Singing Machine Expands Distribution in Australia, New Zealand

Rhea-AI Summary

Singing Machine is expanding its partnership with iWorld Australia to increase the number of retail outlets and e-commerce platforms for its karaoke products ahead of the 2022 holiday season. This expansion includes major retailers like Amazon, Costco, and Target in Australia and New Zealand. CEO Gary Atkinson expressed confidence in achieving the company’s best performance in these territories, supported by ongoing collaboration with iWorld. The company continues to lead in consumer karaoke products globally, offering a wide range of innovative options for users.

Positive

• Expansion of distribution channels in Australia and New Zealand.
• Increased representation at major retailers like Amazon, Costco, Target.
• Positive forecast for sales growth in international markets.

Negative

• None.

Singing Machine Grows Partnership with iWorld Australia

Fort Lauderdale, FL, June 08, 2022 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products today announced that through its existing partnership with iWorld Australia, a leading consumer product and toy distributor, it is expanding the number of retail doors and e-commerce platforms that will be stocking Singing Machine products for holidays 2022.

iWorld Australia is a leading consumer products and toy distributor that distributes many iconic and beloved brands throughout Australia and New Zealand to retailers and e-tailers such as: Amazon.com.au, Catch-of-the-Day (catch.com.au), Costco, Harvey Norman, Target, and Toy World, the largest network of independent toy retailers in Australia.

Singing Machine is the market leader in home consumer karaoke products with a focus on innovation and expanding digital content services. Singing Machine’s product line includes karaoke machines, accessory microphones, stand-alone Bluetooth^™ microphones, and the widely popular Carpool Karaoke^™ microphone, designed for use in cars.

Gary Atkinson, CEO of the Company, commented, “As the current market leader in North America, when we look to expand our brand internationally, we always look for best-in-class distribution partners that understand our brand and can emulate our successful blueprint in the U.S. The Australian and New Zealand territories have historically been challenging, but now after four years working with iWorld, we are extremely satisfied with the growth of our business. We’ve worked hard with the iWorld team and I’m proud to say that we will be represented this year in the most major retailers we’ve ever been in in those regions. Having our brand represented well at Amazon, Target, Costco, Harvey Norman and others is extremely important for our growth. We are forecasting our best year yet in those countries.”

“We have been working with the team at Singing Machine team for 4 years now. The last couple of years during Covid have been tough for all but we have had excellent support and have successfully grown the Singing Machine footprint in both Australia and New Zealand. This year 2022 we have opened more doors with the introduction of Singing Machine and expanding drop shipping for all majors and many online companies,” commented Aldrin DeClase, Director of iWorld Australia.

About The Singing Machine

Singing Machine^® is the leading provider of karaoke products to consumers across the world. The Company offers the industry's widest line of at-home and in-car karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. The Company’s products are sold in over 25,000 locations worldwide, including at well-known retailers such as Amazon, Costco, Sam’s Club, Target, and Walmart. As the most recognized brand in karaoke, 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. To learn more, go to www.singingmachine.com.

Investor Relations Contact:
Brendan Hopkins
(407) 645-5295
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. Such forward-looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2021. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

FAQ

What is Singing Machine's partnership with iWorld Australia about?

Singing Machine is expanding its partnership with iWorld Australia to increase retail and e-commerce availability of its karaoke products for the 2022 holiday season.

Which retailers will feature Singing Machine products?

Singing Machine products will be available at major retailers such as Amazon, Costco, Harvey Norman, and Target.

What does Singing Machine forecast for its sales in Australia and New Zealand?

Singing Machine forecasts its best year yet in Australia and New Zealand due to expanded partnerships and distribution efforts.

When was the press release about Singing Machine's partnership released?

The press release regarding Singing Machine's partnership with iWorld Australia was released on June 8, 2022.

What is the stock symbol for Singing Machine?

The stock symbol for Singing Machine is MICS.