LiveOne signs letter of intent to launch LiveOneAfrica subsidiary

LiveOne Inc. (NASDAQ: LVO) announced it signed a letter of intent to launch LiveOneAfrica, a new subsidiary targeting African music and entertainment markets. The partnership involves Virtuosity Music Group and includes plans for UK Structured Finance Ltd to raise $20 million to support expansion initiatives.

The funding is intended to support digital infrastructure development, artist partnerships, and localized streaming content across European and African markets, according to the company's statement. UK Structured Finance Ltd will handle capital formation for the venture.

"Africa is redefining the global music landscape," said Robert Ellin, Chairman and CEO of LiveOne. "Through this partnership, we'll connect LiveOne's technology and artist ecosystem with one of the most vibrant creative markets in the world."

Virtuosity Music Group will collaborate on talent identification and development, content co-production, and coordinating live events and digital experiences in key African markets. The partnership aims to leverage what the company describes as a market with over 100 million subscribers generating more than $500 million in revenues.

LiveOne operates music, entertainment, and technology platforms focused on premium experiences through memberships and live events. The company's subsidiaries include Slacker, PodcastOne (NASDAQ: PODC), and several other digital media properties.

The announcement was made through a press release statement from the Los Angeles-based company.

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