New York, NY (Top40 Charts) LiveXLive Media, a global platform for livestream and on-demand audio, video and podcast/vodcast content in music, comedy and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and
Custom Personalization Solutions, announced today that it is increasing its revenue guidance for the fiscal year ending March 31, 2022 to between $107 million to $115 million with Adjusted Operating Income* of between $5 million to $10 million from its core operations.
The increase in guidance is primarily driven by:
Ticket sales, sponsorships, NFTs, and merchandise revenue from the upcoming live and pay-per-view pop culture boxing and music event Social Gloves:
Battle of the Platforms on June 12th at the Hard Rock Stadium in Miami Gardens, FL - when the world's biggest social media stars from YouTube and TikTok will face off, plus live music performances from DJ Khaled, Lil Baby, Migos, and Trippie Redd.
The expected return of live music events owned and produced by LiveXLive's wholly-owned subsidiary, React Presents, including the annual
Spring Awakening Festival scheduled for October 2021 in Chicago.
Continued growth in subscriptions, advertising, and sponsorship, as LiveXLive now has 1.1 million paid subscribers**.
Robert Ellin, CEO and Chairman of LiveXLive, commented, "There is an enormous pent-up demand for live music events, and we are extremely well positioned for the expected near-term return of live music. We expect an increase in revenue from the return of live events in nearly every aspect of our flywheel of associated businesses - live ticket sales, livestream, pay-per-view, advertising, sponsorship, NFTs, and specialty merchandise." qg
*See the definition of Adjusted Operating Income under "About Non-GAAP Financial Measures" within this release.
**Included in the total number are certain subscribers which are the subject of a contractual dispute. LiveXLive is currently not recognizing revenue related to these subscribers.
LiveXLive 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 ("PPV"), and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing.
