LiveOne Subsidiary DayOne Music Publishing Acquires Majority Interest In Splitmind and Drumify

Rhea-AI Summary

LiveOne (NASDAQ: LVO) announced its subsidiary DayOne Music Publishing's acquisition of a majority interest in Splitmind, a renowned music collective, on February 28, 2023. This strategic move adds 40,000 copyrights and approximately 2 billion streams to LiveOne's catalog, including works from prominent artists like Drake and Chris Brown. The collaboration is expected to enhance LiveOne's market positioning, offering new revenue streams for creatives through Drumify, an innovative platform for sound sharing. LiveOne aims to leverage these assets to expand its user base and solidify its role in the music entertainment industry.

Positive

• Acquisition of 40,000 copyrights enhances LiveOne's catalog.
• Expected increase in revenue streams through Drumify's marketplace for creatives.
• Collaboration with Grammy-winning producers expands market influence.

Negative

• None.

Adding 40,000 Copyrights and 2 Billion Streams to Its Catalog

Library Includes Songs From Drake, Anuel AA, Chris Brown, Kodak Black, YoungBoy Never Broke Again and More

LOS ANGELES, CA, Feb. 28, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that its subsidiary, DayOne Music Publishing acquired a majority interest in Splitmind, a critically-acclaimed Los-Angeles-based music collective of producers and writers from all over the world, founded by Aidan “Halfway” Crotinger in 2020, and Drumify. The acquisition marks DayOne’s expansion to include Grammy-winning, multi-platinum music producers.
Crotinger simultaneously launched Drumify.com as a marketplace for creatives. The tech stack allows creatives to share sounds while retaining their royalties - paving the path to give producers long-term ownership of their copyrights and a new revenue stream.
LiveOne’s Head of Music Publishing, Josh Hallbauer, said, “Aidan is a rare executive and what he has built at 26, is changing how music is created. We see a massive opportunity to scale not only the copyrights, but Drumify as a creative first platform with millions of users who not only expect, but deserve lifelong royalty’s from their works.”
“When Josh approached me with the idea of DayOne becoming our partner, I didn’t hesitate,” said Crotinger. “Finding partners who move at the same speed is what I have been looking for and I’m excited for the growth of both Splitmind and Drumify.”
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 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 accrued a paid and free ad-supported membership base of approximately 2.8 million**, 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 wholly-owned subsidiaries include Slacker Radio, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, LiveXLive, PPVOne, React Presents, and PodcastOne, which generates more than 2.48 billion downloads per year and 300+ episodes distributed per week across its stable of top-rated podcasts. 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 the Company’s 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 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.
Press Contacts:
LiveOne
press@liveone.com

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

FAQ

What was announced by LiveOne on February 28, 2023?

LiveOne announced the acquisition of a majority interest in Splitmind by its subsidiary DayOne Music Publishing.

How many copyrights did LiveOne acquire?

LiveOne acquired 40,000 copyrights as part of the acquisition.

What is the significance of the Splitmind acquisition for LiveOne?

The acquisition is significant as it adds a large volume of music assets and allows for potential revenue growth through new platforms.

Which famous artists' works are included in LiveOne's expanded catalog?

The catalog includes works from artists like Drake, Chris Brown, Anuel AA, Kodak Black, and YoungBoy Never Broke Again.

What is Drumify and how is it related to LiveOne?

Drumify is a marketplace launched by Aidan Crotinger, allowing creatives to share sounds while retaining royalties, enhancing revenue opportunities for producers.