LiveXLive Media, the livestream platform and owner of concert promoter React Presents, has raised its revenue guidance due to “enormous pent-up demand” for live music events.

In a trading update, New York-listed LiveXLive said it expects to generate between $107m to $115m in the year to March 31, 2022, a considerable uptick on the consensus guidance of $98.4m.

The Los Angeles-headquartered global platform for livestream and on-demand content and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions, also expects adjusted operating income of between $5m to $10m from its core operations.

LiveXLive said the increase in guidance is primarily driven by the expected return of live music events owned and produced by React Presents — which it acquired last year — including the annual Spring Awakening Festival scheduled for October 2021 in Chicago.

Other contributing factors include ticket sales, sponsorships, NFTs, and merchandise revenue from the upcoming live and pay-per-view pop culture boxing and music event Social Gloves: Battle of the Platforms in Miami. The June event at Hard Rock Stadium will see global social media stars from YouTube and TikTok face off, plus live music performances from acts such as DJ Khaled. It also said it has benefitted through continued growth in subscriptions, advertising, and sponsorship, with 1.1 million paid subscribers now signed up.

Robert Ellin, chief executive and chairman of LiveXLive, said: “There is an enormous pent-up demand for live music events, and we are extremely well positioned for the expected near-term return of live music.

“We expect an increase in revenue from the return of live events in nearly every aspect of our flywheel of associated businesses – live ticket sales, livestream, pay-per-view, advertising, sponsorship, NFTs, and specialty merchandise.”

LiveXLive recently appointed former AXS Group executive Nikki Hart Caldeira as senior vice-president of strategic development.