Singing Machine Launches Official TikTok Shop

Rhea-AI Summary

The Singing Machine Company (NASDAQ: MICS) has announced its official partnership with TikTok Shop, becoming a designated TikTok Shop Seller. This strategic move expands the company's online reach to over 150 million daily TikTok users, positioning Singing Machine to tap into one of the largest and fastest-growing retail channels available to consumers today.

CEO Gary Atkinson highlighted the potential of this partnership to transform their direct-to-consumer digital strategy. The company's previous success with the Carpool Karaoke™ microphone on TikTok, which generated hundreds of millions of views and led to immediate sales across e-commerce platforms, demonstrates the platform's power in driving user engagement and sales.

This partnership marks a critical step in Singing Machine's expansion of digital capabilities beyond traditional brick-and-mortar retail, complementing its strong presence in major US retailers like Walmart, Sam's Club, and Costco, as well as its established e-commerce presence on Amazon.

Positive

• Partnership with TikTok Shop expands online reach to over 150 million daily users
• Potential to transform direct-to-consumer digital strategy
• Previous success on TikTok with Carpool Karaoke™ microphone generated hundreds of millions of views
• Expansion of digital capabilities beyond traditional retail channels

Negative

• None.

Company Significantly Expands Socia Media-Based Marketing Capabilities
Through New TikTok Shop Seller Storefront

Fort Lauderdale, FL, July 23, 2024 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, announces it has entered into a formal partnership with TikTok Shop pursuant to which The Singing Machine is now officially designated as a TikTok Shop Seller. With this new status, the Company expanded its online reach to over 150 million daily users on TikTok, one of the largest and fastest growing retail channels available to consumers today.

The launching of the Singing Machine TikTok Shop underscores a shared commitment to enriching the livestream shopping experience for karaoke products on the TikTok platform. As an official Seller, Signing Machine embarks on its vision to expand and enhance ecommerce capabilities, recognizing the transformative potential of user-generated content and livestream shopping in today's digital landscape for karaoke consumers.

“We are excited to become part of the TikTok family of approved selling partners,” commented Gary Atkinson, CEO of The Singing Machine. “More than 150 million US retail consumers actively use the TikTok platform and we believe access to this consumer base has the ability to transform our direct-to-consumer digital strategy. Their unmatched scale and reach in the social media influencer segment made TikTok the clear and easy choice for our Company as we strive to expand our access to digital consumers.”

“During the pandemic, we launched a new product, the official Carpool Karaoke^™ microphone,” continued Mr. Atkinson. “We experienced fantastic success with user engagement and user-generated content completely organically through Tik Tok, generating hundreds of millions of views. This viral engagement led to almost instantaneous sales across all of our e-commerce platforms. This is a compelling example of the power of our technology bringing joy to million of users nationwide, and all of that was made possible by TikTok.”

“We have enjoyed many years of success as the dominant US brand for karaoke consumer products. We enjoy the greatest in-store presence at the largest US retailers, including, Walmart, Sam’s Club and Costco. Amazon was our first true digital retail partner, and we have seen this channel as an meaningful source of sales for many years now. Adding the TikTok Shop to our marketing platform and direct-to-consumer channel will be a critical next step as we continue to expand our digital capabilities outside of traditional brick and mortar retail,” concluded Mr. Atkinson.

About Singing Machine

The Singing Machine Company, Inc. (NASDAQ: MICS) 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 or may contain forward-looking statements and information that is based upon beliefs of, and information currently available to, the Company’s management, as well as estimates and assumptions made by the Company’s management. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan” or the negative of these terms and similar expressions as they relate to Company or Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the Company’s industry and Company’s operations and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.

Risks and uncertainties related to the proposed transaction include, among others: the risk that the conditions to the closing of the acquisition are not satisfied; potential adverse reactions or changes to business, including those resulting from the announcement or completion of the transaction; unexpected costs, charges or expenses resulting from the transaction; and any changes in general economic and/or industry specific conditions. Consequently, all of the forward-looking statements made by the Company, in this and in other documents or statements are qualified by factors, risks and uncertainties, including, but not limited to, those set forth under the headings titled “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Transition Report on Form 10-KT for the transition period from April 1, 2023 to December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and other reports filed by the Company with the SEC, which are available at the SEC’s website http://www.sec.gov.

You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or the results of any revision to these forward-looking statements.

FAQ

What is the significance of Singing Machine (MICS) becoming a TikTok Shop Seller?

Becoming a TikTok Shop Seller allows Singing Machine (MICS) to expand its online reach to over 150 million daily TikTok users, potentially transforming its direct-to-consumer digital strategy and tapping into one of the largest and fastest-growing retail channels.

How has Singing Machine (MICS) previously benefited from TikTok?

Singing Machine (MICS) experienced significant success with its Carpool Karaoke™ microphone on TikTok, generating hundreds of millions of views organically and leading to immediate sales across various e-commerce platforms.

What are Singing Machine's (MICS) current retail channels?

Singing Machine (MICS) has a strong presence in major US retailers like Walmart, Sam's Club, and Costco, as well as an established e-commerce presence on Amazon. The TikTok Shop partnership adds to these existing channels.

How does the TikTok Shop partnership fit into Singing Machine's (MICS) overall strategy?

The TikTok Shop partnership is a critical step in Singing Machine's (MICS) strategy to expand its digital capabilities beyond traditional brick-and-mortar retail, enhancing its direct-to-consumer approach and leveraging social media for marketing and sales.