LiveOne (Nasdaq: LVO) Music Publishing Subsidiaries Splitmind and Drumify Increase Revenues 300% in 2023

Rhea-AI Summary

LiveOne (Nasdaq: LVO) reports record-breaking success for its majority-owned music publishing subsidiary, Splitmind, and its majority-owned subsidiary operating an online marketplace for sounds, Drumify. The company achieved 3 Grammy nominations with artists like Lecrae and Coco Jones, surpassed 3 billion streams globally, and released music from major artists like Drake, Bad Bunny, and Chris Brown.

- Nominated for 3 Grammys with Lecrae and Coco Jones

- Surpasses 3 Billion Streams Globally

- 200 Major Label Releases Including Drake, Bad Bunny, Chris Brown, $uicideBoy$, Kodak Black, DaBaby and ARDN

LOS ANGELES, CA, Dec. 01, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that its majority-owned music publishing subsidiary, Splitmind, and its majority owned subsidiary operating an online marketplace for sounds, Drumify, have achieved record-breaking success over the past year.

Splitmind’s founder Aidan “Halfway” Crotinger remarked, “I am so proud of our innovative team of producers whose never-ending creativity continues to see outstanding success and attract more amazing artists to collaborate with us. I look forward to what 2024 has in store for us!”

About Splitmind
Founded by Aidan “Halfway” Crotinger in 2020, Splitmind is a Los-Angeles-based music powerhouse of producers and writers from all over the world, including Grammy-winning, multi-platinum producers. Having produced beats and sounds for major artists such as Drake, Suicide Boys, Trippie Redd, Bad Bunny, Chris Brown, Kodak Black, NBA Youngboy, DaBaby and several others, Splitmind’s catalog on Drumify.com now includes over 50,000 copyrights and over 3 billion streams. Splitmind provides an infrastructure that allows creatives to share sounds while retaining their royalties - paving the path to give producers long-term ownership of their copyrights. Splitmind is a majority-owned subsidiary of LiveOne (NASDAQ: LVO) and was acquired by LiveOne in 2023.

About LiveOne, Inc.
Headquartered in Los Angeles, California, LiveOne, Inc. (Nasdaq: LVO) (the “Company”) is an award-winning, creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company's subsidiaries include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, Palm Beach Records, CPS, LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR’s OTT applications. For more information, visit liveone.com and follow us on Facebook, Instagram, TikTok, YouTube and Twitter at @liveone. For more investor information, please visit ir.liveone.com.

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, acquisition, spin-out, special dividend, merger, distribution or transaction, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution 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 members; the Company identifying, acquiring, securing and developing content; the Company’s intent to repurchase shares of its and PodscastOne’s 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 debt 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; uncertain and unfavorable outcomes in legal proceedings; 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, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2023, Quarterly Report on Form 10-Q for the quarter year ended September 30, 2023, filed with the SEC on November 20, 2023, 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 obligation 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.

LiveOne IR Contact:
Kirin Smith
PCG Advisory
(646) 823-8656
ksmith@pcgadvisory.com

Press Contact:
LiveOne
press@liveone.com

How many Grammy nominations did LiveOne (Nasdaq: LVO) receive?

LiveOne (Nasdaq: LVO) received 3 Grammy nominations with artists like Lecrae and Coco Jones.

How many streams did LiveOne (Nasdaq: LVO) surpass globally?

LiveOne (Nasdaq: LVO) surpassed 3 billion streams globally.

Which major artists released music through LiveOne (Nasdaq: LVO)?

Major artists like Drake, Bad Bunny, and Chris Brown released music through LiveOne (Nasdaq: LVO).

What subsidiaries of LiveOne (Nasdaq: LVO) achieved record-breaking success?

Splitmind and Drumify, both majority-owned subsidiaries of LiveOne (Nasdaq: LVO), achieved record-breaking success.

Who is the founder of Splitmind?

The founder of Splitmind is Aidan “Halfway” Crotinger.