Singing Machine CEO Discusses Revenue Drivers and More in Audio Interview with SmallCapVoice.com
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.
- Strong second-quarter financial results, driven by increased demand for karaoke products.
- Successful completion of a $10 million private placement to enhance institutional investor base.
- Emerging subscription-based revenue model in partnership with Stingray Group.
- Established distribution model with major retailers like Costco and Amazon.
- No specific negative aspects reported in the PR.
AUSTIN, Texas, Nov. 30, 2021 (GLOBE NEWSWIRE) -- SmallCapVoice.com Inc. (“SCV”) announces the availability of a new interview with The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the worldwide leader in consumer karaoke products - to discuss the Company’s stellar second quarter financial results, the moves made in 2021 and the focus for 2022.
Speaking with SCV’s Stuart Smith, Gary Atkinson, Singing Machine CEO, mentioned how home entertainment became vitally important in 2020 driving sales for the Company’s consumer karaoke products in 2020. This strong demand developed through the global pandemic in 2020 continues to provide tailwinds for the company in 2021. He continued to note the other drivers behind the Company's strong revenues and net income for the second quarter ended September 30th, 2021. With a powerful distribution model already established with big-box retailers like Costco and e-commerce sites like Amazon, the Company can now focus on its growing subscription-based revenue model.
Other highlights discussed in the interview include the successful completion of a
In the interview, Atkinson stated, “The reason I’m so excited having Stingray be one our lead investors is they are a large technology and music content company. They have been our long-time partner and they power our digital karaoke content sales. The reason they made this investment in us, and the reason why this is potentially such a transformative event, is because they see us sell over a million karaoke units a year…the partnership with Stingray now allows for the music subscriptions sales and strengthens us to help build another recurring revenue model.”
Atkinson continued, “One of the big things that we are working on right now is the up list process to a national exchange. We think that a listing on a national exchange will broaden the audience of the people that can transact in our stock. We are also working on bolstering our cash flow position, getting out inventory levels back in line, and really taking advantage of the demand that is out there.”
The full interview can be heard at: https://www.smallcapvoice.com/interview-singing-machine-smdm/.
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.
About SmallCapVoice.com
SmallCapVoice.com, Inc. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies, small-cap and micro-cap stocks build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, podcasts, as well as its clients' financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks in which they are interested. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTCMarkets. To learn more about SmallCapVoice.com and its services, please visit https://www.smallcapvoice.com/small-cap-stock-otc-investor-relations-financial-public-relations/.
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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.
Investor Relations Contact:
Brendan Hopkins
(407) 645-5295
investors@singingmachine.com
www.singingmachine.com
www.singingmachine.com/investors
SmallCapVoice.com
Stuart T. Smith
512-267-2430
Info@SmallCapVoice.com
Source: SmallCapVoice.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8dadbdb7-e9d9-424a-9cb2-46b5f035666c
FAQ
What were the second-quarter financial results for Singing Machine (SMDM) in 2021?
How much funding did Singing Machine (SMDM) raise in its recent private placement?
What partnership is Singing Machine (SMDM) pursuing for its subscription model?
Is Singing Machine (SMDM) planning to list on a national exchange?
