Why LiveXLive Media Stock surged on Thursday

What happened

Actions of the digital media specialist LiveXLive Media (NASDAQ: LIVX) jumped Thursday, rising to 19.2%. As of 2 p.m. EDT, however, the stock was up about 9%.

The technological actionsThe s gain follows an announcement by the company that it will produce and distribute a pay-per-view boxing and entertainment event in June.

Image source: Getty Images.

So what

Called “Social Gloves: Battle of the Platforms,” the boxing and live entertainment event will feature social media stars from YouTube and TikTok. The main event will feature Austin McBroom, founder of ACE Family, and TikTok star Bryce Hall. Other stars in the spotlight include Danny Duncan, DDG, Deji, FaZe Jarvis, Michael Le, Nate Wyatt, Tanner Fox, Tayler Holder and Vinnie Hacker.

The event will be produced by entertainment veteran and executive Paul Cazers.

Now what

The event is the “first in a series of major upcoming social glove events planned in partnership with LiveXLive,” the company said.

LiveXLive is seeing significant momentum in live events, with 52 live broadcasts in its most recent quarter, up from 10 in the period last year.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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