Ellin continued, 'In keeping with our strategic plan, we have successfully diversified our revenue streams and reduced our concentration of subscription revenue over the past year from 84% of revenue to just 23% of revenue. With the return of live music events, we expect an increase in revenue from nearly every aspect of our flywheel – subscriptions, live ticket sales, livestream, pay-per-view, advertising, sponsorship, NFTs, and specialty merchandise.'

LiveXLive's CEO and Chairman, Robert Ellin, commented, 'We continue to see an improving backdrop for all of our business verticals. On a non-GAAP basis, Adjusted Operating Loss ('AOL')* increased to ($1.8) million from ($0.1) million in Q1 Fiscal 2021. GAAP basis, LiveXLive recorded a loss from operations of ($10.0) million and a net loss of ($8.1) million. The increases were driven by growth in advertising, merchandising, pay-per-view ('PPV') and sponsorship revenue.

In Q1 Fiscal 2022, LiveXLive posted record revenue of $38.8 million, as well as record contribution margin* of $7.8 million. 12, 2021 /PRNewswire/ - LiveXLive Media (Nasdaq: LIVX) ('LiveXLive'), a global platform for live stream and on-demand audio, video and podcast/vodcast content in music, comedy and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions ('CPS'), announced today record revenue and contribution margin* for its first fiscal quarter ended J('Q1 Fiscal 2022').

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