Anshay Saboo as Head of Product for Drumify.
• Instafest app has achieved over 20 million downloads since launch.
• Acquisition of a majority interest in Splitmind enhances LiveOne's offerings.
• Focus on delivering cutting-edge technology to improve user experience.

Negative

• None.

Saboo's AI Expertise Generated 20M+ Instafest Downloads and 1B+ Global Engagements

LOS ANGELES, CA, April 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today the addition of Anshay Saboo as Head of Product for Drumify, a majority owned subsidiary of DayOne Music Publishing. Saboo, a young tech developer and entrepreneur, is the creator of Instafest, a widely popular app whose downloads skyrocketed to over 20 million since its launch in December 2022.

Last month, LiveOne’s subsidiary, DayOne Music Publishing, made a significant move by acquiring a majority interest in Splitmind, a Los Angeles-based music collective founded by Aidan "Halfway" Crotinger in 2020, and Drumify.com, a marketplace that allows music producers to share sounds while retaining their royalties. This acquisition marked DayOne's expansion to include Grammy-winning, multi-platinum music producers.

“Saboo's exceptional tech skills and entrepreneurial mindset make him a perfect fit for the Splitmind/Drumify team,” said Josh Hallbauer, Head of Publishing at DayOne Music Publishing. "The combination of Saboo’s technology prowess and Crotinger's incredible team of music producers promises to bring the company to a whole new level."

As Head of Product, Saboo will bring his expertise to enhance the Splitmind platform and deliver new and exciting features to its users.

With Saboo's addition to the team, LiveOne reinforces its commitment to providing the music industry with cutting-edge technology and elevating the musical experience for producers and listeners alike.

About LiveOne, Inc.

Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (the "Company") is an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company's wholly-owned subsidiaries include Slacker Radio, a membership music streaming service, and PodcastOne, which generates more than 2.3 billion downloads per year, 350+ hours distributed weekly, and 14M+ monthly unique listeners. Nearly all new Tesla EVs sold in the U.S. come with a paid membership to LiveOne’s Slacker Radio (that now includes PodcastOne) which is paid by Tesla. As of March 3, 2023, the Company has accrued a paid and free ad-supported membership base of approximately 2.85 million**. The Company was awarded Best Live Moment by Digiday for its “Social Gloves” PPV Event, and has been a finalist for 8 more awards, including Best Live Event, Best Virtual Event, Best Overall Social Media Excellence, and Best Original Programming from Cynopsis and Digiday. As of February 9, 2023, the Company has streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, over 300 podcasts/vodcasts, hundreds of pay-per-views, personalized merchandise, released music-related NFTs, and created a valuable connection between fans, brands, and bands. The Company's other wholly-owned subsidiaries include PPVOne, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, and LiveXLive, and the Company’s other majority-owned subsidiaries are Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. For more information, visit liveone.com and follow us on Facebook, Instagram, TikTok, YouTube and Twitter at @liveone.

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, spin-out, special dividend, distribution or transaction, including the proposed special dividend and spin-out of PodcastOne, Slacker or its pay-per-view business, the timing of the consummation of such proposed event, including the risks that a condition to consummation of such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne's or Slacker’s ability to list on a national exchange; 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 members; 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; uncertain and unfavorable outcomes in legal proceedings; 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 29, 2022, Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022, filed with the SEC on February 14, 2023, 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.

** Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these members.

LiveOne IR Contact:
(310) 601-2505
ir@LiveOne.com

LiveOne Press Contacts:
LiveOne
press@liveone.com

FAQ

What is the significance of Anshay Saboo's appointment at LiveOne (LVO)?

Anshay Saboo's appointment as Head of Product for Drumify is expected to enhance product development and innovation, leveraging his expertise in technology and entrepreneurship.

How many downloads did the Instafest app achieve?

The Instafest app reached over 20 million downloads since its launch in December 2022.

What recent acquisition did LiveOne (LVO) make?

LiveOne recently acquired a majority interest in Splitmind, a music collective, which adds Grammy-winning producers to its portfolio.

How does LiveOne (LVO) plan to improve its product offerings?

With Anshay Saboo at the helm, LiveOne aims to bring new features and improvements to the Splitmind platform, enhancing user experience.

What is LiveOne's (LVO) strategy in the music technology space?

LiveOne focuses on integrating advanced technology to elevate the musical experience for both producers and listeners.