LiveOne Announces Renewed Agreement With Tesla And Continued Paid Membership Growth
Portfolio Pulse from Benzinga Newsdesk
LiveOne (LVO) has announced a renewed agreement with Tesla (TSLA) and continued paid membership growth. In October 2023, LiveOne added 50,000 new paid members with an ARPU of $3.00+ per subscriber per month. Year-over-year, new paid memberships increased by approximately 686,000, a 38% increase. Tesla has renewed its agreement for the 10th consecutive year, which includes a paid Slacker membership as part of Tesla's Premium Connectivity Package. Tesla paid members have grown by 15X since LiveOne's acquisition of Slacker in 2017. LiveOne reiterates its guidance for fiscal year 2024 of 800K - 825K new paid members versus the prior fiscal year.
November 07, 2023 | 4:21 pm
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POSITIVE IMPACT
LiveOne's renewed agreement with Tesla and continued growth in paid memberships, including a 38% YoY increase, could positively impact its stock. The company's guidance for FY 2024 also indicates strong growth expectations.
The renewed agreement with Tesla, a major partner, and the significant growth in paid memberships indicate a strong performance by LiveOne. This, along with the company's positive guidance for FY 2024, could boost investor confidence and positively impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Tesla's renewed agreement with LiveOne, which includes a paid Slacker membership as part of Tesla's Premium Connectivity Package, may have a neutral impact on its stock. Tesla paid members have grown by 15X since LiveOne's acquisition of Slacker in 2017.
While the renewed agreement with LiveOne is positive, it is part of Tesla's broader business model and likely already factored into the stock price. Therefore, the impact on Tesla's stock is expected to be neutral.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60