LiveXLive Acquires Spring Awakening Promoter React Presents
via @springawakeningfest – Spring Awakening
Digital entertainment media company LiveXLive Media today announced it has acquired Chicago-based React Presents, which produces more than 250 electronic events and festivals including Spring Awakening Festival and Sunset Music Festival.
“This is a transformative moment in the evolution of LiveXLive,” LiveXLive CEO and chairman Robert Eillin said in a statement. “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.
React had been part of the LiveStyle portfolio, which includes Disco Donnie Presents and Gary Richards’ All My Friends events.
The release notes that “LiveXLive acquired React Presents for a purchase price of $2.0 million funded with subordinated convertible note with a two-year term, 8% interest rate, and conversion price of $4.50 per share.”
Headquartered in Los Angeles, LiveXLive Media, Inc. (NASDAQ: LIVX) operates the first “live social music network” delivering livestreams, digital audio and on-demand music experiences from music festivals and concerts, including Rock in Rio, EDC Las Vegas, the Montreux Jazz Festival, and many others.
“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.”
The company’s flagship EDM fest Spring Awakening last year featured DJ Snake, GRiZ, Illenium, Zedd and many others June 7-9 with a site change. React also produces festivals including Mamby On The Beach, which this year was called off after organizers said federally protected shorebirds were in danger at the festival site.
“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.