LOS ANGELES, March 10, 2021 /PRNewswire/ -- LiveXLive Media (Nasdaq: LIVX) ("LiveXLive"), a global platform for live-stream 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 ("CPS"), announced today that it has integrated its business operations across all subsidiaries and divisions for greater efficiencies which is expected to create annual cost savings of approximately $3.4 million.
LiveXLive CFO, Michael Quartieri commented, "Our executive team together with the senior management of our various business divisions have done an outstanding job consolidating and integrating our business operations. Whereas the annual cost savings from consolidating back office operations and leaseholds are meaningful, I believe the more significant impact will result from the increased effectiveness of our newly consolidated sales and marketing, creative content, talent, production and tech teams." Back office operations across all divisions have been consolidated, including, accounting and finance, HR, and legal. LiveXLive and PodcastOne expect to complete the ongoing consolidation of their offices and production studios into one new leasehold located in West Hollywood, California by September 2021. Sales and marketing teams from all divisions have been consolidated and integrated and will now collaborate on revenue generation for all divisions. Creative content and production for all divisions has also been consolidated to better coordinate, synergize, distribute and monetize across LiveXLive's flywheel of original content, livestreams, events, podcasts, vodcasts (video podcasts) and merchandise. Over the past 18 months, LiveXLive has completed the acquisitions of PodcastOne, Custom Personalization Solutions, and React Presents. PodcastOne expanded LiveXLive's business into the fast-growing podcast category, complementing the Company's music platform of streaming audio, on-demand video and live event performances. LiveXLive now has the opportunity to cross-sell and cross-promote to respective LiveXLive and PodcastOne subscribers, advertisers, and sponsors, while providing artists and on-air talent with an expanded platform to increase their social media presence, as well as their ability to generate new income. The recent acquisition of CPS further expanded LiveXLive's business model into the global licensed merch market, which is expected to reach $400 billion by 2023. LiveXLive will partner with artists and stars from the music, podcast and entertainment industry who have massive social media and marketing reach, to create and distribute unique and limited-edition personalized merch, clothing, jewelry, and toys, as well as virtual goods. LiveXLive's React Presents subsidiary is a leading producer and promoter of 250+ electronic dance music events, festivals, clubs, concerts and venues, including the Spring Awakening Festival held annually in Chicago, IL. In calendar year 2019, React Presents generated approximately $15.0 million in revenue through ticket sales, sponsorship, merchandising, and other ancillary revenue. LiveXLive acquired React Presents in February 2020, just before the COVID pandemic brought a halt to all live music events. React Presents stands to benefit greatly once live music returns. LiveXLive continues to be the industry leader in all variations of content streaming in the music and entertainment space. With its core business rooted in music streaming and original content and festivals, the new corporate model will see the company through future expansions. LiveXLive's operating performance and consumer reach are showing impressive growth across virtually all meaningful performance metrics. The company continues to drive compelling original content, including pay-per-view ("PPV") events, new artist-driven format and tentpoles, across both LiveXLive, PodcastOne and React Presents. The opportunity is expanding to monetize the company's content multiple times and in multiple ways across numerous platforms, including carriers, automobiles, and OTT. LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in audio music, podcasting, OTT linear channels, PPV, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses. About LiveXLive Media, Inc.