LOS ANGELES, December 24, 2020 / PRNewswire / – LiveXLive Media (Nasdaq: LIVX) (“LiveXLive”), a global live streaming and on-demand audio, video and podcast platform for music, comedy and pop culture, and owner of PodcastOne, Lazy radio and React present, today announced that it has completed the acquisition of Custom Customized Solutions, LLC (“CPS”) in an all-equity transaction. The transaction is valued at approximately $ 12 million based on the closing price of LiveXLive shares on December 22, 2020, subject to working capital and other adjustments.
CPS will operate as a wholly owned subsidiary of LiveXLive. The acquisition is expected to have an immediate accretive effect on equity and add to earnings and includes approximately $ 5.2 million of estimated working capital. The deal further diversifies LiveXLive’s business model into the global licensed product market, which is expected to reach 400 billion dollars by 2023.
“The acquisition of CPS is an ideal complement to our flywheel business model and presents a significant opportunity to leverage our relationships with the audience, platform and artists and the entertainment industry to add income from trade and specialized consumer products, ”said Robert ellin, CEO and President of LiveXLive. “By incorporating specialty merchandise into our music, podcast, and original content stack, we can provide superfans with unique and personalized merchandise from their favorite artists, shows and events.”
Following the acquisition of CPS, LiveXLive intends to increase the revenue reach of its current partners and talent lineup across all of its subsidiaries to target super fans and partner with other artists. and stars in the music, podcast and entertainment industry who have huge reach in social media and marketing, to create and distribute unique and publishing personalized clothing, jewelry, toys and virtual goods limited. Additionally, LiveXLive will work with artists and celebrities to manufacture custom products and licensing partnerships similar to Teremana Tequila and Dwayne johnson (aka Le Rocher). The digital and physical distribution of the goods will be done primarily online, but is also expected to include many big box retailers like Walmart, which opens up more promotional and marketing opportunities for LiveXLive and its partners.
“The worlds of personalized merchandise, real-time execution and social commerce led by celebrity and influencer have collided to create a perfect storm. LiveXLive is the perfect partner for us to take advantage of this next wave,” said Normand Scott, founder of CPS.
Founded in 2012 and based in Addison, Illinois, CPS is a group of fast growing web-based companies specializing in the merchandise personalization industry. Owned and managed by premier partners with a combined 50 years of customization experience, CPS has assembled its “Dream Team” of innovators and designers to create an assortment of custom products unlike anything on the market. . CPS currently has over 70 full-time employees. Current CEO of CPS, Jean Semmelhack, will remain CEO of CPS as a wholly owned subsidiary of LiveXLive.
LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in audio and video on demand, podcasting, vodcasting, linear OTT channels, pay-per-view. session (“PPV”) and live broadcast. Its model includes multiple monetization paths, including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing. LiveXLive recently raised its revenue forecast for its 2021 fiscal year based on the strength of its core businesses.
About LiveXLive Media, Inc.
Based at Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the “Company”) (pronounced Live “by” Live) is a global platform for live streaming and on-demand audio, video and podcast content in the fields of music, comedy and pop culture. LiveXLive, which has streamed over 1,500 artists since January 2020, has become a go-to partner for the world’s best artists and celebrity voices, as well as music festivals and concerts including Rock in Rio, EDC Las Vegas and many more. In april 2020, LiveXLive produced its first 48 hour music festival called “Music Lives” with huge success as it recorded over 50 million views and over 5 billion views for #musiclives on TikTok with over 100 performances. The company’s library of global events, video-audio podcasts, and original shows are also available on Amazon TVs, Apple TV, Roku, and Samsung, in addition to its own app, destination site, and TV shows. social channels. The company’s wholly owned subsidiary, PodcastOne, generates more than 2.1 billion downloads each year through more than 350 podcast episodes per week. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.
About personalized personalization solutions (CPS)
Based at Addison Illinois, Custom Personalization Solutions (CPS) develops, manufactures and distributes personalized products for wholesale and direct-to-consumer distribution. The company offers more than 10,000 exclusive personalized gift items for family, home, seasonal vacations and special events. CPS is also one of the largest distributors of personalized jewelry in the United States. Wholesale customers include Walmart, Zulily, Zales, Petco and Bed, Bath and Beyond. From embroidery and laser engraving to direct-to-garment printing, CPS employs ten types of personalization methods resulting in a one-stop shop for all personalization / print-on-demand needs.
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For LiveXLive: The Rose Group
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SOURCE LiveXLive Media, Inc.