LiveOne, Inc.

LiveOne, Inc. operates as an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through paid users and live and virtual events. The company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Globally, recorded music revenues increased to $29.6 billion in 2024, up 4.8% year over year, and management believes that by 2030 global recorded music revenues will increase to $80 billion. The addressable market includes streaming of live music and entertainment, Internet radio, audio downloadable music, podcasts and online VOD services, with the live music industry expected to grow to $30 billion by 2025. The podcasting industry is anticipated to grow to 122 million listeners in 2026 and nearly 150 million listeners by 2027, with podcast advertising marketing growing to $3.0B in 2025 and expected to exceed $4.2B in 2026 and reach $5B by 2027.

LiveOne's primary competitors include broadcast radio providers such as CBS and Sirius XM, interactive on-demand audio content providers such as Apple Music, Amazon Music, Spotify and Pandora, podcast providers including Amazon Music, Apple Music, Apple Podcasts, Spotify and iHeartMusic, large merchandise retailers, and other forms of entertainment including Facebook, Twitch, Instagram, Google/YouTube and X. The company also faces direct competition from large live music event competitors such as Live Nation, AEG, and LiveStyle. Competitive advantages cited include growing market position in live events, technology, relationships with important music labels, content suppliers and festival owners, a fully owned and operated enterprise CMS that rivals paid platforms such as Megaphone (Spotify owned), Art19 (Amazon owned) and SimpleCast (SiriusXM/Pandora owned), and a leadership team with extensive industry relationships and expertise.

LiveOne generates revenue through the sale of paid user services and advertising from music offerings, licensing, advertising and sponsorship of live music and podcast content rights and services, expanding pay-per-view offerings, and retail sales of merchandise and gifts. The operating model is focused on a flywheel concept of integrated services centered on servicing and monetizing superfans through multiple revenue streams and product/service offerings. Approximately 16% and 50% of revenue for the years ended March 31, 2026 and 2025, respectively, was from the paid users services platform. The company's music streaming customers include individual users and OEMs such as Tesla, Verizon, T-Mobile, and to a lesser extent, advertisers and third-party licensees.

LiveOne operates four core integrated services: (1) an online live music streaming platform (LiveOne), (2) a fully integrated membership and advertising streaming music service Slacker operating as LiveOne powered by Slacker, (3) a leading podcasting platform operating as PodcastOne, a majority owned subsidiary, and (4) a retailer and wholesaler of personalized merchandise and gifts operating as Custom Personalization Solutions, Inc. (CPS). The business is comprised of three operating segments: PodcastOne, Slacker and Media Group. PodcastOne owns one of the largest networks of podcast content in North America with over approximately 200 exclusive podcast shows that produces over 275 episodes per week and has generated over 228 million downloads during the year ended March 31, 2026. PodcastOne also built, owns and operates LaunchpadOne, a self-publishing podcast platform with over 1,000 available podcasts. CPS develops, manufactures, and distributes personalized products for wholesale and direct-to-consumer distribution, offering thousands of exclusive personalized gift items.

The company owns 46 registered or pending patents on its streaming Internet radio services, including patents over playback of digital media content, method for providing user personalized content, systems for portable personalized radio, method for interactive distribution of digital content and systems for scoring and ranking digital content based on activity of network users. LiveOne also owns over 25 trademarks and trademark applications covering various brands, channels and product names. In July 2020, the company entered the podcasting business with the acquisition of PodcastOne, and in December 2020, entered the merchandising business with the acquisition of CPS. On September 8, 2023, PodcastOne completed a spin out from the company to become a standalone publicly trading company as a result of its direct listing on The NASDAQ Capital Market. On October 1, 2024, the company announced an amended relationship with its largest OEM customer, effective December 1, 2024, where the OEM customer no longer subsidizes products to some of its customers, but the company offers all OEM customer vehicles in North America the opportunity to convert to become direct subscribers of the LiveOne music app. In July 2025, the company adopted a cryptocurrency treasury reserve strategy and the board of directors authorized the company to acquire up to $500,000,000 of cryptocurrencies. In July 2025, the company selected Bitcoin as its intended initial treasury reserve asset and may expand to include other cryptocurrencies such as Ethereum, Solana or others.

