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LOS ANGELES - LiveOne (NASDAQ: LVO), a music and entertainment technology platform with a market capitalization of $78.64 million, has surpassed 1.4 million subscribers and ad-supported users, attributing significant growth to its partnership with electric vehicle maker Tesla. The platform’s advertising pilot program has also drawn in major brands, signaling its growing appeal in the market. According to InvestingPro data, the company has achieved 11.43% revenue growth over the last twelve months, despite challenging market conditions.
The Los Angeles-based company, which operates LiveOne and its subsidiaries including Slacker Radio and PodcastOne, offers a variety of content through memberships, live events, and virtual experiences. Its services are integrated into Tesla’s in-car entertainment system, which has been a key driver in expanding its user base. While the stock has seen a significant decline of 57.38% over the past year, recent momentum shows promise with a 13.64% gain in the past week. In addition to its automotive integration, LiveOne’s applications are accessible on multiple devices and platforms, such as iOS, Android, Roku, Apple TV, and others.
Robert Ellin, Chairman and CEO of LiveOne, expressed enthusiasm about the milestone, underscoring the company’s commitment to delivering premium content and experiences worldwide. The announcement comes as the company continues to implement its growth strategy, focusing on content acquisition and technology platform development.
The press release also included forward-looking statements, cautioning about potential risks and uncertainties that could affect the company’s performance. These risks include reliance on major customers, the ability to secure new financing or acquisitions, and the outcomes of legal proceedings, among others.
LiveOne’s stock repurchase program was mentioned as part of its strategic initiatives, although the timing and extent of such repurchases remain subject to market conditions and other factors. The company has made it clear that it aims to enhance shareholder value while maintaining compliance with financial covenants. InvestingPro analysis reveals that while the company holds more cash than debt on its balance sheet, its short-term obligations exceed liquid assets with a current ratio of 0.56. For deeper insights into LiveOne’s financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering over 1,400 US stocks.
Investors and interested parties can find more information about LiveOne and its financials through its filings with the U.S. Securities and Exchange Commission and on its investor relations website.
This article is based on a press release statement from LiveOne, Inc.
In other recent news, LiveOne Inc. reported its financial results for the third quarter of 2024, which showed a miss on earnings and revenue expectations. The company posted an earnings per share (EPS) of -$0.06, falling short of the forecasted -$0.02, while revenue came in at $29.45 million, below the anticipated $31.35 million. Despite these figures, LiveOne has been expanding its business through strategic partnerships, notably renewing its contract with Tesla and growing its presence in the podcasting market. The company achieved record revenues of $95 million for the first nine months of the fiscal year, with its audio business generating over $90 million. In terms of future outlook, LiveOne aims for $51 million in revenues for PodcastOne and expects its first year of positive EBITDA. Additionally, the company is exploring price increases and new revenue streams, focusing on converting ad-supported subscribers to paid users. Analyst feedback from firms like Alliance Global Partners and ROTH Capital Partners highlighted the potential of LiveOne’s strategic initiatives, including its B2B partnerships and product launches, to drive future growth.
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