US music-streaming and livestreaming company LiveXLive has published its latest financial results, including a new record for quarterly revenues: $10.5m.
That’s in the second quarter of 2020 (its fiscal Q1), with those revenues having grown by 11% year-on-year. The company reported a net loss of $7.5m though, although at least that was down from $11m this time last year.
LiveXLive ran 45 music livestreams last quarter, which it said generated more than 76m live views. The bulk of those came from the 48-hour ‘Music Lives’ online festival in April, which was sponsored by TikTok and Facebook’s Oculus Venues, garnering more than 50m live views.
LiveXLive also ended the quarter with 877,000 paid subscribers, up by 20% year-on-year. About those losses, though: the $7.5m net loss last quarter follows losses of $38.9m and $37.8m in its last two fiscal years.
LiveXLive has been raising money to support its business: it completed a $17.5m common stock financing in July “including conversion of $10.0 million of liabilities into equity by a major music partner” – that’s Universal Music Group, by the way.
LiveXLive is now also entering into “a $15.0 million senior secured convertible financing agreement with a major existing institutional shareholder”.