LiveXLive has acquired React Presents in the company’s latest power move…
According to a press release, React has an estimated value at nearly $15 million (in 2019) as one of the leading electronic dance music promoters. With this, LiveXLive expands its reach, adds over 250 programs and events, and welcomes cross-promotion capabilities.
From club and venue events to large scale music festivals such as Spring Awakening and Mamby on the Beach, React Presents has shaped the scene in the Midwest for years. Hopefully this won’t be the end, but the beginning of an exciting new chapter as the focus shifts to LiveXLive.
The platform seeks to merge audio, video, social and live events into one seamless experience.
Robert Ellin, CEO and Chairman of LiveXLive states:
This is a transformative moment in the evolution of LiveXLive. 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. 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.
LiveXLive acquired React Presents for a purchase price of $2 million.
Check out React’s upcoming events here.
Source: Yahoo! Finance