LiveOne (NASDAQ: LVO) Enters $100B Coffee Market Acquiring Smyle Coffee in Partnership with Multi-Platinum Rapper-Actor KYLE
Rhea-AI Summary
LiveOne (NASDAQ: LVO) has entered the $100 billion coffee market by acquiring Smyle Coffee in partnership with multi-platinum rapper-actor KYLE. Leveraging KYLE’s extensive fan base, including 4.5 million monthly Spotify listeners and 6+ million followers, the brand aims to intertwine music and coffee culture to create a unique product. Smyle Coffee, which prioritizes mental health awareness, will donate a portion of its proceeds to mental health charities. The coffee will be sold in 12 oz bags and will also feature a coffee truck in Southern California.
Positive
- LiveOne diversifies into the high-revenue coffee market, valued at $100 billion.
- Partnership with KYLE provides access to his 4.5M Spotify listeners and 6+M followers, enhancing market reach.
- Smyle Coffee's brand aligns with a growing trend of mental health awareness, potentially increasing consumer appeal.
- A portion of proceeds from Smyle Coffee will support mental health charities, boosting brand reputation and consumer trust.
Negative
- Entering a highly competitive coffee market may pose significant challenges for LiveOne.
- Uncertainty about Smyle Coffee's market penetration and consumer acceptance.
- Potential financial strain from the initial investment and marketing expenses related to the new brand.
News Market Reaction
On the day this news was published, LVO gained 5.49%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Leveraging KYLE’s 4.5M Monthly Spotify Listeners, 6+M Followers and Upcoming US Tour Dates for Promotion to his Superfans
Expanding Subsidiary LiveOne Brands’ Lineup of Celebrity Products
LOS ANGELES, June 04, 2024 (GLOBE NEWSWIRE) -- LiveOne Brands, a division of LiveOne, Inc. (NASDAQ: LVO), a leader in the entertainment landscape, is thrilled to announce its collaboration with multi-platinum rapper and actor KYLE to unveil a new coffee brand, Smyle Coffee. This exciting venture combines the world of music and coffee to create a unique blend with the goal of brewing joy and positivity in every cup.
KYLE, the breakout star with hits like "iSpy (feat. Lil Yachty)" and a successful acting career, is expanding his influence to coffee culture.
"Our mission is to provide premium coffee products without the pretense, designed to start your day with a smile. Smyle Coffee is not just about the coffee; it's about creating a positive impact on mental health," says KYLE.
A portion of the proceeds from Smyle will support mental health charities. KYLE, personally touched by mental health issues within his family, is using Smyle Coffee as a platform to promote awareness and support.
Smyle Coffee will be sold in 12 oz bags, coming soon to SmyleCoffee.com. The brand will also be launching a Smyle Coffee truck in Southern California. Customers can follow @SmyleCoffee on Instagram for updates on availability.
About LiveOne, Inc.
LiveOne, Inc. is an award-winning, creator- first, music, entertainment, and technology platform delivering premium experiences and content worldwide. With subsidiaries like Slacker Radio and PodcastOne, LiveOne has garnered accolades for its innovative approach, including the Best Live Moment award by Digiday for the "Social Gloves" PPV Event.
About KYLE
Kyle Thomas Harvey, known mononymously as Kyle and SuperDuperKyle, is an American rapper, singer, songwriter, and actor from Ventura, California. He is best known for his 2016 breakout single "iSpy", which peaked at number 4 on the Billboard Hot 100. He has 5 million monthly listeners on Spotify, 2 million+ subscribers on Youtube and 1.8M Instagram Followers, 1.5M followers on TikTok.
For media inquiries, please contact:
LiveOne IR Contact :
Liviakis Financial Communications, Inc.
(415) 389-4670
john@liviakis.com
LiveOne Press Contact :
LiveOne
press@liveone.com
Follow LiveOne on social media: Facebook, Instagram, TikTok, YouTube, and Twitter at @liveone.
FAQ
What market did LiveOne enter with Smyle Coffee?
Who partnered with LiveOne to launch Smyle Coffee?
What is the mission of Smyle Coffee?
How many Spotify listeners does KYLE have?
Where will Smyle Coffee be available for purchase?
