Monday, June 22, 2020

LiveXLive reports record revenues – but also increased losses | Music Ally

LiveXLive is the US-based company that’s been increasingly active around music livestreaming, as well as owning audio-streaming service Slacker. The firm has announced its financial results for its fiscal year 2020, which ended on 31 March.

The company’s annual revenues grew by 15% to $38.7m, while its number of paying subscribers grew by 25% to 849,000. However, the company’s cost of sales ($32.8m) and sales and marketing ($6.3m) alone were more than its revenues: throw in product development and admin costs, and LiveXLive recorded an operating loss of $36m for fiscal 2020, more than the $33.9m operating loss the previous year.

However, LiveXLive is predicting a big step on for its fiscal 2021, buoyed by its move into livestreams as well as its acquisition of podcasting company PodcastOne, which was a $27.5m business in 2019. That deal is expected to close in July, and LiveXLive is predicting the overall business’s revenues will be $61m-$67m in its fiscal 2021, with an ‘adjusted operating loss’ of $2.5m-$5m.

Stuart Dredge


No comments: