Today, LiveXLive and iHeartMedia introduced a multi-year deal designed to provide a brand-new income stream.
The expanded partnership will give LiveXLive unique international stay streaming rights to 17 iHeartRadio marquee occasions this yr.
That contains occasions like ALTer Ego, iHeartCountry Festival, iHeartRadio Wango Tango, Daytime Stage on the iHeartRadio Music Festival and iHeartRadio Fiesta Latina. The deal additionally contains licensing and streaming rights for choose iHeartRadio theater performances.
iHeartRadio theater performances in Los Angeles and New York are ten held to have fun album releases and different occasions.
The partnership between the 2 corporations may even characteristic new co-produced and co-promoted video content material. Robin Ellin, CEO and Chairman LiveXLive, says the deal permits his firm to develop and diversify their programming because of iHeartRadio’s attain.
John Skyes, president leisure enterprises for iHeartMedia, says his firm is blissful to carry iHeartRadio occasions and theater performances to wider audiences.
LiveXLive has streamed over 24 music festivals, live shows, and different stay music occasions. The firm delivered over 400 hours content material throughout its 2019 fiscal yr. LiveXLive is continuous to develop, and the partnership with iHeartMedia will definitely speed up that enlargement effort. The firm has over 50 live shows and music pageant stay streams deliberate for its 2020 fiscal yr.
iHeartMedia filed for chapter final yr and eventually in December final yr. In January, a the corporate’s chapter reorganization plans.
iHeartMedia’ chapter was prompted by monumental debt obligations to a number of corporations. Part the restructuring plan contains paying down the present debt $5.eight billion, decreased from $16.1 billion throughout its restructuring.
In that mild, the take care of LiveXLive is probably going designed to introduce a brand new income stream targeted on stay streaming music festivals and live shows. That seems like a good suggestion, with iHeart doubtlessly re-emerging as a ble long-term play with sufficient innovation and diversification.