Liveone plans to cut an additional 25% of staff by year-end with a continued focus on utilizing ai

- slashing additional $7.5m - $10m of costs expected to bring total savings to over $40 million - continues to consolidate and shed non-core business units and focus on ai technologies to drive engagement and boost margins leading to greater monetization of talent across vertically integrated divisions - short-term assets of $27 million and $10 million cash los angeles, ca, dec. 14, 2023 (globe newswire) -- via newmediawire – liveone (nasdaq: lvo),  an award-winning, creator-first music, entertainment, and technology platform, announced today that as part of its focus on profitability and generating cash from operations on a consolidated basis, liveone is implementing additional cost and expense reductions from both operations and corporate overhead, which is anticipated to increase the previously implemented annual cost savings to a total of over $40 million. liveone's ceo and chairman, robert ellin, commented, "over the past two years, we have successfully reduced costs and overhead by an expected $30 million on an annual basis while focusing on the operating performance of our audio division.
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