Gramophone Media, Inc., based in NYC, is an artist and brand development agency specializing in music publicity with over 400 artists and platforms. (See LiveXLive Media stock analysis on TipRanks) Furthermore, the company’s online digital talent search platform, Self Made, will also benefit from the deal. Through the acquisition, artists will now get access to an end-to-end solution to develop and amplify their brand to audiences across LiveXLive’s apps and social media platforms.
The deal is expected to be immediately accretive to earnings and will compliment all of LiveXLive’s businesses. Shares of the global platform for live music, internet radio, and music-related streaming and video content have jumped 70.3% over the past year. The financial terms of the deal were not disclosed. ( LIVX) has entered into a binding Letter of Intent (LOI) to acquire Gramophone Media, Inc. Shares of LiveXLive were down less than 0.5% to $4.20 by Tuesday’s closing bell.LiveXLive Media, Inc. The West Hollywood-based company expects to live stream a total of 27 music festival in fiscal 2019. LiveXLive raised the low end of full-year revenue guidance to between $37.5 million to $45 million compared with its prior guidance of $35 million to $45 million. The entertainment company operates a live music video streaming platform, live-streaming music festivals and concerts like Rock in Rio and Hangout Music Festival.
LiveXLive total base is now around 585,000 subscribers. READ: Tech innovators and disruptors shine at Dawson James Securities’ Small-Cap Conference Its paid subscriber base increased 12% to 60,0000, which the company credited to its acquisition of Slacker Radio Inc, a free internet radio service Revenue saw a dramatic jump to $7.9 million compared with $80,000 in last year’s third quarter. The media company reported a net loss of $0.20 per share compared with a net loss of $0.12 per share in the previous third quarter.
LiveXLive Media Inc ( NASDAQ:LIVX) saw a revenue boost in its third quarter as its paid subscriber base grew to more than half a million people.
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