LiveOne, Inc. reported total revenue of $114.4 million for the fiscal year ended March 31, 2025, a decrease of 3% compared to $118.4 million in the previous fiscal year. The company experienced a net loss of $20.4 million, compared to a net loss of $13.3 million for the year ended March 31, 2024. Membership services revenue decreased by 14% to $56.9 million, while advertising revenue increased by 20% to $52.3 million. Merchandising revenue saw a significant decrease of 37%, falling to $5.2 million.
The decrease in membership revenue was primarily attributed to a change in the relationship with LiveOne's largest OEM customer. Effective December 1, 2024, the OEM no longer subsidizes LiveOne's products for some of its customers, although these customers are now offered the opportunity to become direct subscribers. The increase in advertising revenue was primarily due to growth in advertising at PodcastOne year-over-year. The company's cost of sales decreased slightly to $85.2 million from $86.4 million in the prior year.
Strategic developments during the fiscal year included PodcastOne entering into a three-year Enterprise Service and Advertising Agreement with ART19, a subsidiary of Amazon.com, Inc., with a minimum guarantee of $15.0 million. LiveOne also continued its efforts to convert Tesla's connectivity package users to direct subscribers of LiveOne's Premium or Plus service. On the other hand, the company recorded an impairment of $11.7 million on fixed assets, intangible assets, and goodwill, compared to $0.1 million in the previous year.
As of March 31, 2025, LiveOne had 113 employees. The company's largest OEM customer accounted for 45% of its total consolidated revenue. LiveOne's independent registered public accounting firm has issued an opinion on the company's audited financial statements that contains an explanatory paragraph regarding substantial doubt about its ability to continue as a going concern. The company is dependent upon the receipt of capital investment and other financing to fund its ongoing operations and to execute its business plan.
About LiveOne, Inc.
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