Stingray Enhances Karaoke Portfolio with Strategic Acquisition
Stingray Expands Its Karaoke Domination
Stingray Group, a leader in music and video distribution, is making waves in the karaoke industry by acquiring The Singing Machine Company, the globally recognized leader in consumer karaoke products. This strategic move not only solidifies Stingray’s position in the market but also leverages a strong longstanding partnership into a more integrated offering for karaoke enthusiasts.
Details of the Acquisition
The acquisition encompasses all assets of The Singing Machine, which includes its comprehensive home karaoke business. The deal is significant, bringing along intellectual property, active contracts with suppliers and customers, as well as existing inventory. A focal point of the integration is aimed at enhancing innovative microphone solutions tailored for the burgeoning in-car karaoke experience.
The Legacy of The Singing Machine
For over forty years, The Singing Machine has been an indomitable force in home karaoke, successfully selling millions of machines and microphones globally. This acquisition is poised to combine their well-loved hardware with Stingray’s vast library of karaoke tracks, thus promising a revolutionary karaoke experience for users, whether at home or in their vehicles.
Eric Boyko, who is both the President and Co-founder of Stingray, expressed his excitement about the acquisition, stating, "Having collaborated with The Singing Machine for many years, we are continually impressed with their expertise in the market. This acquisition represents a natural evolution of our partnership. Integrating their renowned hardware with our extensive catalogue will provide enhanced karaoke experiences for fans everywhere. We envision great potential in developing new microphone technologies specifically designed for car entertainment systems, unlocking fresh avenues for growth."
A Bright Future for Karaoke
Gary Atkinson, CEO of The Singing Machine Company, also shared his pride in the brand’s accomplishments over the decades and his confidence that under Stingray’s leadership, the brand will not only sustain but thrive within the karaoke hardware sector. The collaboration is expected to establish The Singing Machine as a dominant player in the industry for years to come.
Stingray’s karaoke footprint also extends to their successful Stingray Karaoke application, which offers a subscription model across various platforms including television, mobile devices, and in-car systems, housing the largest licensed karaoke library available worldwide.
About Stingray
Stingray Group (TSX: RAY.A; RAY.B) is recognized for its prowess in media technology, including TV broadcasting, streaming, radio services, and advertising. The company delivers diverse music and digital services to enterprises globally, featuring audio/video channels, numerous radio stations, subscription video on demand, and innovative in-car entertainment solutions. Their extensive footprint includes close to 1,000 employees, reaching over 540 million consumers across 160 countries.
About Singing Machine
Originating over forty years ago in Fort Lauderdale, Florida, The Singing Machine has become synonymous with quality in the consumer karaoke product market. Their innovative products are sold globally, supported by a wide portfolio of licensing agreements that include popular brands like Carpool Karaoke and Sesame Street. The Singing Machine is committed to providing cutting-edge technology along with access to an extensive catalog of songs, with plans to introduce a fully integrated in-car karaoke system.
Frequently Asked Questions
Why did Stingray acquire The Singing Machine Company?
Stingray acquired The Singing Machine to enhance its position in the global karaoke market and to integrate innovative microphone solutions for in-car entertainment.
What impact will this merger have on karaoke products?
This merger will combine The Singing Machine’s hardware expertise with Stingray’s extensive karaoke library, thus improving the karaoke experience both at home and in vehicles.
How long has The Singing Machine been in business?
The Singing Machine has been a leader in the karaoke industry for over 40 years, successfully supplying millions of karaoke systems and microphones.
What services does Stingray offer?
Stingray provides a range of services including music streaming, karaoke products, television content, and advertising solutions across multiple platforms.
Where can consumers find Singing Machine products?
Singing Machine products are available in over 25,000 retail locations globally, including major retailers like Amazon, Costco, and Walmart.
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