Music firm LiveXLive, which focuses on streaming concerts as well as its Slacker audio-streaming service, has published its latest quarterly financial results. The company’s revenues grew by 29% year-on-year to $9.2m in the first quarter of 2019, although its net loss grew too: from $9.5m in Q1 2018 to $9.7m last quarter.
LiveXLive also says that it ended the quarter with more than 680,000 paying subscribers, compared to 447,000 a year ago. Still, the company’s losses continue: in its last financial year (which ended on 31 March) LiveXLive posted $33.7m of revenues but a net loss of $37.4m, compared to $7.2m of revenues and a $23.3m net loss the previous year.
“In Q4 2019, the Company issued $3.2 million of additional debt to further strengthen its balance sheet,” explained its financial filing – Q4 2019 referring to the first quarter of 2019. “The Company finished Q4 2019 with approximately $13.7 million in cash and cash equivalents and $17.4 million in debt.”