LOS ANGELES, May 4, 2021 -- 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 has entered into a binding Letter of Intent to acquire Modern Drummer Publications, Inc., the world's most read drum magazine print edition with a digital reach in the millions and a respected source and gold standard for drumming features, news, education, podcasts and reviews. The proposed acquisition is expected to close by June 30, 2021, subject to customary and other closing conditions.
The planned acquisition will enhance the storied Modern Drummer brand and expand LiveXLive's growing list of distribution platforms for its original and proprietary content and franchises, which will now include Modern Drummer's podcast, Modern Drummer Festival, and pay-per-view events. LiveXLive will tap into Modern Drummer's extensive content library featuring original video, audio, photography and editorial, further strengthening and complementing LiveXLive's current music streaming subscription across Slacker Radio. The deal further expands LiveXLive's role in providing passionate audiences and superfans with content verticals they are seeking.
As part of the acquisition, Modern Drummer's team, including CEO, David Frangioni, will remain with Modern Drummer after the closing of the deal, and Modern Drummer will operate as a wholly owned subsidiary of LiveXLive. Frangioni is an award-winning veteran of the music and audio-visual technology industry, with expertise ranging from being a drummer and producer, to an audio consultant, technologist, integrator and recording engineer. David has worked with numerous top line artists including Aerosmith, Ozzy Osbourne, the Rolling Stones, Ringo Starr, Elton John, Sting, Bryan Adams, Journey, Styx, Phil Collins, Shakira, Rascal Flatts, Cher and Chick Corea. He is a recipient of numerous gold and platinum albums as technical consultant, engineer, and/or programmer.
Robert Ellin, LiveXLive's Chairman and CEO, commented, "Modern Drummer is an outstanding addition to LiveXLive's family of franchises. Together with David Frangioni and his team, I am confident that we can substantially grow Modern Drummer's business, brand, and reach. It fits perfectly into our flywheel business model by adding original content, live events, pay-per-views, podcasts, subscribers, and NFT opportunities from their vast archive of material. Our future is rooted in offering specialized content and this alliance fortifies our position in the marketplace."
Modern Drummer's CEO, David Frangioni, added, "Modern Drummer has found the perfect partner in LiveXLive. It is a progressive, cutting-edge company that I believe, when combined with our iconic brand, will grow Modern Drummer and its divisions into the digital stratosphere." Frangioni continued, "Drummers have relied on Modern Drummer since 1977 to deliver compelling content, inside views and education direct from the source with unique experiences from every genre and style of drumming. We have hundreds of magazine covers that, combined with our exclusive archive, inspire drummers worldwide on a daily basis."
Modern Drummer was founded by the late Ron Spagnardi and published its debut issue in 1977 with legendary drummer Buddy Rich on the cover. Today, it is the world's most read drum magazine print edition available in over 60 countries worldwide with a digital reach in the millions. Its book division is considered the leading publisher of drum and percussion educational material with over 35 titles including the Legends Series, The New Breed by Gary Chester, Master Studies by Joe Morello, and Realistic Rock by Carmine Appice. For the past 30 years, the Modern Drummer Drum Festival has featured performances from numerous legendary drummers including Sheila E, Roy Haynes, Dave Weckl, Mike Portnoy, Aaron Spears, Alex Acuna, Steve Smith & Chad Smith. In 2020 and for the first time, the festival was livestreamed on the LiveXLive streaming platform. The Modern Drummer Hall of Fame is considered the pinnacle lifetime achievement for professional drummers. With strong digital reach, Modern Drummer is a respected source and gold standard for drumming features, news, education, podcasts and reviews.
Current LiveXLive's original franchises include, "Music Lives" -- a 48-hour non-stop livestreamed music festival; "Music Lives ON" -- a weekly Thursday night livestream concert; "LiveZone", a weekly music and celebrity news show; docu-reality series "Artist DNA"; and "LiveXLive Presents," LiveXLive's first original music performance show, The Lockdown Awards, The Snubbys hosted by comedian Jeff Ross, and PodcastOne's 235 exclusive podcast shows.
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, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses.
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 1,800 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 2.25 billion downloads per year with 400+ episodes distributed per week across a stable of hundreds of top 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, acquisition 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 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, 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 December 31, 2020, filed with the SEC on February 16, 2021, 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.
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SOURCE LiveXLive Media, Inc.