LiveXLive to acquire Custom Personalization Solutions as they plan to expand into merchandise
Music streaming and live events platform LiveXLive are to acquire 100% of Illinois-based online merch and gift company Custom Personalization Solutions.
LiveXLive are looking to expand into the merch business with their latest acquisition of CPS. The deal is said to be worth up to $6 million and expected to close by 31st December 2020.
Custom Personalization Solutions currently have 70 plus full-time employees and recorded revenues of approximately $19 million in 2019.
With the planned acquisition, LiveXLive will partner with the music and entertainment industry, as well as stars who have massive social media and marketing reach, to create and distribute unique and limited edition personalized clothing, jewelry, toys as well as virtual goods. Digital and physical distribution of merchandise is mainly online, but will also include numerous big-box retailers, like Walmart, which further opens up promotional and marketing opportunities for LiveXLive and its partners.LiveXLive, press release
The global licensed merchandise market is expected to reach $400 billion by 2023. This acquisition presents an immense opportunity for LiveXLive to leverage its audience, platform and artist and entertainment industry relationships to add commerce and specialized consumer product revenues to our music stack and help drive the transaction components of our flywheel business model. By integrating social commerce into our live and original content, we intend to fulfill superfans dreams with personalized merchandise from their favorite artists and shows, directly to the consumer.Robert Ellin, CEO and Chairman, LiveXLive
The worlds of custom merchandise, real time fulfillment and social commerce driven by celebrity and influencers have collided to create a perfect storm. LiveXLive represents the perfect partner for us to take advantage of this next wave.Scott Norman, CEO, CPS
Earlier this year, Pitbull streamed pay-per-view concerts with LiveXLive, after signing a multi-year deal with the company.