LiveOne Loses Millions at Spring Awakening Equinox, Cancels Cancun Edition

Audio and livestream platform LiveOne Inc. has taken a big hit this week. Company shares went down 8.5% in premarket trading on Monday, leading to the cancellation of the Spring Awakening Cancun edition.

Due to event cancellations and the complications that occurred during this year’s Chicago Spring Awakening Autumn Equinox, LiveOne is updating its guidance for fiscal 2022 to revenue between $110 million and $112 million.

On Monday, the company guided for fiscal 2023 revenue between $120 million and $140 million with $2 million to $8 million in adjusted EBITDA.

According to MarketWatch, LiveOne says this past Spring Awakening Music Festival: Autumn Equinox seriously affected the company. This event saw a rise in concern about the Delta COVID-19 variant and underwent a forced evacuation due to sudden and severe weather.

The company is currently looking to pursue an insurance claim to cover costs incurred due to these issues. They hope to have material recovery for these costs.

Due to the complications at the event, along with the spike of COVID-19 cases and the new omicron variant, LiveOne is canceling its Spring Awakening Excursions: Cancun Awakening. This event was set to take place in January, but will now take place sometime in the fourth-quarter fiscal 2022 to first-quarter fiscal 2023.

Stay tuned for updates on Spring Awakening Excursions: Cancun Awakening.