LOS ANGELES, Sept. 17, 2020 /PRNewswire/ — LiveXLive Media, Inc. (Nasdaq: LIVX) (“LiveXLive”), a global platform for livestream and on-demand audio, video and podcast content in music, comedy and pop culture, announced today that it has completed a $15.0 million senior secured convertible note financing with a major existing institutional shareholder.
LiveXLive CEO and Chairman, Robert Ellin, commented, “With LiveXLive experiencing momentum across the core segments of our business, adding $15 million of cash gives us both the liquidity and the balance sheet strength to accelerate some near-term growth opportunities, namely across subscription, distribution, pay-per-view and podcasting. We appreciate the confidence our institutional investor has shown by making this investment in both our management team and business model.”
LiveXLive’s talent-centric platform is focused on providing outsized value to superfans and building long term franchises in audio music, podcasting, OTT linear channels, pay-per-view, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses.
LiveXLive has become a go-to platform for live streaming events that combine music with pop culture of podcasting, sports, arts, fashion, culinary and comedy. This far in calendar year 2020, LiveXLive has livestreamed over 60 live events, generating over 81 million live views and selling over $1 million of pay-per-view tickets. From emerging to established artists, LiveXLive has streamed a variety of artists and celebrities in 2020 alone, including Billie Eilish, Kygo, Billy Joel, Bon Jovi, Chris Rock, Idina Menzel, Jennifer Lopez, Jimmy Buffett, OneRepublic, Zac Brown, Sofi Tukker, and Darius Rucker. Future scheduled PPV events include top artists such as Pitbull, K-Pop Star Wonho, Nelly, Jeremih and many more.
About LiveXLive Media, Inc.
Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the “Company”) (pronounced Live “by” Live) is a global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1200 artists since January 2020, has become a go-to partner for the world’s top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called “Music Lives” with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive’s library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. The Company’s wholly-owned subsidiary, PodcastOne, generates more than 2 billion downloads annually across more than 300 podcasts. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.
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 or acquisition and the timing of the closing of such proposed transaction, 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 transaction will not occur; 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 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, 2020, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 14, 2020, 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.
For LiveXLive: The Rose Group
LiveXLive IR Contact: