LiveOne Inc. (NASDAQ: LVO) increased its 2026 cost savings target to $7.5 million from $5 million, with $3.5 million already completed, according to a company statement. The music and entertainment platform also raised its payables conversion target to more than $13 million at $7.50 per share, up from $11 million, with $5 million completed.

The company reduced its workforce from 350 to 78 employees this quarter, representing a 19% reduction. LiveOne deployed artificial intelligence tools from Anthropic Claude and OpenAI to achieve operational efficiencies and expects an additional $1.5 million in cost per share savings by year-end.

LiveOne announced two new Fortune 500 business-to-business partnerships that will reach more than 100 million monthly subscribers. The company has approximately $5.7 million remaining under its share repurchase plan and acquired more than 900,000 shares of PodcastOne (NASDAQ: PODC).

"We continue to exceed our cost reduction targets while strengthening our balance sheet and positioning the Company for scalable, profitable growth," said Robert Ellin, Chairman and CEO of LiveOne. "Our investments in AI-driven efficiencies, combined with expanding strategic partnerships, are driving meaningful operating leverage across the business."

The company stated it aims to drive all subsidiaries to positive adjusted EBITDA. LiveOne's subsidiaries include Slacker, PodcastOne, PPVOne, Custom Personalization Solutions, LiveXLive, DayOne Music Publishing, Drumify and Splitmind.

Information in this article is based on a company press release.