Livestreaming firm LiveXLive is changing its name to LiveOne and planning to spin off its pay-per-view business as a separate public company.
The rebrand will cover its various other services too: its podcasting arm PodcastOne already has the correct suffix, but music streaming service Slacker will now be called SlackerOne. Chairman and CEO Robert Ellin said the move will “further pull together our flywheel business model”.
How is that business model doing? Well, LiveXLive recently trumpeted its “13th consecutive quarter of record revenue” after generating $38.8m in the second quarter of this year – its fiscal Q1. That was growth of 269% year-on-year.
However, the company’s operating losses also increased: from $5.8m in the second quarter of 2020 to just under $10m a year later.
In its SEC filing of those financials, LiveXLive noted “substantial doubt about our ability to continue as a going concern within one year” and said that “our ability to continue as a going concern is dependent on our ability to execute our strategy and on our ability to raise additional funds through the sale of equity and/or debt securities via public and/or private offerings”.