LiveXLive's React Presents' Spring Awakening Music Festival Autumn Equinox, to be held in Chicago on October 2-3, 2021, has sold out Tier 1 general admission and VIP Tickets. Since launching its PPV platform, LiveXLive has generated approximately $21 million in PPV sales of packages, sponsorships, production, and merchandise sales in the current calendar year. LiveXLive's production of the inaugural live PPV of the Social Gloves: Battle of the Platforms event delivered over 3.5 billion total impressions and Social Gloves drove over 9,300 new paid subscribers of the LiveXLive platform. Ellin added, "We continue to focus on the long-term objective of building and owning sustainable, valuable franchises in audio music, live music and events, podcasting/vodcasting, OTT, pay-per-view and livestreaming." We continue to make investments in original and exclusive content and unique pay-per-view events to further diversify our revenue." Ellin continued, "In keeping with our strategic plan, we have successfully diversified our revenue streams and reduced our concentration of subscription revenue over the past year from 84% of revenue to just 23% of revenue. With the return of live music events, we expect an increase in revenue from nearly every aspect of our flywheel – subscriptions, live ticket sales, livestream, pay-per-view, advertising, sponsorship, NFTs, and specialty merchandise." LiveXLive's CEO and Chairman, Robert Ellin, commented, "We continue to see an improving backdrop for all of our business verticals. On a non-GAAP basis, Adjusted Operating Loss ("AOL")* increased to ($1.8) million from ($0.1) million in Q1 Fiscal 2021. 
GAAP basis, LiveXLive recorded a loss from operations of ($10.0) million and a net loss of ($8.1) million. The increases were driven by growth in advertising, merchandising, pay-per-view ("PPV") and sponsorship revenue. In Q1 Fiscal 2022, LiveXLive posted record revenue of $38.8 million, as well as record contribution margin* of $7.8 million. 12, 2021 /PRNewswire/ - LiveXLive Media (Nasdaq: LIVX) ("LiveXLive"), a global platform for live stream and on-demand audio, video and podcast/vodcast content in music, comedy and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions ("CPS"), announced today record revenue and contribution margin* for its first fiscal quarter ended J("Q1 Fiscal 2022").
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