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The Singing Machine Company (SMDM) has appointed Mathieu Peloquin to its board of directors. Peloquin, with over 20 years of marketing experience, previously served as the Senior Vice President of Marketing and Communications at Stingray Group, a key partner of Singing Machine. His role will focus on enhancing the company's subscription revenue strategies, leveraging his expertise in marketing and business development. This strategic move is expected to strengthen Singing Machine's market position and capitalize on its partnership with Stingray, which includes a vast karaoke content library.
The Singing Machine Company (SMDM) reports strong second-quarter financial results for 2021, driven by increased demand for its consumer karaoke products amid the ongoing popularity of home entertainment. CEO Gary Atkinson highlights a robust distribution network with retailers like Costco and Amazon, and the emergence of a subscription-based revenue model. The company successfully completed a $10 million private placement, enhancing its institutional investor base. A partnership with Stingray Group, aimed at boosting music subscription sales, is also a key focus, alongside plans for listing on a national exchange.
The Singing Machine Company (OTCQX: SMDM) reported strong financial results for Q2 ended September 30, 2021. Highlights include a remarkable 450% increase in music subscription revenue and net sales of $17.4 million. The company achieved a net income of $0.7 million and strengthened its balance sheet through a $10 million capital raise. Additionally, Singing Machine is taking steps to uplist to a national exchange. The CEO noted that despite supply chain challenges, they launched new products and continue to see robust demand.
The Singing Machine Company (OTCQX: SMDM) launched its new Carpool Karaoke Party Bus in Nashville, TN, offering immersive karaoke experiences. The initiative aims to tap into the Carpool Karaoke phenomenon, which has garnered over 4 billion views on YouTube. This marketing approach targets both local audiences and a broader social media reach, positioning the brand as synonymous with fun and entertainment. The Singing Machine is a leader in karaoke products, with a vast distribution network across 25,000 locations.
The Singing Machine Company (SMDM) has announced the rescheduling of its Q2 earnings call to November 22, 2021, prior to market opening. The call will provide insights on financial results and a business update, occurring at 10:00 AM ET. The company is recognized as a leader in karaoke products, distributing its items through over 25,000 locations worldwide, including major retailers like Target and Walmart. Further details on the earnings report and call are available via Singing Machine's investor relations page.
The Singing Machine Company (OTCQX: SMDM) has announced the rescheduling of its second quarter earnings call from November 15, 2021, to pre-market opening on November 29, 2021. The earnings report will be discussed during a conference call at 10:00 a.m. ET that same day. As a leader in consumer karaoke, Singing Machine offers a wide range of products available at major retailers like Amazon and Walmart, featuring over 100,000 streaming songs through its mobile app.
The Singing Machine Company (SMDM) announced that its karaoke products have been recognized as top holiday gifts by multiple major publications, including US Weekly and Entertainment Tonight. These endorsements are expected to boost consumer traffic during the peak holiday season, aligning with Singing Machine's 30-year vision of providing innovative karaoke products for families. The company highlights its Carpool Karaoke Mic featured in an article by Entertainment Tonight, which is part of a broader recognition from well-known media platforms with a substantial audience reach.
The Singing Machine Company (OTCQX: SMDM) will release its second-quarter fiscal 2022 earnings on November 15, 2021. A conference call is scheduled for the same day at 10:00 a.m. ET to discuss the results and provide a business update. The call can be accessed via a dial-in number provided in the announcement. Singing Machine is a leader in karaoke products, selling over 100,000 songs through its app and partnerships with major retailers like Amazon and Walmart.
The Singing Machine Company (OTCQX: SMDM) will present at the Consumer Goods & Digital Services Virtual Investor Conference on November 4, 2021, at 1:00 PM ET. CEO Gary Atkinson will discuss a successful 1st quarter with revenue growth of approximately 100% compared to the previous year, a recent $10 million equity capital raise, and a strategic stock repurchase from a former majority shareholder. The presentation will be available on demand on the company's website starting November 5.
The Singing Machine Company (SMDM) has initiated steps to uplist to a national exchange to enhance shareholder value. Following a recent equity investment from institutional funds, they have retained legal counsel and submitted an application for the uplisting. Notably, the company has received shareholder approval for a reverse stock split to meet the necessary price requirements. CEO Gary Atkinson emphasized the company’s transition to a fully integrated hardware/music content business, aiming to have a Singing Machine in every American home. However, the approval of the application isn't guaranteed.
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