LiveOne : Investor Presentation - March 2024

Investor Presentation

MARCH 2024

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Legal Disclaimer

The information in this presentation is provided to you by LiveOne, Inc. (the "Company" or "LiveOne") solely for informational purposes and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or instrument of the Company, or to participate in any investment activity or trading strategy, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment in the United States or anywhere else.

By viewing or participating in this presentation, you acknowledge and agree that (i) the information contained in this presentation is intended for the recipient of this information only and shall not be disclosed, reproduced or distributed in any way to anyone else, (ii) no part of this presentation or any other materials provided in connection herewith may be copied, retained, taken away, reproduced or redistributed following this presentation, and (iii) all participants must return all materials provided in connection herewith to the Company at the completion of the presentation. By viewing, accessing or participating in this presentation, you agree to be bound by the foregoing limitations.

No representations, warranties or undertakings, express or implied, are made and no reliance should be placed on the accuracy, fairness or completeness of the information, sources or opinions presented or contained in this presentation, or in the case of projections contained herein, as to their attainability or the accuracy and completeness of the assumptions from which they are derived, and it is expected that each prospective investors will pursue his, her or its own independent investigation. The statistical and industry data included herein was obtained from various sources, including certain third parties, and has not been independently verified. By viewing or accessing the information contained in this presentation, the recipient hereby acknowledges and agrees that neither the Company nor any representatives of the Company accepts any responsibility for or makes any representation or warranty, express or implied, with respect to the truth, accuracy, fairness, completeness or reasonableness of the information contained in, and omissions from, these materials and that neither the Company nor any of its affiliates, employees, officers, directors, advisers, placement agents or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented or contained in these materials.

This presentation contains forward-looking statements, including descriptions about the intent, belief or current expectations of the Company and its management about future performance and results. All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the proposed spin-out and special dividend of the Company's pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; the Company's ability to continue as a going concern; the Company's ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company's intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company's ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management's relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company's subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 29, 2023, Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, filed with the SEC on August 15, 2023, and in the Company's other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This presentation speaks as of March 11, 2024. The information presented or contained in this presentation is subject to change without notice and its accuracy is not guaranteed. Neither the delivery of this presentation nor any further discussion of the Company or any of its affiliates, shareholders, officers, directors, employees, agents or advisors with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

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AT A GLANCE…

An award-winning,creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events.

Listen Watch Attend Engage Transact

We give fans, brands, and bands the best seat in the house

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Financial Highlights

LIVEONE, INC. ANNUAL REVENUE (Fiscal Year ends March 31st)

2018 - $7.2M

2019 - $33.7M

2020 - $38.7M

2021 - $65.2M

2022 - $117M

2023 - $99.6M

2024 - $114M - $120M*

At the recent LiveOne stock price of $1.87 per share (~$169.6M Market Capitalization)

LiveOne shares trade at:

11X Expected Fiscal Year 2024 Adjusted EBITDA** at the midpoint ($14M)

• See About Non-GAAP Financial Measures in LiveOne's SEC filings and press releases

• Reported Q3 FY2024 (ended 12/31/2023) Consolidated Revenue of $31.2M and Adjusted EBITDA* of $3.3M
• Reported 1st nine months FY2024 (ended 12/31/2023) Consolidated Revenue of $87.5M and Adjusted EBITDA* of $8.2M
• Full FY2024 (ending 3/21/2024) Guidance for Consolidated Revenue of $114M - $120M and Adjusted EBITDA* of $12M - $16M
• Audio Division (Slacker and PodcastOne) Reported 1st Nine Months FY2024 Revenue of $79.9M and Adjusted EBITDA* of $13.0M
• Audio Division Full FY2024 Guidance for Revenue of $105M - $110M and Adjusted EBITDA* of $18.5M - $21M
• Record Consolidated Adjusted EBITDA* of $10.9M for Full FY2023
  - a $24.4M Improvement - Revenue of $99.6M
• Repurchased 3.7 million shares of common stock under its Share Stock Repurchase Program as of February 23, 2024, leaving capacity to repurchase an additional ~ $5.75M worth of shares
• Shares of common stock outstanding as of March 8, 2024 was 88.33 million
• Analyst Coverage: ROTH, Ladenburg, and Alliance Global Partners

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Peer Group Valuations

	Enterprise Value (EV)	Revenue (TTM) EV/Revenue
•LiveOne (LVO)	$169.6M	$113M
1.50

_________________________________________________________________________

•Sirius Radio (SIRI)	$27.5B	$9B
3.07
•Spotify (SPOT)	$46.2B	$13.3B	3.49
•iHeart Radio (IHRT)	$6.2B	$3.8B	1.63
•Stingray (RAY-A.TO) $916M	$341M	2.69

