Live concert streamer LiveXLive has acquired music streamer Slacker Radio and named Revolt TV co-founder Andy Schon as president. The merged companies create a potentially competitive streaming music service that combines live converts, music video, on demand streaming and personalized online radio.
Live concert site LiveXLive has acquired music streamer Slacker Radio for $50 million in cash and stock. The purchase means a loss for Slacker investors who had pumped in more than $70 million since 2006.
But with 60% of millennials using two or more apps for streaming music, according to Nielsen, LiveXLive execs believe that market is prime for a service that combines video with the live and recorded music worlds.
Slacker offers free and subscription-based music streaming plus news, sports and talk. The companies will now combined content programming teams to build a network of both audio and video channels that stretch across mobile, TV apps, and in-car infotainment systems.
Revolt TV's Andy Schon Named President
The deal is being touted as a "first move" by newly appointed LiveXLive president and former Revolt TV founder Andy Schon. He will now oversee all of the company’s divisions, which include live music lifestyle video service LiveXLive, Wantickets and social media influencer business LiveXLive Influencers as well as new acquisitions Slacker Radio and Snap Interactive.
“The passion for live music has never been greater, and LiveXLive is focused on being the brand-of-record – globally – for live music information, music-focused content and the streaming of music’s biggest festivals and events,” states Schuon. “I walked into a radio station at 16, and it became who I am, not what I do. To continue to have the opportunity to shape the future of music streaming services and streaming radio with a leading platform like Slacker Radio is incredibly exciting.”