LiveXLive Media has posted revenues of $9.2 million for the three months ending March 31 (the company’s fiscal Q4 2019) versus $7.1m in Q4 2018.
The company’s revenue for Fiscal Year 2019 grew 368% year-over-year to a record $33.7m.
This revenue growth, according to LiveXLive, was largely due to the growth in subscription revenue, and to a lesser extent from advertising and licensing.
The company’s paid subscribers increased 52%, or a net 233,000 subscribers year-over-year, in the quarter ending March 31, 2019 with over 680,000 paid subscribers, compared to 447,000 subscribers at March 31, 2018.
The company has 720,000 paid subscribers as of today.
In the first three months of 2019, LiveXLive live streamed five major festivals and events, for a total of 24 live streamed events as of the end of the quarter.
Festival and event live streams included ALTerEGO (Los Angeles, CA), EDC Mexico (Mexico City, Mexico), LiveXLive Presents after the Grammys (Los Angeles, CA), LiveXLive Presents at CES Las Vegas (Las Vegas, NV), and Weezer Album Release Party (iHeartRadio Theater, New York, NY).
The company’s live streams generated over 400 hours of programming, with 400 artists streamed.
LiveXLive also recorded an operational loss of $8.5m, and net loss of $9.7m (see above) in its Fiscal Q4 2019, which it says was “driven by positive $2.2m in contribution margin in Q4 2019 as a result of continued subscriber growth in the period, offset by five events livestreamed and produced in the quarter, coupled with ongoing operating investments made in Q4 2019 to grow the company”.
Excluding non-cash and non-recurring expenses of $6.6m, the company’s Adjusted Operating Loss (“AOL”) for the quarter was $1.9, an improvement from AOL of $2.4m in the same quarter last year.
“I am proud of the remarkable progress that LiveXLive has made in its first full year as a public company, and more excited about our future.”
Robert Ellin, LiveXLive
Robert Ellin, CEO and Chairman of LiveXLive said: “We executed in fiscal 2019, delivering record financial performance each quarter and growing our paid subscriber base over 50% year over year, which today surpassed 720,000 paid subscribers.
“In addition, we also drove record growth across active users, total livestream views and number of live festivals streamed.
“I am proud of the remarkable progress that LiveXLive has made in its first full year as a public company, and more excited about our future.”
“With the year-over-year and sequential improvements in our contribution margins and operating results, we remain well positioned to continue investing in our immediate growth objectives.”
Michael Zemetra, LiveXLive
Michael Zemetra, CFO of LiveXLive, added: “We are pleased with our accelerated subscriber growth and record financial performance throughout fiscal 2019.
“We ended fiscal 2019 with over 50% growth in paid subscribers and launched key sponsorships and programming across our music platform.
“With the year-over-year and sequential improvements in our contribution margins and operating results, we remain well positioned to continue investing in our immediate growth objectives.”Music Business Worldwide
