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LiveOne, Inc. LVO has surpassed 500,000 Tesla, Inc. TSLA users. Following an initial rollout to Tesla subscribers, the partnership is set to expand its reach starting this week. In December 2024, the company surpassed 450,000 Tesla users, including more than 100,000 free ad-supported users, who on average, spend more than 50 minutes of in-vehicle listening daily.
The company anticipates to grow its user base to over 550,000 by Feb. 1, 2025, including the addition of more than 150,000 new ad-supported subscribers. This milestone follows an initial limited rollout to Tesla vehicles, which is rapidly expanding to reach a broader audience.
In October 2024, LVO announced an updated partnership with Tesla. As part of this agreement, Tesla permanently replaced its streaming button with LiveOne's service, marking a significant shift in the user experience for TSLA owners.
LiveOne, Inc. Price and Consensus
LiveOne, Inc. price-consensus-chart | LiveOne, Inc. Quote
LVO’s management highlighted that this milestone strengthens its confidence in establishing further B2B partnerships, similar to those with Spotify, Apple, Samsung, iHeart, Facebook and TikTok. Moreover, the company’s new collaborations with Fortune 500 media conglomerates are expected to generate more than $25 million in revenues.
LiveOne Boosts Finances With $10M Savings, Plans Growth
Also, the company announced a significant business and financial update, highlighting more than $10 million in cash savings and its plans for reinvestment in strategic growth areas. LiveOne has reinforced its financial position by extending $5 million in payables including Sound Exchange, into long-term agreements and paying off a $2.75 million credit line with East West Bank. The savings will be directed toward converting more Tesla subscribers, expanding B2B partnership, such as the recently announced $25 million-plus deal with a Fortune 500 company, broadening the slate of Original IP, strengthening music partnerships and utilizing artificial intelligence (AI) and data mining technologies to monetize database.
LVO is strategically focusing on expanding its B2B deals, having established significant new agreements and identifying potential partnerships in the pipeline. In first-quarter fiscal 2025, one of LVO's notable achievements was securing a $24 million contract with a leading streaming network, projected to generate approximately $2 million monthly revenues. This contract not only boosts LVO's immediate revenues but also enhances its reputation in the industry, attracting further business opportunities.