Investor excitement about capturing a piece of the $25 billion concert business quadrupled the share price of LiveXLive from a March low of $1.08 per share to a high of $4.59 in early July.īut growth has been modest and competition with industry veterans has made it difficult to stand out. Investors had big hopes for LiveXLive at the start of the COVID-19 pandemic as a possible leader in the livestream concert space thanks to the infrastructure it had developed since going public in 2017. “We have a great relationship with Tesla and we had hoped to get it done faster, but negotiations take a while.” “We will come to a resolution and we’re very confident in our position,” Gold said. Wonho to Partner With LiveXLive for Pay-Per-View Global Concert Tesla includes a LiveXLive on-demand music streaming subscription with every car it sells, but a dispute with the automaker that began in June has cost the company $1.6 million for the first half of the year and has yet to be resolved. The automaker has been LiveXLive’s most reliable revenue generator since LiveXLive acquired Slacker Radio at the end of 2017. LiveXLive ended the quarter with $10.2 million loss at 15 cents per share and raised its guidance for the year from $63.5 to $69.5 million.

The company’s stock closed at $1.88 per share the day after the report was released, down 8.3% from the previous day.ĭespite the earnings miss and modest progress with its ticketing initiatives, a bright spot this quarter was LiveXLive’s new subsidiary PodcastOne, providing significant revenue growth for the quarter for a combined revenue of $14.6 million. Tesla is LiveXLive’s largest client, accounting for two-thirds of the West Hollywood company’s consolidated revenue, and the dispute has already impacted $2.1 million in revenue chairman and chief executive Rob Ellin explained during the Q2 2021 call with analysts, staff and board members.Īn accompanying earnings report released during the call revealed that LiveXLive missed analysts’ consensus on earnings and revenue for the second quarter by double digit percentages, and noted that executives at the company only had access to half of the cash on its balance sheet because of restrictions by its senior creditors. Streaming media company LiveXLive has been in a “contractual dispute” with Tesla dating back to June, company officials announced during Monday’s mid-year earnings call.

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