- Stingray Group (RAY.A) is acquiring a minority interest in The Singing Machine Company
- The Singing Machine Company is recognized as the worldwide leader in consumer karaoke products
- The Singing Machine Company has been a long-standing business partner of Stingray Group.
- Stingray has the most extensive library of expertly produced and licensed karaoke content
- Class A shares of Stingray Group are down 1.61 per cent, trading at $7.35
Stingray Group (RAY.A) is acquiring a minority interest in The Singing Machine Company.
The Singing Machine Company is recognized as the worldwide leader in consumer karaoke products.
The California-based company was the first to provide karaoke systems for home entertainment in the United States and now sells its products worldwide through major mass merchandisers and online retailers.
The Singing Machine Company has been a long-standing business partner of Stingray Group.
Stingray has the most extensive library of expertly produced and licensed karaoke content, which it will now be able to provide to The Singing Machine Company.
Stingray reaches 400 million subscribers in 160 countries.
Singing Machine is the most recognized brand in home karaoke hardware, with worldwide distribution of over 1 million karaoke products per year.
“Stingray and Singing Machine have been long-time friends and partners with a shared passion for connecting people through music. We are thrilled to invest in Singing Machine and secure access to its important karaoke distribution channel, leverage its products and consequently increase Stingray Karaoke downloads and revenues. This transaction demonstrates our intent and ability to act as an industry leader,” said Stingray President, Co-founder and CEO Eric Boyko.
Stingray will also receive a seat on the newly constituted board of directors of The Singing Machine Company.
Class A shares of Stingray Group are down 1.61 per cent, trading at $7.35.
