LiveXLive Acquires React Presents, a Leading Electronic Dance Music Promoter with Nearly $15 Million in 2019 Revenue
Expands Audience Reach, Adds Over 250 Programs and Events, Deepens Relationships with Artists, and Increases Cross-Promotion Capabilities
LiveXLive Media, Inc., a global digital media company focused on live entertainment, today announced that it has acquired React Presents, LLC (“RP”). RP is a leading producer and promoter of 250+ electronic dance music (“EDM”) events, festivals, clubs, concerts and venues, including the Spring Awakening Festival held in Chicago, IL. During the calendar year ended December 31, 2019, RP generated approximately $15.0 million in revenue through ticket sales, sponsorship, merchandising, and other ancillary revenue. LiveXLive also reported fiscal third quarter financial results and an amendment to its senior debt agreement in a separate release.
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“This is a transformative moment in the evolution of LiveXLive. We have quickly become a leading livestreaming and original music content platform with a large global audience and more than 820,000 paid subscribers. By acquiring this key asset in the EDM space, we added $15 million in revenues, expanded our audience reach with the addition of more than 250 programs and events, and continued to fill in our flywheel with event ownership and management. We have now increased the number of years that we own events and the hours of live content we’re distributing. Most importantly, we are partnering directly with artists to turn superfans into subscribers, effectively providing brand new revenue streams for managers, bands, and labels by converting ticket sales into subscriptions,” said Robert Ellin, CEO and Chairman of LiveXLive.
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The acquisition will make LiveXLive one of the leading promoters of EDM festivals, concerts and events in the Midwest, including marquee EDM music festivals such as Spring Awakening, and Sunset Music Festival, as well as more than 250 club and venue shows per year.
“LiveXLive is creating a new music stack combining audio, video, social and live events into one end-to-end experience. This acquisition will create powerful cross-marketing opportunities based on direct access to a new pool of active music fans. Leveraging the built-in synergy of event and festival ownership, we anticipate significant growth in audience, subscribers, and original content offerings through expanded audience reach and tighter artist relationships,” added Ellin.
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