Stingray Enters U.S. Market Via Partnership With LA’s Space Factory Media
October 1, 2020 by Dave Haynes
Montreal-based streaming audio and digital solutions firm Stingray has done a deal that gives the firm a sales footprint in the U.S. market, as well as an “exclusive option” to acquire its new partner, LA’s Space Factory Media.
Stingray is primarily known in Canada for streaming audio services on cable systems, as well as in-store audio and digital media via its commercial services division, Stingray Business. The digital signage side of that business grew out of an earlier Stingray acquisition of Groupe Viva.
The agreement sees Space Factory Media representing Stingray products and services for in-store music, digital experiences and AI-driven consumer insights for brands and businesses.
Says the PR:
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,” says 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,” says 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.