LiveXLive Media, Inc. Closes $15.0 Million Financing with an Existing Institutional Shareholder Convertible at $4.50 Per Share
LOS ANGELES, Sept. 17, 2020 /PRNewswire/ -- LiveXLive Media, Inc. (Nasdaq: LIVX) ("LiveXLive"), a global platform for livestream and on-demand audio, video and podcast content in music, comedy and pop culture, announced today that it has completed a $15.0 million senior secured convertible note financing with a major existing institutional shareholder.
LiveXLive CEO and Chairman, Robert Ellin, commented, "With LiveXLive experiencing momentum across the core segments of our business, adding $15 million of cash gives us both the liquidity and the balance sheet strength to accelerate some near-term growth opportunities, namely across subscription, distribution, pay-per-view and podcasting. We appreciate the confidence our institutional investor has shown by making this investment in both our management team and business model."
LiveXLive's talent-centric platform is focused on providing outsized value to superfans and building long term franchises in audio music, podcasting, OTT linear channels, pay-per-view, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses.
LiveXLive has become a go-to platform for live streaming events that combine music with pop culture of podcasting, sports, arts, fashion, culinary and comedy. This far in calendar year 2020, LiveXLive has livestreamed over 60 live events, generating over 81 million live views and selling over $1 million of pay-per-view tickets. From emerging to established artists, LiveXLive has streamed a variety of artists and celebrities in 2020 alone, including Billie Eilish, Kygo, Billy Joel, Bon Jovi, Chris Rock, Idina Menzel, Jennifer Lopez, Jimmy Buffett, OneRepublic, Zac Brown, Sofi Tukker, and Darius Rucker. Future scheduled PPV events include top artists such as Pitbull, K-Pop Star Wonho, Nelly, Jeremih and many more.
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