LIVEONE, POLYGON AND CERE NETWORK PARTNER TO LAUNCH NFT PLATFORM AND UTILITY TOKEN FOR MUSIC ENTERTAINMENT/METAVERSE AND GAMIFYONE OFFERINGS
LiveOne (Nasdaq: LVO) announced a partnership with Polygon and Cere Network to launch a membership token and NFT platform. The token will be available to over 2 million members and can be earned through various activities on LiveOne's platform. This initiative aims to empower creators and enhance interactions between artists and fans in the evolving digital marketplace. LiveOne's NFT marketplace will enable creators to mint and sell NFTs in an eco-friendly manner. The partnership reflects LiveOne's commitment to innovation in the music and entertainment industry.
- Launch of membership token for over 2 million users.
- Collaboration with Polygon and Cere Network enhances market positioning.
- NFT platform allows artists to monetize content directly, enhancing creator economy.
- Current revenue recognition issues due to disputes with certain subscribers.
- Dependence on partnerships for NFT implementation may pose execution risks.
LOS ANGELES, Feb. 23, 2022 /PRNewswire/ -- LiveOne (Nasdaq: LVO), a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships, subscriptions, and live and virtual events, announced today that it plans to launch its own membership token in partnership with Polygon and Cere Network.
Additionally, LiveOne will collaborate with NFT platform DaVinci (a joint venture of Polygon and Cere Network) to enable LiveOne creators, talent and artists to launch NFTs and NFT-backed experiences and create LiveOne's NFTs marketplace. The NFTs will be minted on the Polygon blockchain, which is an environmentally friendly, Ethereum-compatible layer two solution.
The new LiveOne membership token will become available to the over 2 million LiveOne paid and free members (via play to earn)**, shareholders and artists. It will be able to be earned and redeemed across a multitude of activities, including spending time on LiveOne's platform, listening to music and podcasts/vodcasts, attending events/festivals, virtual and in-person meet and greets and purchasing merchandise, as well as interacting across the LiveOne platform and metaverse. From time to time, LiveOne also expects to airdrop discounts and unlock benefits to current holders of tokens and/or certain NFTs.
"The digital marketplace is changing how artists and creators are monetizing content and connecting with their audience," said Robert Ellin, Chairman and CEO of LiveOne. "As we shift to Web 3.0, we want to put the power directly in the hands of the creators and users. LiveOne has always promoted talent and fans first, and with blockchain technologies opening new doors for interaction, we are excited to offer artists and our members exclusive and deeper experiences."
Sandeep Nailwal, Co-Founder of Polygon, said: "By leveraging DaVinci, LiveOne has the potential to transform the creator economy, offering a more egalitarian route for artists to securely monetize their content while encouraging direct-to-fan interaction. Supported by Polygon, LiveOne creators will be able to mint, transfer, and sell their creations in a low-cost, efficient, and ecologically sound manner."
"Today's NFT offerings are barely scratching the surface of what's to come," said Fred Jin, CEO of Cere Network. "Together with LiveOne, we are turning amazing music, film, and art experiences into personalized NFT collectibles that truly deepens the artist-to-fan connection."
Token issuances and NFT releases shall be completed in compliance with applicable laws.
About LiveOne, Inc.
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (the "Company") is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships, subscriptions, and live and virtual events. As of January 2022, the Company has accrued a paid subscriber base of over 1.35** million, streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, 268 podcasts/vodcasts, hundreds of pay-per-views, personalized merchandise, released music-related NFTs, and has created a valuable connection between fans, brands, and bands. The Company's wholly-owned subsidiaries include Slacker Radio, React Presents, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, LiveXLive, PPVOne 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 www.liveone.com and follow us on Facebook, Instagram, TikTok, and Twitter.
About Polygon
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon's scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and
If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon's fast and secure txns for your dApp, get started here.
Website | Twitter | Ecosystem Twitter | Developer Twitter | Studios Twitter | Telegram | LinkedIn | Reddit | Discord |Instagram | Facebook
About Cere Network
Cere Network is the first Decentralized Data Cloud (DDC) platform built on Substrate and Polygon. Cere is the first Web3 project that facilitates trustless cloud data storage, integration, and data collaboration across blockchain networks, as well as Web3 NFT, metaverse, and gaming content. Cere is backed by the world's largest institutions and projects, including Binance Labs, Republic Labs, and Polygon.
More information about Cere Network:
Website | Telegram | Twitter | Linkedin | Reddit | Telegram Announcement channel
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, distribution or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition, spin-out, 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 subscribers; 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; 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, 2021, filed with the U.S. Securities and Exchange Commission (the "SEC") on July 14, 2021, Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the SEC on August 16, 2021, Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021, filed with the SEC on October 29, 2021, Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2021, filed with the SEC on February 14, 2022, 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 subscribers for the reported periods are certain subscribers which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these subscribers.
Press Contact:
LiveOne
aileen@livexlive.com
917.842.9653
LiveOne IR Contact:
IR@liveone.com
310.601.2505
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SOURCE LiveOne, Inc.
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