LOS ANGELES (CelebrityAccess) — LiveXLive Media, the live entertainment streaming service, announced they achieved record revenue for the first fiscal quarter of 2019, but are still bleeding money.
According to financial filings by LiveXLiveMedia, the company posted revenue of $9.5 million for the quarter, up from $7.6 million in the same period in 2018.
LiveXLive attributes the improved revenue to strong subscriber growth, which improved by 50% year-over-year to 740,000 at the end of Q1 2019.
The company also reported an operating loss of $10.3 million, and a net loss of $11.0 million in Q1 2020, with the revenue from subscriber growth offset by costs associated with livestreaming nine events and producing 11 events in the quarter, coupled with ongoing operating investments made.
The company also cited non-cash depreciation, amortization, and stock compensation and non-recurring expenses for the quarter to the tune of $5.7 million, leaving their adjusted operating loss $4.6 million, roughly the same as in Q1 2018.
“LiveXLive is off to a strong start in fiscal 2020, highlighted by 25% revenue growth, a significant improvement in contribution margin and continued 50% growth in paid subscribers when compared to Q1 2019,” said Robert Ellin, CEO, and Chairman of LiveXLive. “We are streaming many of the most exciting music festivals in the world and have partnered with the biggest artists and promoters, resulting in record levels of viewership. LiveXLive has quickly established itself as the authentic thought leader in music globally and we have an incredibly exciting roadmap and business plan for the rest of the year and beyond.”