LiveXLive Media Reports FY 2019 First Quarter Revenues Up With Slacker Acquisition, But Loss Widens

Q1 FY 2019

SLACKER RADIO parent LIVEXLIVE MEDIA fiscal 2019 first quarter revenue rose 7% from fourth quarter 2018 to $7.6 million, riding increases in subscriber counts (489,000 paid subscribers at the end of first quarter, and over 500,000 as of TODAY) and advertising revenue.  The number includes the acquisition of SLACKER; the company reported zero revenue in first quarter for fiscal 2018.  The festival livestreamer and producer also saw its net loss widen from $2.8 million to $10.8 million (8 to 21 cents/diluted share), blamed on a higher number of festivals and investments, plus non-cash depreciation, amortization and stock compensation of $5.6 million.

Chairman/CEO ROB ELLIN said, "LIVEXLIVE had a strong first quarter in fiscal 2019, with record revenue driven by solid growth in our paid subscriber base, which today has surpassed 500,000, and improved advertising revenue. The company livestreamed a record number of festivals, including more than 175 artists, to tens of millions of viewers, filmed and published over 40 pieces of original content and pilots."

"We continue to deliver the most immersive and high quality livestreaming experience. Our unique market position allows us to truly partner with the top artists, festivals and music labels in the world," added ELLIN. "LIVEXLIVE is uniquely positioned to capitalize on the mega-trends in our industry -- livestreaming, OTT delivery, mobile and social, shareable content.  We are revolutionizing music streaming, being the first to aggregate live music content, combining social with livestreaming on a single platform, and enabling fans of all generations and genres of music to get the 'best seat in the house' to their favorite artists and festivals. When these advantages and levers are combined with our proprietary technology platform and a rapidly growing audience, it bodes well for the company's monetization opportunities."

"We continued to execute in Q1 2019, livestreaming a record number of festivals, acquiring more valuable festival rights and showing strong sequential growth across our paid subscribers and advertising platform," said CFO MICHAEL ZEMETRA. "With the issuance of our $10.6 million debentures in Q1 2019, we have sufficient capital to continue investing in more festivals and monetization growth opportunities in 2019."

To that end, the company is projecting full-year fiscal 2019 revenue of $35-45 million and an adjusted operating loss of $10-12 million.

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