In an interesting twist, Chicago’s React Presents has been bought by live streaming and music platform LiveXLive. This appears to be one of the first times we have seen a live event provided bought by a streaming content company who of course will now provide live (and recorded?) content from events produced by React Presents
Robert Ellin, CEO and Chairman of LiveXLive said:
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 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 relationship.
LiveXLive purchased React Presents for $2.0 million. React produces over 250 shows in the Chicago area with a 2019 gross revenue of approximately $15 million.
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