According to the rules at the time, LiveXLive company officials had likely triggered an automatic audit of the federally-subsidized low-interest loan.
That’s captured the attention of both investors and investigators from the Treasury Department, who are expected to begin examining the financial records of companies like LiveXLive, which has accepted approximately $2 million from the Paycheck Protection Program meant for small businesses. Last Friday, LiveXLive announced one of its largest purchases to date - podcast network PodcastOne - acquired through an all-stock deal valued at $18 million. It’s a huge opportunity for LiveXLive, which became publicly traded on the NASDAQ at the end of 2017 and has spent millions on acquisitions like Slacker Radio, developing a streaming and broadcast concert business utilized by companies like Telsa. Welcome to the world of live streaming, a niche industry that is now highly in demand as fans are forced to stay home and watch concerts on their devices. It’s also created a rare opportunity for a small sector of companies that currently represent a sliver of the live entertainment industry, but are expected to rapidly grow in the coming months. The COVID-19 crisis has battered the live entertainment sector, leading to the cancellation of 50,000 events and billions of dollars in losses.
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