Stingray Digital Group Inc (TSX: RAY.A-B) has acquired Yokee Music Ltd, an Israeli provider of three popular social music apps. No financial terms were released. Stingray, a business-to-business multi-platform music company, said the deal will provide mobile app development and optimization expertise and expand its portfolio of consumer-facing products. Montréal-based Stingray raised $180 million in an initial public offering in 2015. It continues be a portfolio company of Caisse de dépôt et placement du Québec, Novacap, Telesystem and other investors.
Stingray Acquires Yokee Music LTD
Stingray adds three (3) social music apps regularly ranked in the music category’s top 10 in 100 countries
MONTREAL, QUEBEC–(Marketwired – May 9, 2017) – Stingray Digital Group Inc. (TSX:RAY.A)(TSX:RAY.B), a leading business-to-business multiplatform music provider, today announced that it has acquired Israel-based Yokee Music LTD, provider of three (3) social music apps regularly ranked in the music category’s top 10 in 100 countries: Yokee, Yokee Guitar, and Yokee Piano. Together, the apps have reached over 80 million downloads in four (4) years and count 4 million monthly users, with over 50% year-over-year growth.
With the acquisition of Yokee Music – a leader in the development of immensely popular and successful interactive apps – Stingray will benefit from a proven mobile app development and optimization expertise, grow its portfolio of consumer-facing products, and connect with younger music fans around the globe.
Yokee, Yokee Music’s flagship karaoke app, allows users to creatively express themselves and share their love of music with family and friends. Yokee complements Stingray’s existing karaoke services, Stingray Karaoke and The KARAOKE Channel, thus opening the door to powerful content synergy opportunities and growth for the karaoke product line.
Under the terms of the agreement, Stingray will fully own and operate Yokee Music with the continued direction of the company’s current leadership.
Yokee Music Ltd Highlights
• Founded in 2013 by Gil Selka and Ariel Yaloz.
• Yokee’s team of 18 consists of musicians, engineers, and product managers specializing in mobile app development.
• 80 million organic downloads of its three (3) mobile apps: Yokee, Yokee Guitar, and Yokee Piano.
• More than 4 million music fans actively use the apps on a monthly basis.
• Ad and subscription revenue sources.
• Yokee transforms mobile phones and tablets into wireless karaoke machines (camera and microphones included). Yokee empowers users to record, add audio and video effects, share their versions of their favorite songs, and listen to their friends’ performances.
• Yokee Piano offers music fans the opportunity to play the world’s favorite piano tunes like pros in a matter of seconds.
• Yokee Guitar lets mobile users play timeless guitar classics and popular radio hits.
“Stingray and Yokee Music have been long-time friends and partners with a shared passion for connecting people through music,” said Eric Boyko, President, Co-founder and CEO of Stingray. “I could not be more pleased to officially welcome the Yokee Music team to the Stingray family. This acquisition is highly complementary to our business and significantly expands our reach in the B2C mobile app market.”
“Yokee Music has been a labour of love in which we poured all our expertise, passion, and energy over the past years,” said Ariel Yaloz, Co-founder of Yokee Music. “Joining forces with Stingray is a natural extension of the growth strategy we have been pursuing since our launch and will provide us with exciting opportunities as part of a larger, more diversified company. Working together, I am confident that will foster even greater success and innovation in the mobile app market.”
For more information about Yokee: www.yokee.tv
Stingray (TSX:RAY.A)(TSX:RAY.B) is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 400 million Pay-TV subscribers (or households) in 156 countries. Geared towards individuals and businesses alike, Stingray’s products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray iConcerts, Stingray Brava, Stingray DJAZZ, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance, Stingray Karaoke, Festival 4K, and Classica. Stingray also offers various business solutions, including music and digital display-based solutions, through its Stingray Business division. Stingray is headquartered in Montreal and currently has more than 350 employees worldwide, including in the United States, the United Kingdom, the Netherlands, Israel, Australia, South Korea, and Singapore. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte’s Technology Fast 50TM list, and figures amongst PROFIT magazine’s fastest-growing Canadian companies. In 2016, Stingray was awarded best IR for an IPO at the IR Magazine Awards – Canada. For more information, please visit www.stingray.com
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Photo courtesy of Yokee Music Ltd