Singing Machine Announces New Nationwide Distribution with Walmart Consumer Electronics
Singing Machine (OTCQX: SMDM) announced the launch of eight new karaoke products available at approximately 3,200 Walmart stores, representing about 90% of all Walmart locations in the U.S. The dedicated 4-feet shelf space will showcase their new SingCast technology and PitchLab streaming microphone. This strategic expansion builds on existing distribution within Walmart’s Toy departments and aims to increase market presence. Products will range in price from $9.99 to $149, enhancing exposure and sales potential in high-traffic electronics sections.
- New product launch into approximately 3,200 Walmart stores increases market penetration.
- Dedicated 4-feet shelf space for Singing Machine in Walmart’s consumer electronics department.
- Potentially transformational deal highlights strong demand for karaoke products.
- None.
New Karaoke Products to be Distributed in Approximately 3,200
Walmart Consumer Electronics Departments Nationwide
Fort Lauderdale, FL, May 17, 2022 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the worldwide leader in consumer karaoke products today announced it is launching a new line of karaoke products to be nationally available in the consumer electronics departments of approximately 3,200 Walmart stores nationwide.
The Company announced it will be launching a total of eight new karaoke products into the consumer electronics department at approximately 3,200 Walmart locations nationwide, representing almost
The new retail relationship marks a significant expansion for the Company’s distribution channels which already consist of distribution into Walmart Toy departments nationwide. The new Consumer Electronics distribution partnership will be incremental to the existing Walmart Toy department distribution, providing the Company with a new, expanded marketing opportunity for its industry leading product portfolio with the largest global retailer.
Gary Atkinson, CEO, commented, “We are thrilled with this new distribution announcement. We will now be featured in two of the most prominent and sought-after departments within Walmart stores – toys and electronics, which is unmatched in our industry.”
“This deal represents almost a year of planning and is potentially transformational to our business. The consumer electronics department of Walmart is the premier destination for all major electronics brands around the world. Walmart is extremely selective in the brands they choose to offer their shoppers and selecting Singing Machine is great validation that karaoke is still in strong demand and that Singing Machine can compete at the highest level with the biggest global brands,” Mr. Atkinson concluded.
The new 4-foot assortment will include suggested retail price points from
Bernardo Melo, the Company’s Chief Revenue Officer, commented, “The consumer electronics department at Walmart offers the highest consumer foot traffic of any other comparable retailer and to have 4-feet of shelf space within the department allows us to provide a wide assortment of karaoke products and will give Singing Machine unprecedented exposure to millions of Americans around the country that may not have seen our karaoke products before. Additionally, electronics shopping purchases tend to have significantly higher average selling prices (ASPs) which allow us to provide higher quality features and functionality to our customers. We are grateful to Walmart for the opportunity.”
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
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