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Alliance Entertainment Announces Highest Physical Vinyl Album Sales for Record Store Day Event
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Alliance Entertainment (OTC: AENT) reports that the 2023 Record Store Day achieved unprecedented success, driven by the release of Taylor Swift's folklore: the long pond sessions. The event on April 23rd is expected to exceed $32 million in retail sales, with over 800,000 units of vinyl distributed to independent record stores. This year's participation marks the largest sales day ever for Record Store Day.
Senior VP of Sales, Ken Glaser, noted year-over-year growth, while Michael Kurtz, Co-founder of Record Store Day, mentioned the potential for a #1 album on the Billboard charts, a milestone for this event. Additionally, AMPED Distribution contributed by releasing 64 unique titles, further enhancing the event's impact.
Positive
Record Store Day achieved record retail sales expected to surpass $32 million.
Over 800,000 vinyl units shipped, marking the largest sales day for Record Store Day.
Potential for Taylor Swift's release to reach #1 on the Billboard charts.
Negative
Alliance's securities have been delisted from NYSE American, affecting liquidity.
Alliance has received a notice of default from its lender regarding covenant requirements.
2023 Record Store Day on Course to Break Sales Record for Most Vinyl Sold in a Single Day, Led by Taylor Swift's "folklore: the long pond sessions" Release
PLANTATION, Fla.--(BUSINESS WIRE)--
Alliance Entertainment Holding Corporation (OTC: AENT) (“Alliance Entertainment”, “Company”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today confirmed independent retail feedback around this past Saturday’s Record Store Day events as its biggest ever. Record Store Day (www.recordstoreday.com) is an annual event inaugurated in 2007 and held on one Saturday every April to “celebrate the culture of the independently owned record store.” The day brings together fans, artists, and thousands of independent record stores around the world. Each year a number of records are pressed specifically for Record Store Day and are exclusively distributed to record stores participating in the event. Now in its 16th year, Record Store Day has played a major role in the continued expansion and success of vinyl records across the music industry, with physical vinyl album sales in 2022 surpassing 43 million units.
As a major supporter of the independent record stores throughout the United States, Alliance Entertainment, with its long-standing partnership with Record Store Day utilizes its distribution services and sales network to promote and distribute Record Store Day titles in preparation for the big event, which occurred on Saturday April 23rd this year. Alliance Entertainment works closely with Record Store Day and the industry’s distribution and label partners, who help curate the assortment of available titles each year. More than 800,000 units of vinyl were created and shipped to participating independent record stores around the country for this year’s Record Store Day event. Retail sales are expected to surpass $32 million.
“Record Store Day has been a long-time partner to Alliance Entertainment, always collaborating to benefit the independent record store community," said Ken Glaser, Alliance Senior Vice President of Sales. "We are pleased to see the continued growth of Record Store Day year over year, and 2023 results have surpassed our expectations.”
Michael Kurtz, Co-founder of Record Store Day added, “Taylor Swift's 'folklore: the long pond sessions' Record Store Day release could produce our first chart topping album, and quite possibly a #1 album on the Billboard charts, a feat never achieved by a Record Store Day release. Thanks in large part to Taylor, Pearl Jam, Jason Isbell and Amanda Shires, Beach House, Stevie Nicks, and others, Record Store Day is on course to break the sales record for the most vinyl sold in a single day. This is the largest single sales day ever for most Record Store Day participating independent stores.”
AMPED Distribution, a division of Alliance Entertainment, also played a large part in this year’s Record Store Day, working with its label partners to release 64 unique titles including releases from Eric Carr, Mr. Big, and more. AMPED continues to grow its label and distribution roster of which Independent Record Stores are helping fuel the fire for its growth and impressive repertoire.
About AMPED Distribution
AMPED is one of the fastest growing, top-tier independent distributors committed to developing and growing independent artists and labels worldwide. A part of Alliance Entertainment, AMPED gives the indie community access to a global distribution system with the largest sales force, a seasoned and skilled staff that provides a suite of services and data second to none. AMPED’s customer base is the largest in the industry directly servicing brick and click retailers large and small along with (DTC) direct consumers. AMPED’s growing roster of labels include labels such as Believe Digital, Better Noise, Big Loud, Cleopatra Records, Compass Records, Earache, Empire, Epitaph Records, Exceleration Music (Alligator Records, Bloodshot Records, Candid, Side One Dummy, Tangerine) Fuga, GoodToGo, Herp Alpert Presents, Hopeless Records, Integral (PIAS, Harmonia Mundi), Kai Media, Kartel, Lex Records, Mascot, Merge Records, MNRK (eOne, Dualtone), Nettwerk Music Group, Nuclear Blast, Polyvinyl, Proper Music Group, Reservoir Media (Chrysalis, Tommy Boy), Ruf Records, Secretly Music Group, Shanachie, Smithsonian Folkways, Soul Food, Sub Pop, Tuff Gong, Warner Classics and more.
About Alliance Entertainment
Alliance Entertainment is a premier distributor of music, movies, and consumer electronics. We offer over 425,000 unique in stock SKU’s, including over 57,300 exclusive compact discs, vinyl LP records, DVDs, Blu-rays, and video games. Complementing our vast media catalog, we also stock a full array of related accessories, toys and collectibles. With more than thirty-five years of distribution experience, Alliance Entertainment serves customers of every size, providing a robust suite of services to resellers and retailers worldwide. Our efficient processing and essential seller tools noticeably reduce the costs associated with administrating multiple vendor relationships, while helping omni-channel retailers expand their product selection and fulfillment goals. For more information, visit www.aent.com.
Forward Looking Statements
Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether identified in this Press Release, and on the current expectations of Alliance’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; failure to realize the anticipated benefits of the recently completed business combination; risks related to the rollout of Alliance’s business and the timing of expected business milestones; the effects of competition on Alliance’s future business; risks and failure by Alliance to meet the covenant requirements of its revolving credit facility, one of which, a fixed charged coverage ratio, has been recently breached with a notice of default letter from the lender dated February 8, 2023, and is subject to deferred action by the lender, our ability to issue equity or equity-linked securities or obtain debt financing in the future, Alliance’s securities having been delisted from the NYSE American and not trading on a national securities exchange and the potential negative effect on the price and liquidity of Alliance’s securities and those factors discussed in Alliance’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 under the heading “Risk Factors” and other documents filed with the SEC.
Additional risks related to Alliance’s business in particular include, but are not limited to competition, the ability of Alliance to grow and manage growth profitably, the ability of Alliance to maintain relationships with customers and suppliers and retain key employees; changes in the applicable laws or regulations; the possibility that Alliance may be adversely affected by other economic, business, a material weakness in Alliance’s internal control over financial reporting, and/or competitive factors; the impact of the global COVID-19 pandemic. There may be additional risks and uncertainties that Alliance does not presently know or currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Such risk factors also include, among others, future growth expectations and acquisitions; specific economic conditions in the United States; changes in laws and regulations; potential liability from future litigation; the diversion of management time on acquisitions and integration related issues; modifications or adjustments to Alliance’s financial statements as a result of applicable securities laws; and general economic conditions. Most of these factors are outside Alliance’s control and are difficult to predict.
