LiveOne (Nasdaq: LVO) Signs Strategic B2B Partnership With Fortune 500 Media Conglomerate; Partnership Delivers Minimum $20 Million Revenues for Calendar 2024
- LiveOne forms a significant partnership with a major media conglomerate, adding substantial monthly recurring revenue.
- The company's vertically integrated platform has enormous potential for new partnerships across targeted B2B verticals.
- None.
- Company Raises Revenue Guidance for Fiscal 2024 ending March 31, 2024 to
- Increases Current Pipeline to Over 35 Potential B2B Partnerships Across 8 Verticals
LOS ANGELES, CA, Dec. 15, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire –LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform, announced today a new significant partnership agreement as well as updated revenue guidance for its current fiscal year ending March 31, 2024 (“Fiscal 2024”).
Robert Ellin, Chairman and CEO of LiveOne, commented, “We are excited to have entered into a new partnership with one of the world’s great media conglomerates, immediately adding a meaningful amount of monthly recurring revenue to our existing business. Given our vertically integrated platform, every new partnership has enormous potential and this latest is another within our eight targeted B2B verticals.
Mr. Ellin continued, “We are also thrilled to provide updated revenue guidance for Fiscal 2024 and we are extremely optimistic about continued strong revenue growth and execution on our business plan through Fiscal 2025.”
The anticipated financial results discussed in this press release are based on management's preliminary expectations. During the course of LiveOne’s quarter-end and fiscal year-end closing procedures and review process, LiveOne may identify items that would require it to make adjustments, which may be material, to the information presented above. As a result, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary financial results.
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
