LiveOne Provides Membership Update
Rhea-AI Summary
LiveOne (NASDAQ: LVO) announced that its total membership has exceeded 3.8 million, marking a 25% year-over-year growth. The Tesla membership, in particular, saw a significant increase, reaching 1.8 million members, a 32% rise from the previous year. The company expects to add over 1 million new members by the end of 2024.
LiveOne's B2B pipeline has also expanded, with more than 60 partnerships under discussion and four major multi-year agreements set to be announced soon. According to Brad Konkol, Head of Slacker Radio, the growth is driven by collaborative B2B partnerships and a focus on creating unique, customizable audio experiences for businesses and customers.
Positive
- Total membership surpassed 3.8 million, indicating a 25% year-over-year growth.
- Tesla membership reached 1.8 million, showing a 32% year-over-year increase.
- Projected membership growth is expected to exceed 1 million by the end of 2024.
- The company has expanded its B2B pipeline to over 60, with four major multi-year partnerships to be announced.
Negative
- The press release does not provide specific revenue figures or profitability data, leaving financial performance unclear.
- No information on potential risks or challenges associated with the new partnerships.
- Lack of detail on the exact nature and terms of the B2B agreements.
News Market Reaction
On the day this news was published, LVO declined 1.75%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LiveOne (NASDAQ: LVO) Proudly Announces:
- Total membership surpasses 3.8 million, a remarkable
- Tesla membership reaches a milestone of 1.8 million, boasting an impressive
- Projected membership growth exceeds 1 million in calendar year 2024
- (B2B) pipeline expands to over 60, with the signing of four multi-year major partnerships to be announced at launch
LOS ANGELES, June 10, 2024 (GLOBE NEWSWIRE) -- LiveOne (NASDAQ: LVO) an award-winning, creator-first music, entertainment, and technology platform announces today that is has surpassed 3.8 million total members, a
Brad Konkol, Head of Slacker Radio, “We are pleased to announce our ongoing membership growth, driven by the power of collaborative B2B partnerships. At the heart of our strategy is the development of unique, customizable audio experiences for businesses and their customers. Our goal is to forge meaningful alliances with companies that share our passion for innovation, bespoke programming, and delivering exceptional customer value.”
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 :
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 is the recent membership growth reported by LiveOne (LVO)?
How much did Tesla membership grow for LiveOne (LVO)?
What is LiveOne's (LVO) membership growth projection for 2024?
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What upcoming announcements has LiveOne (LVO) planned?
