LiveOne (LVO) raises FY22 revenue guidance to $112 - $113.5 million

January 19, 2022 11:02 AM EST
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LiveOne (Nasdaq: LVO), a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships, subscriptions and live and virtual events, announced today certain preliminary operating metrics for calendar year 2021 and raised fiscal year 2022 financial guidance.

LiveOne Ended Calendar Year 2021 with the following:

  • 1.35 Million + paid subscribers**, up 34.5% year-over-calendar year.
  • 699,000 + total new LiveOne members**
  • Added over 100 new blue chip sponsors.
  • Livestreamed over 2,900 artists, 188 million livestream views, 155 events, and 58.9% engagement growth across its social and digital platforms.
  • 115 pay-per-view events broadcasted on LiveOne's platform.
  • LiveOne's wholly owned subsidiary PodcastOne had record metrics of over 2.48 billion podcast downloads.
  • PodcastOne's popular LadyGang podcast surpassed 500 episodes.
  • 33 new podcast shows joined the PodcastOne network consisting of 18 new shows and 15 existing shows that migrated to the PodcastOne platform.
  • Launched over 100 new LiveOne radio stations.
  • Completed a User Interface refresh of all "New" and "Top" stations within the Tesla in-car paid Slacker Radio streaming experience.
  • Signed award-winning music curator and DJ, Kid Ô, to a multi-year contract to curate and host three new LiveOne mood-based, lifestyle stations.
  • Used proprietary LiveOne mobile studio technology for an on-site, multi-day live audio broadcast from its Spring Awakening Music Festival.
  • Launched the LiveOne Top 50 Songs of 2021 station, hosted and curated for the first-time-ever by five leading LiveOne radio format captains.
  • Signed legendary Rock music host and evangelist Matt Pinfield to a multi-year contract as the new host of the "LiveOne Weekly Rock Countdown".
  • LiveOne is implementing further cost and expense reductions from both operations and corporate overhead which is anticipated to increase the previously implemented $5.6 million of annual cost savings to an estimated total of over $14 million annually.
  • LiveOne's 24-hour linear OTT streaming channel reaches over 294 million people on Amazon Fire, Roku, Apple TV, SLING, Xumo, and ReachTV, Consumable TV streaming original content, artist interviews, concerts, festivals, ancillary event-related content, and short-form video content from around the world.
  • Announced in December 2020, LiveOne's board of directors authorized the repurchase of up to two million shares of LiveOne's outstanding common stock from time to time, subject to compliance with applicable laws and regulations. LiveOne reiterates its intent to repurchase up to 2 million shares of its common stock.
  • As of December 31, 2021, LiveOne had approximately $14 million in cash.

LiveOne expects to report positive adjusted EBITDA* in Q1 fiscal 2023 ending June 30, 2022.

LiveOne's CEO and Chairman, Robert Ellin, commented, "We capped off calendar year 2021 with record numbers in paid subscribers, podcast shows, pay-per-view events, social engagements, live stream performances, and livestream views. We are excited for the calendar year 2022 and see a significant opportunity to both further revenue growth, as well as achieve positive adjusted EBITDA* in the quarter ending June 30, 2022."

Business Outlook

LiveOne is raising its full-year Fiscal 2022 revenue guidance as follows: revenue of $112 - $113.5 million, and maintains revenue guidance for Fiscal Year 2023 of between $120 - $140 million.

LiveOne has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view, NFTs, and livestreaming. Its unique model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing.

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