LiveOne (Nasdaq: LVO) Announces Renewed Agreement with Tesla and Continued Paid Membership Growth

Rhea-AI Summary

LiveOne (Nasdaq: LVO) reported a significant increase in new paid memberships, with a 38% year-over-year growth and a 15X increase in paid members since the acquisition of Slacker in 2017. Tesla renewed its membership for the 10th consecutive year, contributing to the positive outlook for fiscal year 2024.

Positive

• 38% year-over-year increase in new paid memberships
• 15X growth in paid members since 2017
• Renewal of Tesla membership for the 10th consecutive year

Negative

• None.

- For October 2023, Added 50,000 New Paid Members with ARPU of $3.00+ per Subscriber per Month

- Year-Over-Year New Paid Memberships Increased by Approximately 686,000, a 38% Increase 

- Tesla Renewed for the 10th Consecutive Year and Includes a Paid Slacker Membership as Part of Tesla’s Premium Connectivity Package

- Tesla Paid Members Have Grown by 15X Since LiveOne’s Acquisition of Slacker in 2017

- Reiterates Guidance for Fiscal Year 2024 of 800K - 825K New Paid Member Versus Prior Fiscal Year 

LOS ANGELES, CA, Nov. 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today an update for certain of its October 2023 premium memberships metrics.

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, PodcastOne (Nasdaq: PODC), PPVOne, Palm Beach Records, CPS, LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR’s OTT applications. 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, merger, distribution or transaction, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, 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 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, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2023, Quarterly Report on Form 10-Q for the quarter year ended June 30, 2023, filed with the SEC on August 15, 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 obligation 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 IR Contact:
Kirin Smith
PCG Advisory
(646) 823-8656
ksmith@pcgadvisory.com

LiveOne Press Contacts:
press@liveone.com

FAQ

What is the ARPU of LiveOne's new paid members in October 2023?

The ARPU of new paid members in October 2023 was $3.00+ per subscriber per month.

How many new paid members did LiveOne add in October 2023?

LiveOne added 50,000 new paid members in October 2023.

What is LiveOne's guidance for fiscal year 2024 in terms of new paid members?

LiveOne reiterated guidance for fiscal year 2024 of 800K - 825K new paid members, compared to the prior fiscal year.