US digital music company LiveXLive has published its latest financial results, which show that its revenues grew by 25.1% year-on-year to $9.5m in the second quarter of 2019. However, the company’s net losses also widened slightly, from $10.8m a year ago to just under $11m last quarter. LiveXLive’s cost of sales, at $9m, accounts for nearly 95% of the company’s revenues, and that’s before sales and marketing, product development and other costs are factored in.
LiveXLive recently sold 5m of its shares to raise $10.5m, but its directors outlined its future challenge in the financials: “While management believes it has sufficient sources of liquidity to fund its operations over the next twelve months, 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.”
As we’ve covered before, LiveXLive’s business is partly focused on live-streaming festivals and other music events, and partly on the Slacker Radio music-streaming service that it acquired in 2017. On that front, LiveXLive says that it now has more than 740,000 paying subscribers, with its paid subs growing 50% year-on-year last quarter. Meanwhile, it has also recently combined its two businesses in one app, where people will be able to stream audio from Slacker and video from LiveXLive’s festival partners.
Tools: platforms to help you reach new audiences
Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…