LiveOne Launches First Ever ChatGPT Enabled Search Engine for the Music Sampling, Sounds and Beats Sector
Artificial Intelligence Will Power Drumify’s Sound Library Search to Empower Creators
Drumify Has Surpassed 50,000 Copyrights with Its Sound Library Included in Songs from Drake, Anuel AA, Chris Brown, Kodak Black and More
LOS ANGELES, CA, May 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform, announced today that its subsidiary Drumify, a marketplace for audio creatives, will be integrating ChatGPT search functionality into its site, creating a significant enhancement to its music publishing arm. This upgrade will enable creatives to search and curate sounds based on specific characteristics in just seconds, making it easier for them to find and use the sounds they need.
Drumify was created in 2020 by Aidan “Halfway” Crotinger as a platform for creatives to share sounds while still retaining their royalties. This allows producers to maintain long-term ownership of their copyrights and create a new revenue stream. Crotinger teamed up with Anshay Saboo, Head of Product for Drumify and creator of Instafest, to incorporate the features of ChatGPT as the next step in giving young producers higher exposure and connectability to major artists.
Crotinger commented, “I saw how AI was quickly changing the music landscape in real time. The planned new Drumify capabilities will increase discoverability and allow users to dive deeper into our catalog.”
LiveOne’s CEO and Chairman, Robert Ellin, remarked, “Our goal is to continue putting creators first. The new planned Drumify technology shows how far and quickly AI has taken the whole music business. We feel that this added AI functionality will revolutionize the music publishing industry, and we look forward to continuing to be the platform that allows creatives to retain their IP so they can build long-term success.”
About LiveOne, Inc.
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (the "Company") is an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company's wholly-owned subsidiaries include Slacker Radio, a membership music streaming service, and PodcastOne, which generates more than 2.3 billion downloads per year, 350+ hours distributed weekly, and 14M+ monthly unique listeners. Nearly all new Tesla EVs sold in the U.S. come with a paid membership to LiveOne’s Slacker Radio (that now includes PodcastOne) which is paid by Tesla. As of April 11, 2023, the Company has accrued a paid and free ad-supported membership base of approximately 2.9 million*. The Company was awarded Best Live Moment by Digiday for its “Social Gloves” PPV Event, and has been a finalist for 8 more awards, including Best Live Event, Best Virtual Event, Best Overall Social Media Excellence, and Best Original Programming from Cynopsis and Digiday. As of February 9, 2023, the Company has streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, over 300 podcasts/vodcasts, hundreds of pay-per-views, personalized merchandise, released music-related NFTs, and created a valuable connection between fans, brands, and bands. The Company's other wholly-owned subsidiaries include PPVOne, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, and LiveXLive, and the Company’s other majority-owned subsidiaries are Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. For more information, visit liveone.com and follow us on Facebook, Instagram, TikTok, YouTube and Twitter at @liveone.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing, acquisition, spin-out, merger, special dividend, distribution or other transaction, including the proposed special dividend and spin-out of PodcastOne, proposed spin-outs of Slacker and the Company’s pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or other transaction will not occur or whether any such event will enhance shareholder value; PodcastOne's or Slacker’s ability to list on a national exchange; the Company's ability to continue as a going concern; the Company's ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company's intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company's ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management's relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company's subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 29, 2022, Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022, filed with the SEC on February 14, 2023, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
* Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these members.
Press Contacts:
LiveOne
press@liveone.com
LiveOne IR Contact:
Kirin Smith
PCG Advisory
(646) 823-8656
ksmith@pcgadvisory.com
