LiveXLive is the US company that made its name with live streams of music concerts, before acquiring music-streaming service Slacker Radio. The company has published its latest quarterly financial results, and they show an increase in its net loss from $4.3m in Q3 2017 to $10.3m in Q3 2018. This was based on just under $8m of revenues, outweighed by LiveXLive’s cost of sales alone ($8.1m) plus sales and marketing ($1.3m), product development (just under $2m) and other costs.
LiveXLive admitted that there is “substantial doubt about the Company’s ability to continue as a going concern within one year from the date that these financial statements are filed” if it doesn’t balance its books and/or obtain new sources of financing. In Q3, LiveXLive’s revenues came mainly from Slacker, which is a radio-style streaming service like Pandora’s free and Plus tiers. It recorded subscription revenues of 7.2m and $724k of advertising income last quarter. Slacker ended September with 549,000 subscribers, up from 489,000 at the end of June.
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