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.
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 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.
Press Contact:
For LiveXLive: The Rose Group
LivexLivePR@therosegrp.com
LiveXLive IR Contact:
310.529.2500
ir@livexlive.com
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SOURCE LiveXLive Media, Inc.