LiveOne (Nasdaq: LVO) Publishing Division, Drumify, Partners With Source Audio to Expand AI Capabilities
LiveOne (LVO) launches AI-powered Conversational Search and Discovery Tool in partnership with Source Audio, expanding its content library to over 10K pieces. The tool aims to boost productivity and revenue for artists and producers. Revenue surged by 350% YTD, with major label releases from popular artists like Drake, Bad Bunny, and Chris Brown.
Positive
Partnership with Source Audio to enhance content library
AI tool to increase productivity and drive revenues for artists and producers
Significant revenue growth of over 350% YTD
Over 200 major label releases including popular artists
The partnership between LiveOne and Source Audio integrating an AI-powered conversational search and discovery tool signifies a strategic move within the music industry. By enhancing the current library with AI capabilities, artists and producers can streamline the search process for beats and sounds, potentially shortening production cycles and reducing costs associated with content discovery. The tool's impact on productivity could lead to a more dynamic music creation process, allowing for quicker turnaround times from concept to market.
Moreover, the reported 350% year-to-date revenue increase is a robust indicator of the company's growth trajectory. This performance, paired with over 200 major label releases, suggests that LiveOne's strategy is resonating well with high-profile artists and the market at large. Such growth figures can attract investor attention, as they reflect not only on the company's current financial health but also on its potential for scalability and market penetration.
Adopting AI in content search and discovery is a transformative step for companies like LiveOne, as it aligns with broader trends of digital transformation in content-driven industries. The emphasis on AI speaks to the demand for more intelligent and efficient workflows, which can be a significant competitive advantage. For stakeholders, the adoption of such technology could signal LiveOne's commitment to staying at the forefront of industry innovation, which is critical for maintaining a competitive edge in a fast-evolving digital landscape.
However, the success of this tool will largely depend on its accuracy, user-friendliness and integration with existing production workflows. If the tool delivers on its promise, it could become a new industry standard, influencing how competitors approach content creation and management. Such a scenario could have far-reaching implications for the sector, potentially reshaping the competitive dynamics and driving further technological advancements.
The financial implications of the collaboration between LiveOne and Source Audio and the subsequent launch of the AI-powered tool, are noteworthy. A 350% increase in revenue is a substantial figure that warrants a closer look at the underlying drivers. It's essential to dissect whether this growth is sustainable and if it's primarily driven by the adoption of new technology or other factors such as market expansion or strategic partnerships.
Investors should consider the scalability of the AI tool and its potential to contribute to future revenue streams. As the company continues to leverage AI, the long-term cost savings and efficiency gains could be significant. However, it's important to monitor the ongoing costs of AI development and maintenance against the backdrop of these revenue increases to ensure a favorable return on investment.
From a financial perspective, the balance between investment in technology and the tangible financial outcomes it produces will be a key factor in assessing the company's future performance and stock market valuation.
03/20/2024 - 08:30 AM
- Launches AI-powered Conversational Search and Discovery Tool for Beats and Sounds
- Partnership with Source Audio will Dramatically increase the current Library of more than 10K pieces of content
- Provides Artists and Producers the AI tools to increase Productivity and Drive Revenues
- Revenue increased over 350% YTD
- Over 200 Major Label Releases including Drake, Bad Bunny, Chris Brown, $uicideBoy$, Kodak Black, DaBsby and ARDN
LOS ANGELES, CA, March 20, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne Head of Music Publishing Joshua Hallbauer commented, “Our collaboration with Source Audio represents a significant milestone in our commitment to innovation. AI will empower our producers and artists to efficiently interact, increasing productivity and revenues while decreasing time and expenses.”
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.
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 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; 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 June 30, 2023, filed with the SEC on August 15, 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.
For media inquiries, please contact:
LiveOne IR Contact : john@liviakis.com
LiveOne Press Contact : press@liveone.com
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What is LiveOne's ticker symbol?
LiveOne's ticker symbol is LVO.
What is the new tool launched by LiveOne in partnership with Source Audio?
LiveOne has launched an AI-powered Conversational Search and Discovery Tool in partnership with Source Audio.
How many pieces of content are included in LiveOne's current library?
LiveOne's current library consists of over 10,000 pieces of content.
Which major artists have releases with LiveOne?
LiveOne has releases from artists like Drake, Bad Bunny, and Chris Brown.
What is the revenue growth percentage for LiveOne?
LiveOne's revenue has increased by over 350% YTD.
How will the new AI tool benefit artists and producers?
The AI tool aims to increase productivity and drive revenues for artists and producers.
Who commented on the collaboration with Source Audio?
LiveOne Head of Music Publishing Joshua Hallbauer commented on the collaboration with Source Audio.
What is the goal of the collaboration with Source Audio?
The collaboration aims to empower producers and artists to interact efficiently, increasing productivity and revenues while reducing time and expenses.
