1231 ET - LiveOne's ability to attract paid subscribers from Tesla owners exceeded Alliance Global Partners analysts' expectations by 25,000 in the first two weeks of December, reaching a total of 350,000. This means the company would make around $42 million in annual revenue for those subscribers. "Given the listeners' history, there could be some attachment to playlists or comfort factor," the analysts say. Since Dec. 1, LiveOne is no longer included with Tesla's Premium Connectivity subscription. Alliance Global Partners raises its target price to $3 from $1.75 previously to reflect LiveOne's stronger-than-expected new subscriber report, and says it now expects 500,000 paid subscribers for digital radio during the 1Q of FY25, growing by 20,000 per quarter. Shares rise 4.3% to $1.10. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
December 19, 2024 12:31 ET (17:31 GMT)
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