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Onstream Media and Moogis.com Successfully Webcast Historic Allman Brothers Band 15 Day Pay-Per-View Concert Series

--Live Webcast Featured Eric Clapton, Sheryl Crow, Johnny Winter, Taj Mahal, Boz Scaggs, Trey Anastasio, Bob Weir, Phil Lesh, Bruce Hornsby, John Popper, and Others--

POMPANO BEACH, Fla. – March 31, 2009 – Onstream Media Corporation ( OTC: ONSM), an online service provider of live and on-demand Internet video, today announced it has successfully completed a 15 day webcast of The Allman Brothers Band's historic 40th Anniversary concert series at the Beacon Theatre in New York City, between March 9th and March 28th, to thousands of fans live across the globe for the website -- Moogis.com.

This innovative, live online and in-person event demonstrates that entertainment can have a much broader audience than what the limitations of physical attendance offers, thereby extending the reach of any act's performance to potentially all of its worldwide fan base simultaneously. Shot in high definition and seen live by Allman Brothers fans over the Internet in rich tv-like quality and cd-like sound, this multi-day concert run also generated hundreds of thousands of dollars in incremental revenue for both the band and Moogis.com. In an age when free online music sharing significantly affects album revenue generation, this new onsite/online format offers entertainers another means of capitalizing on their material and further proves that fans are willing to pay for quality content.

The 15-night sold-out Beacon run featured dozens of legendary musical guests such as Eric Clapton, Sheryl Crow, Bruce Hornsby, Trey Anastasio, John Popper, Buddy Guy, Johnny Winter, Taj Mahal, Boz Scaggs, John Hammond, Stanley Clarke, Bruce Willis, Phil Lesh, Bob Weir and many more. As a result of the high quality webcasts, many fans viewed the live concert series via high definition television monitors attached to their home computers which was delivered through www.moogis.com. Onstream Media set up a pay-per-view online system for Moogis.com to sign up subscribers and grant access to the performances, as well as additional content, for six months. New members that subscribe to Moogis.com can also watch the concerts on-demand. Today, Moogis announced that it is extending the viewing period during which the concerts will be made available on demand to subscribers until October 31, 2009.

"We had a plan before the Beacon run to open up this historic concert series to anyone that wanted to share this special tribute to Duane Allman with us," said Butch Trucks, drummer and original band member for the Allman Brothers Band. "Onstream Media helped us realize this goal by successfully extending our reach to thousands of additional fans. In doing so, we hope we gave everyone a great show and also blazed a new trail in the world of entertainment for others to follow. Live performances no longer need to be restricted to the four walls of the performing venue. The world is a big place, and the Internet is the ideal vehicle for traversing it."

"It was very exciting for us to be part of this historic event by sharing The Allman Brothers Band's special concert series with Internet users live in a tv-like quality experience," said Randy Selman, President and Chief Executive Officer of Onstream Media Corporation. "We hope we showed the world that webcasting opens the doors to live entertainment in a way that transcends the restrictions of travel, budget and time. Pretty soon there will no longer be an excuse for missing your favorite live performance just because you don't have the resources to get there."

In addition, the online performance leveraged popular social networking features, allowing fans to interact with each other in real-time and to be an active participant in the online experience rather than a traditional, passive viewer. The overwhelming success of this event has created interest from many other artists looking to take advantage of this popular medium to expand their audience, income, and mind share.

About Onstream Media:

Onstream Media Corporation ( OTC: ONSM) is an online service provider of live and on-demand internet video, corporate web communications and content management applications. Onstream Media's pioneering Digital Media Services Platform (DMSP) provides customers with cost effective tools for encoding, managing, indexing, and publishing content via the Internet. The DMSP provides our clients with intelligent delivery and syndication of video advertising, and supports pay-per-view for online video and other rich media assets. The DMSP also provides an efficient workflow for transcoding and publishing user- generated content in combination with social networks and online video classifieds, utilizing Onstream Media's Auction VideoT (patent pending) technology. In addition, Onstream Media provides live and on-demand webcasting, webinars, web and audio conferencing services. In fact, almost half of the Fortune 1000 companies and 78% of the Fortune 100 CEOs and CFOs have used Onstream Media's services.

Select Onstream Media customers include: AAA, AXA Equitable Life Insurance Company, Bonnier Corporation, BT Conferencing, Dell, Disney, MGM, National Press Club, PR Newswire, Shareholder.com and the U.S. Government. Onstream Media's strategic relationships include Akamai, Adobe, eBay, FiveAcross/Cisco and Qwest. For more information, visit Onstream Media at http://www.onstreammedia.com or call 954-917-6655.

About Moogis.com

Founded by Allman Brothers Band drummer Butch Trucks, Moogis .com is an online social network that offers its subscribers streaming video access to entire live concerts, both in real time and on-demand from its archives. Moogis.com is the gathering place where subscribers can create their own profile, join discussion groups, chat with like-minded folks and share the communal experience that music inspires. Moogis.com intends to build a base of thousands of avid music fans, introducing them to new bands, as well as established artists, offering them exclusive live and on demand performances.

Onstream Media:
Chris Faust
FastLane Communications

Investor Relations:
Brett Maas
Hayden IR

Cautionary Note Regarding Forward Looking Statements

Certain statements in this document and elsewhere by Onstream Media are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. economy; government policies and regulations, including, but not limited to those affecting the Internet. Onstream Media undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Onstream Media Corporation's filings with the Securities and Exchange Commission.