Singing Machine Announces Expanded Retail Presence with Walmart

Rhea-AI Summary

Singing Machine Company, Inc. has launched a new party accessory product line called Celebration Mic, targeting the children's party and event market. The Celebration Mic features pre-recorded songs, LED lights, and an integrated speaker. It is now available at approximately 866 Walmart stores nationwide with a suggested retail price of $9.97. Singing Machine sees this as a promising area of growth and aims to deepen its relationship with Walmart.

Walmart Celebrations Party & Occasions Department to Test New Singing Machine Party Accessory in 866 Stores Nationwide

Fort Lauderdale, FL, July 18, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced it has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.

The new program announced will be merchandised inside the Walmart Celebrations Party & Occasions department and will feature Singing Machine’s newest party accessory, its Celebration Mic. The Singing Machine’s Kids Celebration Microphone targets an affordable yet feature-rich product targeting the children’s party and event market. It features a variety of pre-recorded songs, multi-colored LED lights, and an integrated speaker to enhance the occasion. The Celebration Mic is available now with a suggested retail price of $9.97.

“We are very pleased to expand our relationship with Walmart,” commented Gary Atkinson, CEO of the Singing Machine. “As the largest U.S. retailer, and our largest single customer, Walmart is a critical part of our consumer electronics sales model. We had very positive results from expanding into the revamped consumer electronics department in 2022, and we see this new opportunity as a promising area of growth for our Company in 2023 and beyond.”

“We believe that the current market conditions will allow us to consolidate and build our market share, deepen relationships with our key retail partners, including Walmart, and expand our product margins. We also view our leading market position in the U.S. karaoke market and our talented development team as a powerful platform to flex into the emerging automotive and hospitality growth verticals in the near term,” concluded Mr. Atkinson.

About The Singing Machine

Singing Machine is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.

Investor Relations Contact:
investors@singingmachine.com
www.singingmachine.com
www.singingmachine.com/investors

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "may", "could", "expects", "projects," "intends", "plans", "believes", "predicts", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.

FAQ

What is the new product launched by Singing Machine?

The new product launched by Singing Machine is called Celebration Mic, a party accessory targeting the children's party and event market.

Where can the Celebration Mic be purchased?

The Celebration Mic is available at approximately 866 Walmart stores nationwide.

What are the features of the Celebration Mic?

The Celebration Mic features pre-recorded songs, multi-colored LED lights, and an integrated speaker.

What is the suggested retail price of the Celebration Mic?

The Celebration Mic has a suggested retail price of $9.97.

What is Singing Machine's strategy with Walmart?

Singing Machine sees Walmart as a critical part of its consumer electronics sales model and aims to deepen its relationship with the retailer.

What are Singing Machine's growth plans for 2023 and beyond?

Singing Machine believes the new opportunity with Walmart will contribute to its growth in 2023 and beyond. It also aims to expand its product margins and explore emerging growth verticals in the automotive and hospitality sectors.