PodcastOne parent LiveXLive is changing its name, and the result sounds a lot like the podcast company it bought last year. LiveXLive is rebranding as LiveOne. It is also rebranding its other divisions to be more in line with the Podcast One brand – its subscription music business Slacker will be rebranded as SlackerOne, its live music business ReactPresents becomes ReactOne, its merchandising business Custom Personalization Solutions is rebranded as PersonalizedMerchOne, and its original content business will be branded as StudioOne.
The company says the new LiveOne name builds upon the brand heritage created by the founder of Westwood One and PodcastOne, the latter of which was acquired by LiveXLive in July 2020 for $18.1 million. It says the LiveOne name captures the core of the brand's mission to be the “one-stop platform” for music, podcasting, sports, esports, social media influence, lifestyle, merchandise, publishing and technology.
“We are excited to announce a rebranding of LiveXLive that reflects the evolution of our company, its accelerated growth, and our vision for the future as ‘One’ brand,” said CEO Robert Ellin in the announcement. “Our new LiveOne name and the associated business unit brands of ‘One’ will further pull together our flywheel business model and collectively become synonymous with our mission to be the ‘One’ leading end-to-end talent-first platform creating, producing, monetizing, marketing, and distributing premium audio and video content across all genres and distribution outlets.”
LiveXLive expects to change its Nasdaq stock symbol to "LVO" in the coming weeks.
The company has been exploring a series of moves during the past several months. It hired investment banker J.P. Morgan as a financial adviser last December to review possible strategic transactions, including acquisitions, strategic partnerships and other opportunities to grow its business. Ellin has said they continue to “explore all options for the company” including a possible sale of some or all of its parts.
Separately, LiveXLive also announced its intention to spin-out its existing pay-per-view business as a separate public company to be known as PPVOne. It says “a portion” of the new company’s equity will be owned by LiveXLive's stockholders with the split anticipated to take place by March 31, 2022. It will first need to be approved by its board of directors.
Among the statistics it released as part of the announcement, LiveXLive says PodcastOne now has 235 podcasts as part of its portfolio, producing an average of more than 300 episodes per week. It also disclosed that Slacker Radio currently has more than 1.2 million paid subscribers. And the company has generated about $21 million in pay-per-view sales, sponsorships, production, and merchandise so far this year. LiveOne recently raised revenue guidance for its 2022 fiscal year based on strength in its core businesses.