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LiveXLive Media (NASDAQ:LIVX) ("LiveXLive"), a global platform for livestream and on-demand audio, video, and podcast/vodcast content in music, comedy, and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions, announced today that it plans to change its name to "LiveOne, Inc." as part of an overall rebranding of the Company and its business units, subject to obtaining applicable approvals and consents. LiveXLive expects to change its NASDAQ stock symbol to "LVO" in the coming weeks. No actions are needed by LiveXLive's stockholders with respect to the planned name change and stock symbol change.
Separately, LiveXLive also announced its intention to spin-out its existing pay-per-view business as a separate public company and its plan to distribute a portion of the new company's equity to LiveXLive's stockholders, anticipated to take place by March 31, 2022, in each case subject to obtaining applicable approvals and consents and compliance with applicable rules and regulations and public market trading and listing requirements.
As part of LiveXLive's plans to rebrand its businesses as the "ONE" brand, LiveXLive plans to rebrand its individual subsidiaries and businesses as follows:
Commenting on the announcement, LiveXLive's Chairman and CEO, Robert Ellin, stated, "We are excited to announce a rebranding of LiveXLive that reflects the evolution of our Company, its accelerated growth, and our vision for the future as 'ONE' brand. Our new LiveONE name and the associated business unit brands of 'ONE' will further pull together our flywheel business model and collectively become synonymous with our mission to be the 'ONE' leading end-to-end talent-first platform creating, producing, monetizing, marketing, and distributing premium audio and video content across all genres and distribution outlets."
"LiveOne" builds upon the brand heritage created by the founder of Westwood One and PodcastOne, which was acquired by LiveXLive in July 2020.
The new LiveOne name captures the core of the brand's mission to be the one-stop platform for talent and fans alike for music, sports, esports, social media influence, lifestyle, podcasting, merchandise, publishing and technology. The combination of acquisitions and the expansion of products and franchises has facilitated LiveXLive in becoming a top-rated music, entertainment and media services company.
LiveXLive recently announced its 13th consecutive quarter of record revenue. The Company's Slacker Radio subsidiary currently has more than 1.2 million paid subscribers*, and since launching its PPV platform with events for Monsta X, WonHo, Darius Rucker, Pitbull, Trey Songz, Modern Drummer Festival, among many others, LiveXLive has generated approximately $21 million in PPV sales of packages, sponsorships, production, and merchandise sales in the current calendar year.
LiveXLive made history in 2021 with the launch of the first-ever NFT music festival poster for its global streaming event Music Lives, and again, as the first-ever PPV event to offer an NFT with every PPV livestream purchase of Social Gloves: Battle of the Platforms. Over the last 12 months, LiveXLive has livestreamed 146 live music events and 1,781 artists across the LivexLive platform, generating over 149 million live views. Engagements within LiveXLive's social media channels experienced a triple-digit increase this past year with total engagements up over 20% and average engagements per post up 25%. PodcastOne had over 2.38 billion podcast downloads of its franchise of exclusive shows including The Adam Carolla Show, Off The Vine with Kaitlyn Bristowe, Bad Bad Things, The Jordan Harbinger Show, Mea Culpa with Michael Cohen, The Cray Final Days on Earth, Uncut with Jay Cutler, Doug Ellin's Hollywood Wayz and others, and now has more than 235 exclusive podcasts, producings more than 300 podcast episodes per week. Total social media reach across the exclusive PodcastOne talent roster now exceeds 282 million.
LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view, NFTs, and livestreaming. Its model includes multiple monetization paths, including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing across LivexLive's apps, website, and OTT channels on Amazon, Apple TV, Sling, Roku, and STIRR. LiveOne recently raised revenue guidance for its 2022 fiscal year based on strength in its core businesses.
*Included in the total number are certain subscribers which are the subject of a contractual dispute. LiveXLive is currently not recognizing revenue related to these subscribers.
There can be no assurance that LiveXLive's efforts will result in the planned spin-out of its existing pay-per-view business as a separate public company and the planned distribution of a portion of the new company's equity to LiveXLive's stockholders or with respect to the timing of such plans. LiveXLive does not intend to make any future announcements concerning this process or developments unless and until its board of directors has approved a specific transaction or the company has otherwise determined that further disclosure is appropriate or required by law.
Posted In: LIVX
