- Stingray (RAY.A) has signed a strategic partnership with Space Factory Media as the company looks to gain traction in the US in-store media industry
- The partnership was signed through the company’s commercial services division, Stingray Business
- California-based Space Factory Media will represent Stingray’s products and services for in-store music, digital experiences and AI-driven consumer insights
- The deal also includes an exclusive option for Stingray to acquire Space Factory Media at a pre-determined purchase price
- Stingray (RAY.A) is currently up 8.94 per cent and is trading at C$5.85 per share
Stingray (RAY-A) has signed a strategic partnership with Space Factory Media as it looks to gain traction in the US in-store media industry.
The agreement was signed through the company’s commercial services division, Stingray Business, and outlines Space Factory Media’s commitment to represent Stingray’s products and services for in-store music, digital experiences and AI-driven consumer insights within the United States.
With a portfolio of more than 125,000 commercial locations around the world, Stingray Business is focused on providing licensed background music and digital displays for a variety of businesses and retail outlets.
Based in California, Space Factory Media will provide business planning, market development, strategic sales, and mergers and acquisitions processes to support Stingray’s entry into the US background music and in-store media industry.
In addition to Stingray’s own products and services, the deal also provides representation for Chatter Research, and AI-driven customer insight company which Stingray acquired earlier this year.
Eric Boyko, President and CEO of Stingray, said he firmly believes in the continued growth of the company’s commercial music services and is thrilled to have signed the partnership with Space Factory Media.
“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.
In addition to the representation of products and services, the deal also includes an exclusive option for Stingray to acquire Space Factory Media at a pre-determined purchase price.
Stingray (RAY.A) is currently up 8.94 per cent and is trading at C$5.85 per share at 11:06am EDT.