|By Marketwired .||
|February 16, 2017 10:00 AM EST|
FORT LAUDERDALE, FL and MONTREAL, QC -- (Marketwired) -- 02/16/17 -- The Singing Machine Company, Inc. (OTCQX: SMDM) and Stingray Digital Group Inc. (TSX: RAY.A) (TSX: RAY.B), announced today the December 2016 results for the Singing Machine Mobile Karaoke App (powered by The KARAOKE Channel).
- The Singing Machine Mobile Karaoke App had almost half a million impressions on the Apple App Store.
- The app was ranked as high as #7 in the Music (iPad) section (December 26).
- The number of downloads of the app increased 194% compared to the previous year
- Revenues from the subscription service increased by over 130% compared to the same period last year.
- Incorporating Bluetooth technology into approximately 90% of the product line was a driving factor for the increases.
The reach and expertise of both Stingray and The Singing Machine contributed to the growth in sales.
Singing Machine, the North American leader in consumer karaoke products, brings to the partnership the most recognized brand in home karaoke hardware and worldwide distribution of over 1 million karaoke products per year.
Stingray, a leader in business-to-business multi-platform music, owns the largest library of licensed karaoke content and has experience in music product development and distribution. Stingray's continued efforts to license new karaoke songs in the style of today's top-charting artists provides consumers with the most popular content available today.
The Singing Machine Mobile Karaoke App is free to download and includes a selection of complimentary songs to stream on iPhone or iPad. The app offers an in-app subscription model that gives access to the entire catalog of more than 13,000 songs for $4.99 US for 48 hours or $9.99 US per month.
"Karaoke holds a warm place in Stingray's heart," said Mathieu Péloquin, Senior Vice-President, Marketing and Communications of Stingray."We could not be happier that karaoke fans embrace our products to make special occasions, such as the Holidays, even more special. It is a pleasure to continue our partnership with Singing Machine to bring new karaoke solutions to karaoke fans."
"With the inclusion of Bluetooth technology into the majority of our product line, we're happy to offer consumers more freedom than ever as to how they use their Singing Machines," said Gary Atkinson, CEO of the Singing Machine Company. "Whether they want to download or stream, our partnership with Stingray allows us to offer this flexibility in music choices to our consumers."
About The Singing Machine
Based in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide 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 through its partnership with Stingray, access to almost 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. Singing Machine was recognized as the 2017 OTCQX Best 50 Companies. See www.singingmachine.com for more details.
Stingray (TSX: RAY.A) (TSX: RAY.B) is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 400 million pay TV subscribers (or households) in 152 countries. Geared towards individuals and businesses alike, Stingray's products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray iConcerts, Stingray Brava, Stingray DJAZZ, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance, Stingray Karaoke, Festival 4K, and Classica. Stingray also offers various business solutions, including music and digital display-based solutions, through its Stingray Business division. Stingray is headquartered in Montreal and currently has close to 350 employees worldwide, including in the United States, the United Kingdom, the Netherlands, Switzerland, France, Israel, Australia and South Korea. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte's Technology Fast 50TM list, and figures amongst PROFIT magazine's fastest-growing Canadian companies. In 2016, Stingray was awarded best IR for an IPO at the IR Magazine Awards - Canada. For more information, please visit www.stingray.com
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, 2016. 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.
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