- Stingray to offer full suite of business services to the US Market
Montreal, September 30, 2020 – Stingray (TSX: RAY. A; RAY. B), a leading music, media and technology company, today announced that its commercial services division, Stingray Business has signed an agreement with California-based Space Factory Media to represent Stingray products and services for in-store music, digital experiences and AI-driven consumer insights for brands and businesses. Brands today expect more from media experiences, and this new partnership seeks to provide a deeper, cross-platform offering with meaningful connections to consumers. The deal also includes an exclusive option for Stingray to acquire Space Factory Media at a pre-determined purchase price.
With a team of experienced industry professionals, Space Factory will expand Stingray Business’s reach globally and will deliver business planning, market development, strategic sales, and mergers & acquisitions support to activate Stingray’s entry into the commercial background music and in-store media business in the United States. The deal also includes the representation of Chatter Research, a company Stingray acquired earlier this year, providing AI-driven customer insight solutions for instant, actionable data.
Existing and new clients alike will recognize the contextually relevant, premium products and services that drive higher loyalty and transactions. Businesses who seek comprehensive digital media solutions will be able to offer a unified brand experience to their customers through music, digital signage, mobile engagement, and customer data/insights.
“We strongly believe in the continued growth of our commercial music services and are thrilled to be working with Space Factory to allow brands to better connect with their consumers,” said Eric Boyko, President, Co-founder and CEO of Stingray. “Our next phase of expansion in the United States solidifies our position as a global leading music provider for businesses while making way for innovative, data-driven solutions,” he added.
“My partner Walt Tatum and I founded Space Factory with a vision to be a key part of reinventing the branded music media industry,” said John Crooke, Co-Founder and Chief Media Officer for Space Factory. “We sought a partner who shared our commitment to bringing a multi-dimensional solution to enterprise brands inclusive of music, content, media, technology, mobile, and data/insights—all working together ubiquitously across the commercial and consumer space. It was clear that Stingray not only shared our vision but had built the integrated business and solutions to back it up. We couldn’t be more excited about our strategic partnership and what we will accomplish together.”
With more than 125,000 commercial locations around the world, Stingray Business is a dominant provider of licensed background music and digital display for businesses and amongst the leading global suppliers of background music and in-store media.
Montreal-based Stingray (TSX: RAY.A; RAY.B) is a leading music, media, and technology company with over 1,200 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, 101 radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 150 million times. Stingray reaches 400 million subscribers (or users) in 156 countries. For more information: www.stingray.com
About Space Factory
A Los Angeles based digital media collective offering a range of brand development, music, mobile engagement, and content marketing services for Enterprise Brands, Sports & Entertainment, and Digital Out-of-Home: www.spacefactorymedia.com
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2019, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
For more information, please contact:
Senior Vice-President, Marketing and Communications
1 514-664-1244, ext. 2362
Co-Founder / Chief Media Officer
Space Factory Media