US firm LiveXLive has bagged the rights to live-stream 17 of US radio group iHeartMedia’s events this year, including various festivals, as well as licensing and streaming rights for some smaller events like album launches and live performances. The deal will also see iHeartRadio getting a channel on LiveXLive’s online-video service.
The latter company says that it will be broadcasting 50 music festivals and concerts in its 2020 fiscal year. Talking of fiscal matters: LiveXLive recently published its latest financial results, revealing that it generated revenues of just under $9m in the fourth quarter of 2018, but reported a net loss of $6.6m, thanks in part to operating expenses of $14.7m.
“The Company has a history of losses, incurred a net loss of $27.7 million, and utilized cash of $3.8 million in operating activities for the nine months ended December 31, 2018, and had a working capital deficiency of $17.6 million as of December 31, 2018,” warned the financials filing. “These factors, among others, raise 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.”
The document goes on to stress that increasing revenues, cutting costs and obtaining additional funding will be key. The financials note that around 90% of LiveXLive’s revenues come from subscriptions – largely to Slacker Radio, the streaming service it acquired in 2017. Slacker ended 2018 with 1.3 million monthly active users, according to LiveXLive. That’s down from 1.5 million at the end of 2017. However, Slacker increased its number of paying subscribers from 447,000 at the end of March 2018 to more than 610,000 at the end of November.