Stingray Expands Reach with DMI Acquisition
MONTREAL – Stingray (TSX: RAY.A; RAY.B), a leader in musical and video content distribution, has taken a significant step by acquiring DMI, a prominent player in the U.S.-based in-store audio advertising. This strategic acquisition boosts Stingray’s retail media network by adding around 8,500 new locations across the U.S., bringing the total to an impressive 33,500 locations. This strengthens Stingray's foothold as an essential player in the audio advertising industry.
The Benefits of the DMI Acquisition
One of the key advantages of the acquisition is DMI's reputable client base, which includes a major national pharmacy chain. This puts Stingray in a commanding position within the in-store audio advertising sector for pharmacies, as the network now encompasses the two largest pharmacy chains in the nation, as well as several other leading pharmacy retailers.
Leadership and Vision
At the helm of DMI is founder and CEO Tena Clark, who brings unparalleled expertise in audio advertising. Tena expressed her excitement about the new chapter, stating, "I am thrilled to continue DMI's journey as part of the Stingray family. Remaining on board allows us to leverage Stingray's immense resources and expertise. I am excited to work with the team to bring even greater value and innovation to our clients." Her enthusiasm reflects a positive outlook on the integration of DMI’s capabilities with Stingray's established infrastructure.
Growth Potential in U.S. Market
Stingray's President, Co-founder, and CEO Eric Boyko noted, "This acquisition marks a pivotal moment for Stingray Advertising’s growth in the United States. By welcoming DMI, we are not only expanding our retail media network but also securing our leadership position in the U.S. in-store audio advertising market. DMI’s expertise and impressive client portfolio seamlessly complement our existing offerings, making us the undeniable leader in the pharmacy audio advertising space. We can now deliver unmatched reach and value to our clients." This declaration underscores the strategic importance of the acquisition.
Expanding Service Offerings
DMI's business model transcends beyond in-store music and advertising solutions; it also includes advertising for cinemas, brand marketing support, and event production services. The incorporation of these additional services will substantially enhance Stingray's comprehensive suite of offerings for brands and businesses, illustrating the increasing versatility of Stingray's portfolio.
About Stingray and DMI
Stingray, a formidable force in the global music, media, and technology landscape, leads with its services in TV broadcasting, streaming, radio, and advertising solutions. Its diverse array of offerings includes various music and digital services designed to cater to enterprise brands around the globe. Stingray Business, an important division, specializes in commercial music solutions, in-store advertising, digital signage, and AI-driven insights.
DMI Music & Media Networks, in operation since 1997, authors innovative marketing strategies to connect brands with their consumers through music. Their services include in-store audio, advertising production for cinema, and strategic branding that harnesses the emotional resonance of music.
Frequently Asked Questions
What did Stingray acquire?
Stingray acquired DMI, a leader in U.S. music branding and in-store audio advertising, significantly expanding its network.
How many locations does Stingray now cover?
With the addition of DMI, Stingray's retail media network now covers 33,500 locations.
Who leads DMI?
Tena Clark is the founder and CEO of DMI, and she continues to lead the company post-acquisition.
What are DMI's main services?
DMI offers in-store audio advertising, advertising in cinemas, brand marketing support, and event production.
How does this acquisition benefit Stingray?
The acquisition enhances Stingray's leadership in audio advertising, particularly within the pharmacy sector, while expanding its service portfolio.
