Business
LiveOne Announces Record 6-Month Revenue of $60.7 Million, Up 142%, and Second Quarter Revenue of $21.9 Million, Up 51%
-- Paid Subscribers as of September 30, 2021 Increased to Over 1,256,000**, a Net Increase of Over 320,000 a Year Ago - Monthly Average Revenue Per User Was
About this update from Liveone, Inc.
[{"type":"text","content":"-- Paid Subscribers as of September 30, 2021 Increased to Over 1,256,000**, a Net Increase of Over 320,000 a Year Ago - Monthly Average Revenue Per User Was $3.41** vs. $3.38 in Q1 Fiscal 2022\n -- During Fiscal 2022, LiveOne Has Added Over 170,000 Paid Members Into Its New Expanded Membership Program\n -- Cash and Cash Equivalents on Hand at September 30, 2021 was $16.7 Million\n\n\nLOS ANGELES, Oct. 28, 2021 /PRNewswire/ -- LiveOne (Nasdaq: LVO), a global platform for livestream and on-demand audio, video, and podcast/vodcast content in music, comedy, and pop culture, and owner of LiveXLive, PodcastOne, Slacker Radio, React Presents, Gramophone Media and Custom Personalization Solutions (\"CPS\"), announced today operating results for its second fiscal quarter ended September 30, 2021 (\"Q2 Fiscal 2022\").\nFor the six-month period ended September 30, 2021, revenue increased 142% year-over-year to a record $60.7 million compared to $25.1 million in the prior year, while Contribution Margin* increased 93% to $13.7 million versus $7.1 million in the prior year.\nIn Q2 Fiscal 2022, LiveOne posted revenue of $21.9 million, as well as Contribution Margin* of $5.9 million. On a U.S. GAAP basis, LiveOne recorded a loss from operations of ($9.7) million and a net loss of ($15.2) million. On a non-U.S. GAAP basis, Adjusted Operating Loss (\"AOL\")* increased to ($2.1) million from ($1.4) million in Q2 Fiscal 2021.\nLiveOne's CEO and Chairman, Robert Ellin, commented, \"With the return of live music events, we expect an increase in revenue from nearly every aspect of our flywheel – subscriptions, live ticket sales, live stream, pay-per-view, advertising, sponsorship, NFTs, and specialty merchandise.\"\nMr. Ellin continued, \"We continue to focus on the long-term objective of building and owning sustainable, valuable franchises in audio music, live music and events, podcasting/vodcasting, OTT, pay-per-view and live streaming.\" \nRecent and Q2 Fiscal 2022 Highlights\nIn October 2021, the company completed a corporate name change to \"LiveOne, Inc.\" from \"LiveXLive Media, Inc.\" and announced plans to rebrand its individual subsidiaries and businesses as the \"ONE\" brand. Since launching its pay-per-view (\"PPV\") platform in May 2020, LiveOne has generated approximately $26.1 million of PPV related sales in live and pay-per-view event...