LiveXLive Signs Distribution Agreement With Tencent Video, China's Leading Video Platform
WEST HOLLYWOOD, Calif., May 8, 2019 /PRNewswire/ -- LiveXLive Media, Inc. (NASDAQ: LIVX) ("LiveXLive"), a global digital media company focused on live entertainment, today announced a distribution partnership agreement with Tencent Video. The agreement grants Tencent the exclusive rights to distribute the LiveXLive-produced livestream of Insomniac's EDC Las Vegas throughout China. Tencent, with more than 89 million subscribers and nearly 900 million monthly active users, is China's leading video platform.
One of Insomniac's pillar properties, EDC Las Vegas is the largest dance festival in the world, drawing a live audience of more than 450,000 music fans over the multi-day event. The festival, taking place May 17-19, 2019 at the Las Vegas Motor Speedway, features 240 artists, including international EDM superstars such as Tiesto, Deadmau5, and David Guetta. LiveXLive is the exclusive livestreaming and distribution partner for Insomniac, which creates, produces, and promotes more than 1,000 festivals and concerts annually.
"Our agreement with Tencent marks a milestone as we continue to expand our global distribution partnerships," said Robert Ellin, Chairman and CEO of LiveXLive. "Last year, we streamed EDC Las Vegas to more than 10 million people. Our partnership with Tencent provides us with a unique opportunity to deliver one of the best dance music events in the world to an even larger audience."
"This partnership will significantly enrich our overseas content in terms of live music programming," said Prince Wang, Tencent Video Senior Strategic Partner Manager.
Viewers in China will be able to watch the livestream on the Tencent Video website, apps on mobile, tablet and smart TV. It can be accessed outside of China on LiveXLive.com as well as LiveXLive's mobile and OTT apps for iOS, Android, Roku, Amazon Fire TV and Apple TV.
About LiveXLive Media, Inc.
LiveXLive Media, Inc. (NASDAQ: LIVX) (the "Company") is a global digital media company focused on live entertainment. The Company operates LiveXLive Powered by Slacker, one of the industry's leading music streaming platforms; and also produces original music-related content. LiveXLive is the first 'live social music network', delivering premium livestreams, digital audio and on-demand music experiences from the world's top music festivals and concerts, including Rock in Rio, EDC Las Vegas, Hangout Music Festival, and many more. LiveXLive also gives audiences access to premium original content, artist exclusives and industry interviews. The Company also operates a social influencer network, LiveXLive Influencers. The Company is headquartered in West Hollywood, CA. For more information, visit us at www.livexlive.com and follow us on Facebook, Instagram, and Twitter.
About Tencent Video
Tencent Video is a leading online video platform in China with extensive premium content and professional media operation capabilities. With comprehensive video content, including popular movies, drama series, entertainment shows, sports, and news, Tencent Video provides smooth HD video experiences to users over PC, mobile and Network Television. Today, Tencent Video serves over 100 million users each day and provides a variety of VIP services to over 82 million paying members. Tencent Video is committed to upholding their slogan, "Enjoy Great Moments", and will continue to leverage their platform advantages, and enlighten users with great content and experiences.
About Insomniac
Insomniac produces some of the most innovative, immersive music festivals and events in the world. Enhanced by state-of-the-art lighting, pyrotechnics and sound design, large-scale art installations, theatrical performers and next-generation special effects, these events captivate the senses and inspire a unique level of fan interaction. The quality of the experience is the company's top priority.
Throughout its 25-year history, Insomniac has produced more than 2,000 festivals, concerts and club nights for nearly 5 million attendees across the globe. The company's premier annual event, Electric Daisy Carnival Las Vegas, is the largest multi-day music festival in North America and attracts more than 400,000 fans over three days.
The company was founded by Pasquale Rotella and has been based in Los Angeles since it was formed in 1993. In 2013, Insomniac entered into a partnership with global entertainment company Live Nation.
Keep up with Insomniac announcements and news on Insomniac.com, Facebook and Twitter.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to identifying, acquiring, securing and developing content, ability to attract and retain users, ability to maintain compliance with certain financial and other covenants, successfully implementing the Company's and Slacker's growth strategy, including relating to their technology platforms and applications, management's relationships with industry stakeholders, changes in economic conditions, competition, and other risks including, but not limited to, those described in the Company's 2018 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on June 29, 2018, the Company's Quarterly Report on Form 10-Q, filed with the SEC on February 13, 2019, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law.
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SOURCE LiveXLive Media, Inc.
