From emerging to established artists, LiveXLive has streamed a variety of artists and celebrities in 2020 alone, including Billie Eilish, Kygo, Billy Joel, Bon Jovi, Chris Rock, Idina Menzel, Jennifer Lopez, Jimmy Buffett, OneRepublic, Zac Brown, Sofi Tukker, and Darius Rucker. So far in calendar year 2020, LiveXLive content has been viewed over 95 million times. LiveXLive has become a go-to platform for livestreaming events that combine music with pop culture of podcasting, sports, arts, fashion, culinary and comedy. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing.
LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view ("PPV"), and livestreaming. The Plan will be funded from current available working capital. The Program may be expanded, suspended, or discontinued by the Board at any time. There is no guarantee as to the exact number of shares, if any, that will be repurchased by LiveXLive, and LiveXLive may discontinue purchases at any time that management determines additional purchases are not warranted.
The timing, price, and quantity of purchases under the Program will be at the discretion of LiveXLive's management and will depend upon a variety of factors including share price, general and business market conditions, compliance with applicable laws and regulations, corporate and regulatory requirements, and alternative uses of capital. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when LiveXLive might otherwise be precluded from doing so under insider trading laws. We remain enthusiastic about the prospects of LiveXLive and are focused on our commitment to maximize shareholder value."
Robert Ellin, LiveXLive's CEO and Chairman, commented, "I am pleased to announce board approval for the new stock repurchase program given the current price of our stock, which we do not believe reflects the underlying value of LiveXLive. 10, 2020 /PRNewswire/ - LiveXLive Media (Nasdaq: LIVX) ("LiveXLive"), a global platform for livestream and on-demand audio, video and podcast content in music, comedy and pop culture, and owner of PodcastOne, announced today that its board of directors (the "Board") has authorized the repurchase up to two million shares of LiveXLive's outstanding common stock from time to time (the "Program").
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