With 16,000 commercial locations, InStore Audio Network is the largest commercial audio advertising network in the United States.
MONTREAL, Jan. 05, 2022 (GLOBE NEWSWIRE) – The Stingray Group Inc. (TSX: RAY.A; RAY.B), a leader in music, media and technology, today announced its acquisition of InStore Audio Network, for a total consideration of approximately C $ 59 million, subject to a specific indexation mechanism provided for under the agreement. The largest in-store audio advertising network in the United States, InStore Audio Network reaches some 100 million consumers each week at more than 16,000 grocery and drug stores nationwide. With this acquisition, Stingray expands its audio footprint in commercial spaces across the United States and consolidates its position as a leader in advanced digital multimedia solutions globally. InStore Audio Network’s revenue was approximately C $ 18.5 million in 2021.
InStore Audio Network enables the monetization and deployment of highly targeted digital audio advertising at point of sale through a bespoke music streaming service. Several large grocery and drugstore chains such as CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires are currently leveraging InStore Audio Network solutions, which are driving a proven increase in sales for advertisers.
Under the ownership of Stingray, InStore Audio Network will continue to expand its existing offering for the retail sector with a particular focus on verified audience measurement, digital ad servers and programmatic monetization. The meeting of Stingray’s digital media technology and expertise, and InStore Audio Network’s successful roadmap will also help accelerate the network’s overall expansion.
“Stingray built the very first commercial audio advertising network in Canada. More and more agencies and brands want to reach consumers directly in the business environment by leveraging innovative digital-centric advertising solutions, ”said Eric Boyko, President, Co-Founder and CEO of Stingray. “We are delighted to welcome InStore Audio Network to the great Stingray family and to this new opportunity to build strong links between retailers, brands and consumers. This acquisition promises to consolidate our presence in the US market and increase our revenues in the growing category of media for commercial spaces. “
“This acquisition by Stingray consolidates a partnership that provides valuable added value for our commercial customers and our existing advertisers,” added Gary Seem, President of InStore Audio Network. “We are excited about this opportunity to expand our offering, which echoes the growing importance of retail media and addresses the growing need to reach consumers directly at the point of sale. “
Stingray will become the exclusive owner and operator of InStore Audio Network, under the direction of the current leadership of the company.
About Stingray
Montreal-based Stingray (TSX: RAY.A; RAY.B) is an international music, media and technology leader with more than 1,000 employees worldwide. Stingray offers a wide range of premium consumer and business services including 4K Ultra HD audio and TV channels, over 100 radio stations, subscription video on demand, free TV channels supported by advertising, karaoke products, digital signage solutions, music streaming services for commercial spaces, and music apps that have been downloaded over 160 million times. Some 400 million users and subscribers in 160 countries use Stingray products and services. To know more : www.stingray.com
About InStore Audio Network
The largest provider of in-store audio advertising in the United States, InStore Audio Network serves consumers in more than 16,000 grocery, drugstore and convenience stores. InStore Audio Network provides audio equipment, and music programming, commercial creation, and third-party brand advertising sales to a variety of retailers such as CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires. Every day, InStore Audio Network’s effective audio messages reach over 100 million consumers in a captive environment and provide participating advertisers with a proven boost in sales. To know more : www.instoreaudionetwork.com
Forward-looking information
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. This forward-looking information includes, but is not limited to, information about Stingray’s objectives, opinions, plans, expectations, forecasts, estimates and intentions. Statements containing forward-looking information are recognized by the use of words and expressions such as “may”, “expect”, “intend”, “estimate”, “anticipate”, “plan”. “,” Believe “,” continue “and other similar expressions or their negative form, as well as the use of the conditional, including references to hypotheses. However, forward-looking information does not always contain these words or phrases. Forward-looking information is based on assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of Stingray. As a result of these risks and uncertainties, actual results could differ materially from those anticipated or implied in the forward-looking information. These risks and uncertainties include, without limitation, the risk factors set out in Stingray’s Annual Information Form for the year ended March 31, 2021, which can be viewed on SEDAR at www.sedar.com. Accordingly, all forward-looking information contained herein is qualified by the foregoing cautionary statement, and there can be no assurance that the results or events that Stingray expects will materialize or that, even if substantially materialized, that they will have the expected impacts or effects on Stingray’s business, financial condition or results of operations. Unless otherwise indicated or unless the context requires otherwise, forward-looking information is offered as of the date hereof, and Stingray does not undertake to update or modify it, whether as a result of new information, future events or other factors, except to the extent required by applicable law.
For more information, please contact:
Mathieu Peloquin
Senior Vice President, Marketing and Communications
Stingray
[email protected]
1 514 664-1244, ext. 2362
