LiveXLive Media Announces Record Results For Fiscal 2020.

LOS ANGELES: LiveXLive Media, Inc. (Nasdaq: LIVX) ("LiveXLive" or the "Company"), a global platform for live stream and on-demand audio, video and podcast content in music, comedy and pop culture, announced today financial results for its fiscal year and fourth fiscal quarter ended March 31, 2020. In fiscal 2020, LiveXLive posted record revenue of $38.7 million and a record contribution margin* of $5.9 million, as compared to revenue of $33.7 million and a contribution margin* of $2.5 million during fiscal 2019, driven by strong subscriber growth. The Company recorded a loss from operations of $36.0 million and net loss of $38.9 million in fiscal 2020, driven by positive contribution margin* as a result of continued subscriber growth in the period, offset by 41 events livestreamed in the period, coupled with ongoing operating investments to grow the Company and $23.3 million of non-cash depreciation, amortization and stock compensation and non-recurring expenses in the period. Excluding these non-cash and non-recurring expenses, fiscal 2020 Adjusted Operating Loss ("AOL")* was $12.6 million.

LiveXLive Chairman and CEO, Rob Ellin, commented, "With the abrupt pause of live music concerts due to COVID-19, we have quickly and successfully positioned LiveXLive as the leader in music and entertainment across live streaming, pay-per-view events, podcast and vodcasts." Mr. Ellin continued, "We are now a full stack live streaming platform with the ability to monetize content in multiple ways and times. We intend to continue our strong organic growth path while being opportunistic regarding further acquisitions and have dramatically improved the economics of our business with a clear focus on profitability."

"Our Q4 results were on target, highlighted by strong subscriber growth and substantial improvement in operating leverage in the second half of fiscal 2020," said Michael Zemetra, CFO of LiveXLive. "The anticipated acquisition of PodcastOne is an important part of LiveXLive's evolution and is expected to open up significant monetization opportunities, revenue and cost synergies and provide a springboard to accelerate our business and expected profitability moving forward."

In the fourth quarter of 2020, LiveXLive livestreamed 14 major festivals and events. Fourth quarter 2020 festival and event livestreams included iHeartRadio ALTer Ego 2020 (Los Angeles, California) and iHeartCountry Podcast Awards (Los Angeles, California) and featured leading...