LiveXLive saw subscriptions top the one-million mark in the first quarter of this year as it also generated record revenues.

The subscription livestreaming platform brought in $65.2m in the fiscal year to March 31, 2021, which was up 69% year-on-year. The final quarter of the year alone saw $21.0m in revenue, which was up 113%.

Los Angeles-headquartered LiveXLive said the increase was driven by growth in advertising, merchandising, pay-per-view and sponsorship revenue.

Paid subscribers as of March 31, 2021 increased 27% to 1.073m, a net increase of approximately 225,000 as compared to 848,000 subscribers at March 31, 2020. Monthly average revenue per user was $3.48 for the fourth quarter of the fiscal year.

Q4 operating loss of $8.8m was up by $0.9m compared to the same period in 2020. LiveXLive said this increase was largely driven by increased operating expenses of $2.9m, primarily as a result of higher sales and marketing costs related to live events. Cost of sales more than doubled to $16.5m and sales and marketing almost trebled to $3.0m, however product development costs reduced.

LiveXLive has raised guidance for fiscal 2022 revenue to $110-120m with adjusted operating income of $6-$12m, compared to a small loss by the same criteria of $0.3m in 2021.

“Despite tremendous headwinds in calendar 2020 due to COVID 19, we managed record financial results across nearly all operating metrics,” said Robert Ellin, LiveXLive’s chief executive and chairman.

“We were able to complete two extremely additive and accretive acquisitions – PodcastOne and our new merchandise company, CPS, which rounds out our flywheel of associated businesses. With the imminent return of live music events, we expect an increase in revenue from nearly every aspect of our flywheel – live ticket sales, live stream, pay-per-view, advertising, sponsorship, NFTs, and specialty merchandise.

“We are building long term, sustainable, valuable franchises in audio music, podcasting, OTT, pay-per-view and live streaming.”

Revenue streams in Q4 comprised of 41% Subscription and 59% Advertising, Merchandising, Pay-Per-View Tickets and Events, compared to 94% Subscription and 6% Advertising in the same period in 2020.

During fiscal year 2021, LiveXLive livestreamed 146 live music events and 1,781 artists across the LiveXLive platform, generating over 149 million live views.

LiveXLive’s 24-hour linear OTT streaming channel reaches over 294 million people on Amazon Fire, Roku, Apple TV, SLING, Xumo, and ReachTV, Consumable TV streaming original content, artist interviews, concerts, festivals, ancillary event-related content, and short-form video content from around the world.