LiveOne's Paid Memberships Exceed 2 Million, Marking Significant Growth Milestone
LiveOne (Nasdaq: LVO) announced significant growth in its paid memberships, surging by over 587,000 in the last year and 100,000 in just two months in 2023, reaching a record total of 2.85 million members. The company attributes this expansion to partnerships with brands like Tesla, which includes a membership to LiveOne's Slacker Radio with new EV purchases. LiveOne also reported 2.3 billion podcast downloads annually and over 14 million unique monthly listeners. However, they currently do not recognize revenue from members involved in a contractual dispute. CEO Rob Ellin emphasizes the strategy of forming further partnerships to enhance content delivery.
- Paid memberships increased by over 587K in the past 12 months and over 100K in early 2023.
- Total membership reached a record 2.85 million, including paid and ad-supported.
- Longstanding partnership with Tesla contributes significantly to membership growth.
- PodcastOne generates over 2.3 billion downloads annually, showcasing high engagement.
- Revenue from certain members is not being recognized due to a contractual dispute.
- PodcastOne has Expanded its Reach to Include Over 1 Million Tesla Vehicles
Los Angeles, CA, March 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne (Nasdaq: LVO), the creator-first platform for music, entertainment, and technology, continues to achieve record breaking operating metrics at both its Slacker Radio and PodcastOne subsidiaries.
Paid memberships grew by over 587K in the past 12 months and over 100K in the first two months of calendar 2023. Total members, including paid and ad-sponsored, are now at a record 2.85 million.**
Rob Ellin, LiveOne’s Chief Executive Officer, commented, "We are thrilled to have exceeded 2 million premium members on our platform, and we owe much of our growth to our B2B content partnerships, such as our longstanding collaboration with Tesla. Our team's objective is to forge partnerships with similar-minded brands who understand the significance of providing their customers with new and relevant content. We are currently in close collaboration with several other global enterprises to establish partnerships that we anticipate will be finalized in the near future.”
For nearly nine years, almost all new Tesla EVs sold in the U.S. have come with a paid membership to LiveOne’s Slacker Radio (that now includes PodcastOne) which is paid directly by Tesla.
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 React Presents, PPVOne, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, and LiveXLive. 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, 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
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