For the fiscal year ended March 31, 2026, total consolidated revenue was $96,995,000 compared to $113,426,000 for the fiscal year ended March 31, 2025. Net loss for fiscal 2026 was $26,356,000 compared to net loss of $20,660,000 for fiscal 2025. The company had one single customer that represented approximately 7% and 45% of total consolidated revenue in fiscal 2026 and fiscal 2025, respectively. As of March 31, 2026, the company had a total of 86 employees. The company's consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

A key growth vector is the expansion of the direct subscription model following the amended relationship with the largest OEM customer. Effective December 1, 2024, the OEM customer no longer subsidizes products to some of its customers, but the company now offers all OEM customer vehicles in North America the opportunity to convert to become direct subscribers of the LiveOne music app. The direct subscription allows such users for the first time to access their LiveOne music and LiveOne's other service offerings directly across all of their devices. The LiveOne music streaming button/icon is expected to remain in the OEM customer's music streaming services dashboard in perpetuity, and the OEM customer will continue to pay the company monthly for grandfathered vehicles for the term of the OEM license agreement.

Another growth vector is the cryptocurrency treasury reserve strategy adopted in July 2025. The board of directors authorized the company to acquire up to $500,000,000 of cryptocurrencies as part of the development and implementation of the Crypto Assets Treasury Strategy and/or Bitcoin Treasury Yield Strategy. The company plans to acquire and hold Crypto using cash flows from operations that exceed working capital requirements, and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase Crypto. The company views its Crypto holdings as long term holdings and expects to continue to accumulate Crypto, with no specific target for the amount of Crypto sought. The strategy also contemplates that the company may periodically sell Crypto for general corporate purposes or in connection with strategies that generate tax benefits, enter into additional capital raising transactions including those collateralized by Crypto holdings, and consider pursuing strategies to create income streams or otherwise generate funds using Crypto holdings.

The filing does not contain specific margin or cost outlook figures or targets.

The filing does not contain specific operational outlook details regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy.

The filing does not contain specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy figures.

The filing does not contain specific discussion of structural headwinds or constraints management explicitly flagged to the growth plan.

The filing does not contain specific discussion of geographic, regulatory, or macro factors management identified as constraints.

The company is dependent upon the receipt of capital investment and other financing to fund ongoing operations and to execute its business plan, and if continued funding and capital resources are unavailable at reasonable terms, the company may not be able to implement its plan of operations, which could result in the company ceasing operations and stockholders losing all or almost all of their investment. The company had one single customer that represented approximately 7% and 45% of total consolidated revenue in fiscal 2026 and fiscal 2025, respectively, creating significant customer concentration risk. The company's cryptocurrency holdings are subject to significant price volatility, with Bitcoin having traded below $58,000 per Bitcoin and above $120,000 in the 24 months preceding March 31, 2026, and the company's Crypto Assets Treasury Strategy involves operational, regulatory, and market risks not present in cash instruments. The company faces substantial competition from established players including Apple Music, Amazon Music, Spotify, Pandora, Sirius XM, Live Nation, and AEG, and the digital distribution of live and music-related video content is still a nascent market without a dominant brand. The company is subject to various copyright and regulatory obligations including licenses with BMI, ASCAP, SoundExchange, and the Mechanical Licensing Collective, and any failure to comply with these obligations could result in significant liabilities.

Management's message emphasizes the company's position as an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through paid users and live and virtual events. The operating model is centered on a flywheel concept of integrated services servicing and monetizing superfans through multiple revenue streams and product/service offerings. Key strategic priorities include continuing to aggressively produce, acquire and aggregate live and on-demand music-related video content from Content Providers, acquiring and producing original music-related video and audio content, and curating existing online and digital radio premium content. Over the long term, the strategy is to combine live events with audio music and radio services to serve as a user engagement platform, differentiate from competitors, and provide more opportunities to expand and grow the paid user base and revenues from paid user fees, advertising, sponsorship and licensing. The company also emphasizes platform innovation through the LiveOne App ecosystem, expanding podcasting reach through PodcastOne and LaunchpadOne, and the newly adopted cryptocurrency treasury reserve strategy with authorization to acquire up to $500,000,000 of cryptocurrencies.