LiveOne Inc - LVO STOCK NEWS

LiveOne (LVO) announces $5.75M remaining for repurchase of its shares, expects $2.5 - $5M cost savings, and expands Celebrity Brands Platform using AI.

LiveOne (Nasdaq: LVO) reported record revenue of $87.5M and adjusted EBITDA of $8.2M for the first 9 months of FY 2024. The audio division, consisting of Slacker Radio and PodcastOne, reported record revenue of $79.9M and adjusted EBITDA of $13M for the same period. The company is maintaining guidance for FY 2025 with consolidated revenue of $140M - $155M and adjusted EBITDA of $16M - $20M, as well as the audio division revenue of $130M - $140M and adjusted EBITDA of $20M - $25M. LiveOne's paid members increased by 36% as of December 31, 2023, and PodcastOne was ranked 10th in Podtrac’s Podcast Industry Top Publishers Rankings for January 2024. The company is also exploring strategic alternatives to enhance shareholder value, including a strategic acquisition, divestiture, merger, sale, or other form of business combination. However, the company reported a net loss of $10.7M for the first 9 months of FY 2024, and the Q3 Fiscal 2024 operating loss was $0.8M, primarily due to an increase in operating expenses associated with share-based compensation.

LiveOne (Nasdaq: LVO) has appointed Aaron Sullivan as CFO, who previously served as Vice President, Corporate Controller, and as LiveOne's Interim Chief Financial Officer. The Chairman and CEO, Robert Ellin, praised Sullivan's performance and leadership, highlighting his contributions to the company's financial and operational management.

LiveOne (Nasdaq: LVO) subsidiary Splitmind, a music collective, won a 2024 Grammy Award for producing Church Clothes 4 by Lecrae. Splitmind has over 2B streams across 100+ major label releases and increased revenues by 300% in 2023.

LiveOne (Nasdaq: LVO) will announce its operating and financial results for its third quarter on February 8, 2024. The senior management will host a live conference call and webcast to discuss the results and provide a business update. The webcast can be accessed on LiveOne's website and will be available for replay.

LiveOne (Nasdaq: LVO) announces the streaming of its 241st edition of LiveOne Presents featuring music industry rising stars during Grammy Awards weekend. The event celebrates LiveOne subsidiary Splitmind’s three Grammy nominations this year. Splitmind is known for producing beats and sounds for major artists such as Drake, Chris Brown, Kodak Black, NBA Youngboy, and DaBaby. The LiveZone red carpet will be hosted by Slacker Radio’s Chelsea Briggs, Racquel Goldy, and Raymond T, and will feature an exclusive performance by Def Jam artist Chase Shakur and interviews with Jeremih, Z3LLA, thuy, Afgan, Caity Baser, AR/CO, MARIS, and Valè, among others. LiveOne has streamed over 3k artists to 200+ million viewers, with 5 billion engagements. Music fans across 220 countries can watch on Sunday, February 4 at 5:00 PM ET / 2:00 PM PT on LiveOne.com.

LiveOne announces access to a vast library of music, podcasts, radio stations, and audiobooks for its members. The global audiobook market is currently valued at over $5 billion and projected to grow to $42 billion by 2031.

Splitmind Music Collective, a Grammy-nominated group, has amassed over 2 billion streams from 100+ major label releases. Their radio features original sounds and AI-curated samples from a catalog of 100,000 unique works. LiveOne's subsidiaries, Splitmind and Drumify, saw a 300% increase in revenue in 2023.

LiveOne, Inc. (NASDAQ: LVO) announces the launch of Birthday Sex Wine, a collaboration with Grammy-nominated artist Jeremih and winemaker Russell Bevan. The exclusive pre-sale sold out, with additional inventory expected soon. The wine is a Naked Chardonnay from premier vineyards in the Columbia Valley, offering vibrant fruit flavors and subtle oak nuances.