With Cinedigm, LiveXLive to Sell Its Shows and Monetize Library in North America and Major International Markets with a Potential Reach of nearly 700 Million Global Connected Devices
LOS ANGELES, June 30, 2020 (GLOBE NEWSWIRE) -- LiveXLive Media, Inc. (NASDAQ: LIVX) ("LiveXLive"), a global platform for live stream and on-demand audio, video and podcast content in music, comedy and pop culture, announced today that it will launch a new streaming OTT LiveXLive-branded channel for U.S. and international audiences in partnership with Cinedigm (NASDAQ: CIDM). Cinedigm will secure international licensing and distribution of the channel on LiveXLive’s behalf. Since the beginning of 2020, Cinedigm has entered partnerships that have dramatically increased addressable device footprint to an estimated 330 million in North America, and an estimated additional 365 million overseas.
LiveXLive has retained the U.S. and international first sales rights for advertising on LiveXLive’s channel, which will feature original shows like LiveZone, and has the option to acquire content from Cinedigm’s library of more than 30,000 digital film and television episodes to air on the channel. Additionally, Cinedigm will provide access to additional advertising inventory to LiveXLive across Cinedigm’s portfolio of fifteen ad-supported streaming networks.
LiveXLive, which has live streamed over 59 events in 2020, has become a go-to partner for the world's top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called “Music Lives” with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances.
“This deal will monetize our on-demand, library and future original productions in the world’s top markets like India and China, where mobile penetration and viewing is already high,” said Robert Ellin, CEO and Chairman of LiveXLive. “Our partnership with Cinedigm is perfectly timed as we have ramped up our original production and look to monetize that content, in all markets.”
“Our global platform partners have been seeking new channels with a special focus on live events and music,” said Erick Opeka, President of Cinedigm Networks. “We’re excited to help expand the distribution of the world’s most exciting music property in the market today, and to further explore ways to mutually expand our audiences and monetization.”
Cinedigm Networks provides streaming channels, content and technology services to the world’s leading platforms, OEMs, telcos, and cable & broadband providers, such as Samsung, Vizio, Roku, Xumo, DistroTV, Zeasn/Philips, Vizio WatchFree, Foxxum, Redbox, and Vewd, among many more. Its distribution network extends to over 70 countries with an emphasis on North America, The European Union, Latin America, and Asia. Once LiveXLive’s OTT Channel launches in the second half of 2020, Cinedigm will aim to secure wide distribution for audiences worldwide.
LiveXLive currently operates a 24/7 linear channel on its own platform -- LiveXLive TV – with a focus on concerts, festivals, events, artist interviews, ancillary event-related content and short-form video content from around the world. LiveXLive will also add programming blocks in the coming months as it adds to its original content and Vodcast production with the anticipated acquisition of PodcastOne. LiveXLive’s OTT channels have recently seen an 8% lift in viewership further demonstrating the audience’s appetite for more LiveXLive content.
For more than twenty years, Cinedigm (CIDM) has led the digital transformation of the entertainment industry. Today, Cinedigm entertains hundreds of millions of consumers around the globe by providing premium content, streaming channels and technology services to the world’s largest media, technology and retail companies. For more information, visit http://www.cinedigm.com/.
About LiveXLive Media, Inc.
Headquartered in Los Angeles, California, LiveXLive Media, Inc. (LIVX) (the "Company") (pronounced Live “by” Live) is a global platform for live stream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1000 events in 2020, has become a go-to partner for the world's top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called “Music Lives” with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive's library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. For more information, visit www.livexlive.com and follow LiveXLive on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.
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 the proposed acquisition of PodcastOne and the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed acquisition will not occur; the Company’s ability to attract, maintain and increase the number of its users and paid subscribers; the Company identifying, acquiring, securing and developing content; 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; changes in economic conditions; competition; 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, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 26, 2020, 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.
LiveXLive IR Contact:
Press Contact for CIDM:
Jill Newhouse Calcaterra