LiveOne (LVO – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Brian Kinstlinger from Alliance Global Partners remains neutral on the stock and has a $3.00 price target.
Brian Kinstlinger’s Buy rating for LiveOne (LVO) is based on several key factors. Firstly, the company’s 2Q:F24 revenue of $28.5 million indicated a significant year-on-year growth of 21%, driven primarily by a 29% increase in subscription revenue and a 24% increase in podcasting revenue. This growth was underpinned by the success of the company’s digital radio service, Slacker, and the increase in Tesla car sales in the U.S., as all Tesla cars come with a Slacker trial paid for by Tesla. Additionally, the growth of PodcastOne’s unique monthly audience to 6 million people also contributed to this revenue increase.
Further supporting Kinstlinger’s rating is the expected future growth driven by the onboarding of established podcasts, which he believes will generate significantly more revenue than the average podcast in PodcastOne’s library. The company’s plans to add 30 new titles in F2024 and its target of 100 podcasts on other platforms also holds promise. Another key factor is the continued subscriber growth for LVO, fueled by Tesla’s success. Tesla’s delivery of 435,000 vehicles in 2Q:23, all of which come with a paid membership to Tesla Radio (a white-label version of Slacker), contributed to a 40% increase in paid memberships for LVO. Despite a slight lowering of its price target from $3.50 to $3, Kinstlinger maintains a Buy rating for LVO, signaling his confidence in the company’s growth prospects.
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LiveOne (LVO) Company Description:
LiveXLive Media, Inc. engages in the acquisition, distribution and monetization of live music, Internet radio, and music-related streaming and video content. It provides music fans the ability to watch, listen, experience, discuss, deliberate, and enjoy live music and entertainment. The company also involves in the sale of subscription-based services and advertising from music offerings and the licensing of live music content rights and services. LiveXLive Media was founded on December 28, 2009 by Robert Scott Ellin and is headquartered in Beverly Hills, CA.
Read More on LVO:
- LiveOne Reports Q2 Fiscal Year 2024 Revenue of $28.5M and Adjusted EBITDA* of $2.8M
- LiveOne (Nasdaq: LVO) Announces Renewed Agreement with Tesla and Continued Paid Membership Growth
- LiveOne to Announce Second Quarter Fiscal 2024 Financial Results and Host Investor Webcast on November 9, 2023
- PodcastOne acquires exclusive rights to Vigilante podcast
- LiveOne (NASDAQ: LVO) Pre-Announces Its Slacker Subsidiary Results; Expected to Deliver Record Six Months Revenue of $31.5M and Adjusted EBITDA* of $9.1M
