LOS ANGELES (CelebrityAccess) — Live music event streamer LiveXLive Media reported record revenue for their second fiscal quarter of 2019, but still missed Wall Street’s estimates.
Revenue for the quarter came in at $7.97 million, up by 5% from the first quarter, when they cleared 7.62 million. However, the company missed the mark set by investment analysts, who had set a consensus of $8.33 million for the quarter.
For Q2 2019, LiveXLive recorded a loss from operations of $9.5 million and a net loss of $10.3 million. LiveXLive attributed the losses to a higher number of festivals produced and live-streamed during the quarter, combined with investments made to expand the company along with non-cash depreciation, amortization and stock compensation of $5.8 million.
Excluding these non-cash expenses, Q2 2019 Adjusted Operating Loss was $3.6 million, according to filings with the Securities & Exchange Commission.
LiveXLive ended Q2 2019 with $14.1 million in cash and cash equivalents versus $15.9 million in cash and cash equivalents at the end of the first quarter of the year.
For the quarter, LiveXLive reported that they had grown their paid subscriber base by approximately 12% to 585,000. In Q2, LiveXLive reported live streaming 8 music festivals and 16 festivals YTD through today, driving over 40 million views.
Second quarter 2019 festival live streams included Montreux Jazz Festival (Lake Geneva, Switzerland), Paleo Festival (Nyon, Switzerland), Global Dance Festival (Denver, CO), HARD Summer Music Festival (Fontana, CA), Sziget Festival (Budapest, Hungary), Bumbershoot Festival (Seattle, WA), Rolling Loud Festival– Bay Area (Oakland, CA) and Life is Beautiful Festival (Las Vegas, NV), as compared to three in the second quarter of 2018, Paleo Festival (Nyon, Switzerland), Outside Lands Music and Art Festival (San Francisco, CA) and Rock in Rio (Rio de Janeiro, Brazil).
YTD live streams generated over 285 hours and 350 artists for LiveXLive and the company said they were developing a slate of original programming including 180+ pieces of short-form content published consisting of artist interviews, lifestyle segments and show pilots.
“LiveXLive continued our year with another strong quarter in Q2 2019, with record revenue driven by solid growth in our paid subscriber base, which today has surpassed 585,000, and improved operating results over Q1 2019. Our successful integration of LiveXLive operations with Slacker has increased impressions and accelerated our active users and total viewership, driving a record number of live streams and most importantly, growth in our paid subscriber base. We are tightening our revenue guidance range to $37.5-$45 million for the full year to reflect the strong momentum we are seeing across the business,” said Rob Ellin, CEO, and Chairman of LiveXLive.
During Q2, LiveXLive reported a number of new deals, including a partnership between Slacker Radio and Heard Well, and the company expanded its digital distribution with the launch of streams on YouTube, Facebook Live, Twitter and Daily Motion.