Singing Machine Announces Minority Investment by Stingray Group
The Singing Machine Company (SMDM) announced that Stingray Group Inc. has invested in a private placement, acquiring a minority stake and joining its board of directors. This collaboration aims to enhance the integration of karaoke hardware and music content.
Stingray, with over 400 million subscribers globally, is a leading provider of music and karaoke content, and the partnership intends to boost downloads and revenues for Stingray's karaoke services. Both companies express excitement about innovating the karaoke experience.
- Stingray's investment signifies confidence in Singing Machine's business model.
- The partnership aims to enhance the integration of karaoke hardware with extensive music content.
- None.
Fort Lauderdale, FL, Aug. 11, 2021 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) -- the North American leader in consumer karaoke products – today announced that Stingray Group Inc. (TSX: RAY. A; RAY. B), a leading music, media, and technology company has participated in the Company’s recent private placement offering to obtain a minority stake in Singing Machine and will be accepting a seat on the company’s newly reconstituted board of directors.
With over 400 million subscribers in 160 countries, Stingray is one of the most recognized worldwide providers in SVOD (subscription video on demand) solutions for karaoke, classical music, concerts, curated music, and educational piano sheet music. Stingray has been a long-time premium partner of Singing Machine and currently delivers the most extensive library of expertly produced and licensed karaoke content. Stingray produces new karaoke titles in the style of today’s top-charting artists to ensure that Singing Machine customers will enjoy the most popular content without delay.
“Stingray and Singing Machine have been long-time friends and partners with a shared passion for connecting people through music,” said Eric Boyko, President, Co-founder and CEO of Stingray. “We are thrilled to invest in Singing Machine and secure access to its important karaoke distribution channel, leverage its products and consequently increase Stingray Karaoke downloads and revenues. This transaction demonstrates our intent and ability to act as an industry leader.”
Gary Atkinson, CEO of Singing Machine, commented, “We welcome Stingray to our Board and are excited to take our long-time partnership to the next level to develop the future vision of karaoke hardware and music content integration. We all share the same excitement and passion to innovate and deliver a new, highly engaging karaoke experience to our customers around the world.”
About The Singing Machine
Singing Machine® is the worldwide leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products world-wide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 24,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details.
About Stingray
Montreal-based Stingray (TSX: RAY.A; RAY.B) is a leading global music, media, and technology company with over 1,000 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, over 100 radio stations, SVOD content, 4K UHD television channels, FAST channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 160 million times. Stingray reaches 400 million subscribers (or users) in 160 countries. For more information: www.stingray.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.
