LiveXLive Media has cited its expanding paid subscriber base as the main reason behind the digital media firm posting record revenue of $8m (£6.3m/€7.1m) in the second quarter.

The company, which streams music events and festivals, had a busy three months to the end of September, broadcasting eight major festivals and attracting new customers as a result.

LiveXLive said paid subscribers were up 12 per cent year-on-year to 549,000, with the firm adding that this has since increased further to 585,000.

As a result of more streaming, the company noted an increase in operating loss from $3.1m in Q2 of last year to $9.5m in the most recent quarter.

Net loss was also up from $4.3m to $10.3m, again due to a higher number of festivals streamed and produced, coupled with ongoing operating investments, according to LiveXLive.

Among the events that LiveXLive streamed included the Montreux Jazz Festival in Switzerland, the Life is Beautiful Festival in Las Vegas, Nevada, as well as the Rolling Loud Festival– Bay Area in Oakland, California.

Rob Ellin, chief executive and chairman of LiveXLive, said: “LiveXLive continued our year with another strong quarter in Q2 2019, with record revenue driven by solid growth in our paid subscriber base, which today has surpassed 585,000, and improved operating results over Q1 2019.

“Our successful integration of LiveXLive operations with Slacker has increased impressions and accelerated our active users and total viewership, driving a record number of lives treams and most importantly, growth in our paid subscriber base.

“We are tightening our revenue guidance range to $37.5m to $45m for the full year to reflect the strong momentum we are seeing across the business.”

Image: Olivier Bruchez