LiveXLive Media (NASDAQ: LIVX) reported Q1 EPS of ($0.21). Revenue for the quarter came in at $7.59 million versus the consensus estimate of $7.12 million.

"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," said Rob Ellin, CEO and Chairman of LiveXLive.

"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," continued Mr. 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 Michael Zemetra, CFO of LiveXLive. "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."

GUIDANCE:

LiveXLive Media sees FY2019 revenue of $35-45 million, versus the consensus of $34.45 million.

For earnings history and earnings-related data on LiveXLive Media (LIVX) click here.