Peer Group Average EV/Revenue: 2.47

All Data pulled from Yahoo Finance on March 8, 2024

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Complementary Portfolio of Subsidiaries and Brands

PPV	DAYONE
ONE	Music
	Publishing

Splitmind

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LiveOne's Model Addresses Five Large Market Verticals

• Over 660 million paid music subscribers globally in 2023 - estimated to grow to 1.1 billion by 2030
• 177 million listen to podcasts
• Podcast ad spend to exceed $2B in 2026

MUSIC SUBSCRIPTIONS

2023 660

Million

1.1

2030 Billion

Over 6.8 billion

smartphone users projected globally by this year

PODCASTS

LIVESTREAM & PPV

MERCHANDISE

43% of podcast
listeners agree that
ads on this media
make them more
likely to purchase
products/services	Global video streaming
advertised
	market expected to be
	$252B by 2029 global
	while live streaming
	pay-per-view market is	Global licensed
	expected to expand at
	a CAGR of 15% from	merchandise market
	2020 to 2027, reaching	expected to reach
	$2.3 billion by 2027	$500B by 2030

MUSIC PUBLISHING

Music publishing is valued at $6.4B and is expected to grow at a CAGR of 5.8% to $9.2B in next five years.

Source: Houlihan Lokey Fall 2023 Report, MRI-Simmons, IFPI, BBC, Billboard, eMarketer, Facebook Live, Forbes, The Verge, Statista, Nielsen, Broker research, Grand View Resource, Morder Intelligence

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Freemium Membership Content Paired with Distribution Platform

6.6B+	2,900+
Audio Listens	Artists Streamed
since 01/01/20	since 01/01/20

148

Livestreamed Music Events

since 04/01/21

2,200+

Hours of Live Music

since 01/01/20

1 See the Company's press release dated February 8, 2024

Membership Plans from $0 to $9.99 Per Month

Platforms

O&O TikTok

Tesla Twitter

STIRR Instagram

YouTube Facebook

220+

Countries and

territories by Live Music Streaming

~3.5M

Free and Paid

Members1

(12/31/23)

PodcastOne

Over 180 exclusive shows with

over 2.4+ billion podcast

downloads annually across - 350+ hours distributed weekly

334M+

Livestream views

880K+

Free Ad-

Supported

Members

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Growing Library of Franchises

Highly-rated Originals

Podcasts Partnerships

ContentOne studio to develop and distribute new originals and tentpole events across the platform

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LiveOne's Slacker Radio is a membership music streaming service offering songs and access to expertly crafted

stations, podcasts from PodcastOne, livestreamed video and on-demand programming, and livestreamed

festivals, concerts and pay-per-view (PPV) events

• Full-YearFiscal 2024 Guidance for Slacker's Revenue to $63-$66M, with $17-$19M of Adjusted EBITDA*
• As of 12/31/23, Total Members (paid and free ad-supported) have reached ~3.5M, including ~2.6M Paid Members. Paid Members increased 687K, or 36% over the prior year.1
• Nearly all new Tesla EVs sold in the U.S. come with a paid membership to LiveOne's Slacker which is paid by Tesla. Tesla's annual agreement with Slacker was recently renewed for the 10th consecutive year.
• Tesla Paid Members Have Increased 15X Since LiveOne's Acquisition of Slacker in 2017.1
• LiveOne Raised guidance to 800K-825K new paid members this fiscal year at an ARPU of $3+ per month.1
• Mgmt. currently focused on establishing new B-to-B relationships - in discussions with 50 potential partners in 5 different verticals having memberships of between 10 million and 2.5 billion.
• Ranked as the best quality music app and "Editor's Choice" by PC Magazine, outpacing better known brands such as Spotify and SiriusXM.
• Estimated music subscription global TAM currently at over 660 million music subscribers - estimated to grow to 1.1 billion by 2030.2

1. See the Company's press release dated February 8, 2024
2. Houlihan Lokey Fall 2023 Report

* See About Non-GAAP Financial Measures in LiveOne's SEC filings and press releases

30M+	500+
Songs in catalogue	Expertly crafted stations, podcasts,
	concerts, PPV events

6.6B+	81B+
Audio Listens	Audio listens since inception
since 01/01/20
$
~3.5M+1	85+
Total Members	Automobiles partnerships for in-built
(12/31/2023)	music streaming

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