The multifaceted digital entertainment company is getting into podcasting by acquiring Norman Pattiz’s Courtside Group in a deal worth $18m+
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The multifaceted music content business will add D2F music merchandise to its offering by acquiring Illinois’ Custom Personalization Solutions
By IQ on 28 Oct 2020
Live music media company LiveXLive has agreed to acquire CPS, a leading merchandise personalisation firm, for an estimated US$6 million.
LA-based LiveXLive has seen its core business – livestreamed live music events – grow exponentially this year while concert touring is on hold, having streamed shows by more than 1,400 artists in 2020 alone. In a ‘normal’ year the company also streams content from a roster of partner festivals that includes Rock in Rio, Sziget, Paléo Festival Nyon and Electric Daisy Carnival Last Vegas.
It also owns PodcastOne, a leading podcast network home to more than 300 shows, React Presents, an electronic music promoter formerly part of the SFX network, and a number of other related businesses.
Following the acquisition of CPS, LiveXLive, which trades on the Nasdaq Capital Market, plans to “partner with the music and entertainment industry, as well as stars who have massive social media and marketing reach, to create and distribute unique and limited edition personalized [sic] clothing, jewelry, toys, as well as virtual goods,” according to a market note.
Founded in 2012, Addison, Illinois-based CPS (Custom Personalization Solutions) formerly operated multiple ecommerce businesses, including jewellery company Limoges Jewelry, gift seller Personalized Planet and toy retail business TV’s Toy Box.
“We intend to fulfil super-fans’ dreams with personalised merchandise from their favourite artists”
With over 70 full-time employees, it now focuses on creating an “assortment of personalised merchandise unlike anything in the market”.
“The global licensed merchandise market is expected to reach $400 billion by 2023. This acquisition presents an immense opportunity for LiveXLive to leverage its audience, platform and artist and entertainment-industry relationships to add commerce and specialised consumer product revenues to our music stack and help drive the transaction components of our flywheel business model,” says Robert Ellin, CEO and chairman of LiveXLive.
“By integrating social commerce into our live and original content, we intend to fulfil super-fans’ dreams with personalised merchandise from their favourite artists and shows, directly to the consumer.”
“The worlds of custom merchandise, real-time fulfilment and social commerce driven by celebrity and influencers have collided to create a perfect storm” adds Scott Norman, CEO of CPS. “LiveXLive represents the perfect partner for us to take advantage of this next wave.”
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