Stingray Digital Group has purchased Telefónica On The Spot Services‘ Pay TV music portfolio of clients in South America and Portugal. The financial details of the transaction were not disclosed. Stingray said the acquisition is an important milestone in its Latin America growth strategy. Earlier this year, the company also bought a Latin American digital music services business from Mood Media Corp. Based in Montréal, Stingray is a multi-platform music services provider. It is majority-owned by Canadian private equity firm Novacap, Telesystem and Boyko Investment Corp. Telefónica On The Spot Services is a subsidiary of Spain’s Telefónica Group.
Stingray Acquires Distribution of Telefonica On The Spot Services Pay TV Music Services in Six Latin American Countries and Portugal
The company acquires onthespot Pay TV Music’s portfolio of subscribers and continues aggressive expansion in Latin America
MONTREAL, QUEBEC–(Marketwired – Oct. 17, 2014) – Stingray, the leading global provider of multiplatform musical services for Pay TV operators, announced today its acquisition of onthespot’s Pay TV music portfolio of clients in Brazil, Chile, Colombia, Peru, Ecuador, Venezuela and Portugal. Telefónica On The Spot Services is a subsidiary 100% owned by Telefonica Group, one of the largest telecommunications companies in the world. This acquisition is a significant step in Stingray’s expansion in Latin America and the beginning of a long-term relationship with important Telefónica Group affiliates in the region.
“We are honored to now supply the residential Pay TV music services for Telefonica and its affiliates that were provided by onthespot. We are seeing tremendous growth in Latin America with close to 30 million subscribers to our music services. We plan to introduce new services in the region including our Stingray Music mobile app in the near future which will bring even greater value to our Latin American audiences,” said Eric Boyko, Stingray’s President and CEO.
“The acquisition of onthespot Pay TV Music services is an important milestone in our Latin America growth strategy. In addition to strengthening our client portfolio, it solidifies our relationship with Grupo Telefónica and enables us to explore new business opportunities with its affiliates while continuing to expand our presence in some of the world’s fastest growing Pay TV and Broadband markets,” added Gustavo Tonelli, Stingray’s Latin America General Manager.
The agreement is part of the Telefonica On The Spot Services’s strategy on simplifying its portfolio and focusing on its core business – in-store media services and digital marketing – which is experiencing a significant growth in Latam and Europe since the start of its international expansion one year ago.
Under the terms of the agreement, onthespot’s Pay TV music services will be commercialized as Stingray Music. Stingray Music offers to TV operating partners a wide range of musical content on all existing and emerging platforms. One of many key services is a stronger linear offering featuring music channels, karaoke services and TV Everywhere content that will allow Stingray Music subscribers to enjoy their favorite musical content wherever and whenever they choose, on the device they prefer.
Stingray is the leading multi-platform music service provider in the world, with more than 110 million subscribers in 113 countries around the world. Geared towards individuals and businesses alike, the company’s commercial entities include leading digital music and video services Stingray Music, Stingray Concerts, Stingray Music Videos, and Stingray Karaoke. The company also offers various business solutions, including music or digital display based solutions through its Stingray Business division.
Majority-owned by Telesystem, Novacap and Boyko Investment Corporation, Stingray is headquartered in Montreal and has over 200 employees in offices across Canada, as well as additional offices in Los Angeles, Miami, London, Amsterdam, and Tel Aviv. The company stood out in 2013 by ranking 15th on Deloitte’s Technology Fast 50MC list, and figuring amongst PROFIT magazine’s fastest growing Canadian companies. For more information, please visit www.stingray.com.
About Telefonica On The Spot Services
Telefonica On The Spot Services is the Telefónica Group company that specializes in in-store media services and digital marketing. As experts in music and digital signage, onthespot works to activate the point of sale throughout the customer buying cycle, improving communications between clients and brands and their point-of-sale experience.
Currently, the company has offices in Spain, Brazil, Mexico, Portugal, Peru, Chile, Argentina and the United Kingdom, and offers services to more than 15,000 clients in 82 countries. This translates into managing more than 26,000 Digital Signage points and 28,000 points with in-store music. For more information, please visit www.onthespot.com.
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