Stingray, a Montreal-based music, media and technology company, is involved in businesses ranging from advertising to streaming to traditional broadcast TV and radio.
But one of its products, a karaoke app, is quickly becoming a standard add-on for electric vehicles. A car version of the Stingray Karaoke app is available at: tesla It is a vehicle, and the company has entered into a contract to allow its use. ford This applies not only to cars, but also to cars from Chinese EV manufacturers. BYD.
The company says its catalog features include: Thousands of legally licensed karaoke songsFeaturing “new releases every Friday and expertly curated party mixes for every occasion.”
On Monday (December 9), Stingray announced it was increasing and expanding its revolving credit facility to provide additional liquidity for its operations and merger and acquisition activities.
Stingray raises its credit limit by CAD 80 million 500 million Canadian dollars (approximately. US$352 million), provided by a syndicate of Canadian banks led by national bank financial market and kes desjardins As a co-runner. Also participating were: Royal Bank of Canada (red blood cells), Canadian Imperial Bank of Commerce (CIBC), Toronto Dominion (TD) bank, Bank of Nova ScotiaAnd the government runs Canadian Business Development Bank (BDC).
Stingray Co-Founder, President and CEO Eric Boyko said.
“This new financing significantly enhances our current liquidity and provides us with optionality for additional commitments as we continue to evaluate and capitalize on market opportunities.”
Since listing on the Toronto Stock Exchange in 2015, we have pursued an M&A-focused growth strategy and established a broad presence in the digital media sector. that acquisition Australian digital music service provider DMD That year, together 3 TV music channels from our headquarters in the Netherlands Brava TV GroupIt operates in dozens of countries.
In 2017 acquisition C Music EntertainmentIt is the UK-based operator of classic music video channel C Music TV. And in 2018, Stingray acquired Newfoundland Capital Corp., Canada’s second-largest private radio broadcaster.
Today, Stingray operates North America’s largest retail audio advertising network, delivering audio messages to 30,000 retail stores. And in 2021, Stingray signed a deal with Amazon Amazon Prime Video offers a variety of music channels. The company also has streaming entertainment deals in place. Xfinity and roku.
Stingray says it has a long-standing relationship with: Over 300 record labels, publishers, and studios Including “Sony Music, Warner Music Group, Universal Music Group, BMG, Kobalt, Mercury Studios and a number of independent content providers.”
“This new financing significantly enhances our current liquidity and provides optionality for additional commitments as we continue to evaluate and capitalize on market opportunities.”
Eric Boyko, Stingray
But the most popular product over the past few years has been the Stingray Karaoke app powered by Tesla, which became the first EV manufacturer to add a karaoke app to its vehicles.
Other EV manufacturers have since followed suit, including China’s BYD, which signed a deal to introduce the Stingray Karaoke app to vehicles sold overseas in 2023.
Recently, Stingray signed a deal It’s teamed up with Ford to bring karaoke to the automaker’s electric F-150 Lightning pickup truck and Mustang Mach-E. The app will later be available for download on other models with the Ford and Lincoln Digital Experience, including the 2025 Ford Explorer, 2025 Lincoln Navigator, 2025 Lincoln Aviator and 2025 Lincoln Nautilus.
Karaoke app users have access to a variety of music genres, from rock and country to Latin music, K-pop, and J-pop.
Stingray highlights the safety features included in its karaoke app. For example, it emphasizes the fact that drivers cannot scroll through lyrics while the car is running.
Karaoke isn’t limited to cars. Stingray in October presentation This feature is now available. vizio TV. A month later, the presentation This feature is coming soon. roblox.
“Stingray is committed to transforming the way people experience music and entertainment, serving millions of users across a variety of platforms from apps to in-car entertainment systems,” said Rick Bergan, head of U.S. content distribution at Stingray. He said.
In recent performance reportFor the quarter ended September 30, Stingray reported: 13.4% compared to the previous year profits soar CAD $93.6 million (US$68.6 million (Based on the average exchange rate in the third quarter).
The company’s adjusted EBITDA increased. 15.2% compared to the previous year to CAD 34 million (US$24.9 million).
Boyko said growth was driven by free ad-supported TV streaming (FAST) channels and the retail media segment. He noted that the company’s partnership with Xperi/TiVo has created “an entirely new revenue stream” by offering eight new in-car entertainment channels on the rear seat screens of BMW Group vehicles.
“This premium video offering will expand to other luxury automakers in the coming quarters, positioning Stingray as the supplier of choice in this market,” Boyko said.
company report We have entertainment content in 2.5 million cars and 400 million viewers and listeners across all our services.worldwide music business
