You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

LOS ANGELES, Dec. 21, 2020 /PRNewswire/ --LiveXLive Media (Nasdaq:LIVX) ("LiveXLive"), a global platform for livestream and on-demand audio, video and podcast content in music, comedy and pop culture, and owner ofPodcastOne,Slacker Radio andReact Presents,announced today that it has entered into a two-year joint venture agreement withAudio Up Media, a premium audio entertainment company and one of the fastest growing podcast businesses in the world. The deal includes LiveXLive's exclusive distribution and advertising sales rights for existing Audio Up podcasts, as well as co-ownership of planned new podcast shows. The new shows will feature both a variety of different major recording artists as well as original music. Both LiveXLive and Audio Up will be co-funding the joint venture and all revenue generated as part of the deal will be evenly split. In addition to podcast distribution, LiveXLive will have a second window opportunity to develop these podcasts into film and television properties, and artist album releases. LIVEXLIVE ANNOUNCES PODCAST/VODCAST JOINT VENTURE WITH AUDIO UP MEDIA Tweet this Audio Up Media was founded by Jared Gutstadt and is the first company to overcome licensing hurdles by creating its own IP, which incorporates music and content and spawns future hit soundtracks, TV content, books and live events. The company currently has a first look for film and TV with MGM, which came alongside the studios' investment into Audio Up's series A round. Gutstadt is a multi-hyphenate producer, songwriter, inventor, and live events director known for his patented technology (the Jingle Player) that transformed the TV marketplace via his company Jingle Punks, one of the highest valued music publishing companies across the media space. After building a $120 million dollar publishing venture, Gutstadt exited the company in 2019. Over the course of his career, he has collaborated with an array of A-list talent, including DJ Khaled, 24kGoldn, Miranda Lambert, Machine Gun Kelly, T-Bone Burnett, Steven Tyler, Lil Wayne, Bob Dylan, Poo Bear, Brad Paisley and Timbaland among many others. Gutstadt has won over 25 ASCAP Awards, was the 2020 recipient of Adweek's Podcast of the Year Award for Innovator and Producer of the Year and is also a two-time Emmy nominee. He was recently named Chief Collaboration Officer at the Tisch School of the Arts of NYU's Clive David School."Jared is a rock star and Audio Up is a fast mover. This announcement comes following the release of theEdison Research study on podcast "Super Listeners". What Super Listeners want is great, creative content focused on artists, music and events that fill their ever-expanding hunger for on-demand podcasts. We know what works in podcasting. This partnership with Jared and Audio Up works!" stated Norm Pattiz, PodcastOne's Founder and Chairman.As part of the deal, LiveXLive Music Publishingwill be collaborating with Audio Up on the development and distribution on all forthcoming projects, and will co-own all new music that is created within the slate of new podcasts and shows. Featuring both independent and major recording artists, these podcasts will create a virtual playground for the artists and music producers collaborating in this world.Audio-Up is pioneering a music first approach to podcasting by creating a new form of music discovery with its slate of scripted musicals. "The long-term value of the underlying story IP and ancillary music rights is a long term bet we are placing across the media space. We are happy that LiveXLive shares our vision that one of these will become the next Empire or A Star is Born." says Gutstadt."We are incredibly excited to partner with Jared and his talented team of writers and producers to develop these new properties for PodcastOne. I have known and worked with Jared for many years and this JV will bring a new fresh slate of podcasts and cutting edge music to both companies," said David Schulhof, President of LiveXLive Music Publishing.Audio Up Media has created and brought to life a number of podcast blockbusters in 2020, including the breakout smash Halloween in Hell, a fantasy musical comedy featuring Machine Gun Kelly, 24kGoldn, Tommy Lee, and iann dior; the riveting top 20 crime podcast Where The Bodies Are Buried; Tom Green's The Tom Green Interview; the highly anticipated sci-fi musical Sonic Leap with Lava for Good, featuring the debut album of Hero the Band; and the Warner Music funded comedy musical Uncle Drank: The Totally Hammered Podcast starring Gary Busy and Dennis Quaid.Jared Gutstadt, CEO of Audio Up Media stated, "We are excited about the opportunity to partner with LiveXLive and PodcastOne. Tapping into their endless music and podcast capabilities, they are able to offer a new listenership and livestreaming audience to Audio Up's properties. Our goal is to create events where music from the podcast musicals are performed as one-off events brought to you by our array of sponsors."LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view ("PPV"), and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing,and ticketing.About LiveXLive Media, Inc.Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the "Company") (pronounced Live "by" Live) is a global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1,800 artists since January 2020, has become a go-to partner for the world's top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called "Music Lives" with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive's library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. The Company's wholly-owned subsidiary,PodcastOne, generates more than 2.1 billion downloads annually across more than 300 podcasts. For more information, visitwww.livexlive.com and follow us onFacebook,Instagram,TikTok,Twitter at @livexlive, andYouTube.About Audio Up Media:Audio Up Media is a podcast content production studio, housing a world of infinite, audio-based properties. Ran by Audio Up CEO and Adweek's 2020 Podcast Innovator of the Year and Podcast Producer of the Year recipient, Jared Gutstadt (formerly of the Jingle Punks), Audio Up is building an ecosystem of premium entertainment content within the music and audio space. From fictional scripted podcasts, which include a Marvel-like universe of musicals, where the records themselves become the story foundation, to one-on-one interview formats, Audio Up's goal is to create a new and innovative form of IP. They are bringing audio blockbusters to life and taking this media from black and white, into technicolor. Current properties include the riveting top 20 crime podcast Where The Bodies Are Buried, Michael Cohen's new chart-topping podcast Mea Culpa, and Tom Green's The Tom Green Interview. Their recent projects include Make It Up As We Go with Scarlett Burke, Miranda Lambert, Lindsay Ell and other huge country entertainment names; and four-part scripted Halloween podcast Halloween in Hell with Machine Gun Kelly, 24kGoldn and iann dior. Up next, Audio Up will debut Sonic Leap featuring Hero The Band, and Uncle Drank: The Totally Hammered Podcast starring Gary Busy and Dennis Quaid.Forward-Looking StatementsAll 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 or acquisition and the timing of the closing of such proposed transactions, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of any proposed transaction will not occur; 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 subscribers; the Company identifying, acquiring, securing and developing content; the Company's intent to repurchase shares of its common stock from time to time under the 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; 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, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended September June 30, 2020, filed with the SEC on November 16, 2020, 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 obligations 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.Press Contact:LiveXLiveThe Rose Group[emailprotected][emailprotected]Audio UpGreg Cortez[emailprotected]Jessica Butalla[emailprotected]LiveXLive IR Contact:310.601.2500[emailprotected] SOURCE LiveXLive Media, Inc. Related Links https://www.livexlive.com/

Answer: LiveXLive Announces Podcast/Vodcast Joint Venture With Audio Up Media