LiveOne expects to report a record Q2 revenue, adjusted EBITDA, and membership growth in 2023.
Music and entertainment platform LiveOne with a “creator-first” focus, announces that it expects to report consolidated revenue of over $23 million and break its 18-year quarterly record of 181,000 new members. The company’s audio division alone, consisting of Slacker and PodcastOne, earned approximately $21 million with an adjusted EBITDA of around $6 million.
Paid LiveOne members as of the end of September increased to 1.75 million, approximately 154,000 more than in June of last year. LiveOne is also raising its consolidated full-year Fiscal 2023 Adjusted EBITDA guidance, based on the continued strong performance of its audio division, to between $8.5 million and $11.5 million.
In July, LiveOne announced that PodcastOne closed an $8.1 million financing deal at a valuation of $68 million as part of its intention to turn PodcastOne into a separate public company. LiveOne expects to file a Registration Statement on Form S-1 with the US Securities and Exchange Commission by December 31, 2022, and complete the process by the end of its Fiscal 2023.
The anticipated financial results for Q2 Fiscal 2023 are based on LiveOne management’s preliminary analysis of financial results. As such, the company may make adjustments because LiveOne must yet complete its financial statement reporting, and the results are currently unaudited. Still, the future is looking bright for the Los Angeles-based company.
LiveOne was awarded Best Live Moment by Digiday for its “Social Gloves” PPV Event and has been a finalist for eight other awards, including Best Live Event, Best Virtual Event, Best Overall Social Media Excellence, and Best Original Programming from Cynopsis and Digiday.
The company has a library containing over 30 million songs, 600 curated radio stations, and more than 300 podcasts and vodcasts under its wings of influence. Wholly-owned subsidiaries include Slacker Radio, Gramophone Media, Palm Beach Records, Custom Personalization Solutions, LiveXLive, PPVOne, and PodcastOne.