LOS ANGELES (CelebrityAccess) — Live music streaming service LiveXLive announced its financial results for the 4th quarter of 2019 and the full results for their fiscal year.
LiveXLive reported record revenue for their full fiscal year, recording $33.7 million for the period, which was up by 368% year-over-year and $9.2 million in Q4 2019, up 29% year-over-year.
The company attributed the revenue growth to increasing subscription revenue and contributions from advertising and licensing.
However, there was still red ink, with the company reporting a net loss of $9.7 million for the quarter and $37.4 million for the full fiscal year. The losses for FY 2019 almost doubled the results for 2018 when LiveXLive reported negative net income of $19 million.
For their full fiscal year guidance for 2020, the company projects losses to continue, to the tune of $10-15 million on revenue of $50 to $65 million.
Other notable figures from the company’s earning statements include paid subscriber growth of 50% in 2019, with more than 720,000 subscribers currently enrolled for the service. In Q4 along, the company’s paid subscriber totals jumped by 233,000, an increase of 52% over the previous year’s Q4.
In the fourth quarter of 2019, LiveXLive livestreamed 5 major festivals and events, for a total of 24 livestreamed events as of the end of the quarter. Fourth quarter 2019 festival and event livestreams included ALTerEGO (Los Angeles, CA), EDC Mexico (Mexico City, Mexico), LiveXLive Presents after the Grammys (Los Angeles, CA), LiveXLive Presents at CES Las Vegas (Las Vegas, NV), and Weezer Album Release Party (iHeartRadio Theater, New York, NY).
The company also produced 5 live events during its fourth fiscal quarter and delivered more than 50 million live streams and 400 artist streams in FY 2019. The streams generated more than 400 hours of programming for the platform, including more than 250 pieces of short-form content published consisting of artist interviews, lifestyle segments and show pilots.
The company also touted achievements for the quarter such as the launch of a new livestream app, and marquee deals with partners such as Sinclair Media and Tencent Media to livestream the EDC Las Vegas festival.