Stingray Digital Group has agreed to acquire the remaining 8,000 Canadian commercial accounts of Mood Media Corp. The deal’s financial details were not disclosed. Stingray said it will also continue to be Mood Media’s exclusive partner for the representation of their products and services in Canada. Earlier in 2014, it bought the Austin, Texas-based company’s Latin American residential digital music services business. Based in Montréal, Stingray produces music and video content on multiple platforms. It is a portfolio company of Canadian private equity firm Novacap and technology-focused investment firm Telesystem.
Stingray Digital Acquires Canadian Commercial Business Accounts Portfolio from Mood Media Corporation
Further solidifies its position as leading music service provider for businesses in Canada
MONTREAL, QUEBEC–(Marketwired – June 27, 2014) – Stingray Digital, the leading multi-platform music service provider in the world, today announced an agreement with Mood Media Corporation for the acquisition of its remaining 8,000 Canadian commercial accounts and will continue to be Mood’s exclusive partner for the representation of their products and services in Canada. Through this agreement, Stingray will be able to continue to provide its 72,000 commercial clients with unparalleled music services, advanced digital signage solutions and other value added services.
“We strongly believe in the continued growth of our commercial music services in Canada and as stated in a recent SOCAN survey conducted by Leger(1), three quarters of Canadian business owners view music as important to their customers’ experience,” commented Eric Boyko, President and CEO of Stingray Digital. “Our understanding of the Canadian music landscape also helps us put forth Canadian music creators in commercial locations across the country,” he added.
“Stingray has been a valued partner of Mood’s for many years. With this agreement, we ensure a continued, mutually beneficial relationship that will result in even better service for existing and new Canadian clients who will benefit from the combined expertise of the two companies,” added Steve Richards, President and CEO of Mood Media Corporation.
Clients now fully serviced by Stingray’s commercial account team include Loblaws, Telus and Mark’s Work Warehouse retail locations. Stingray develops innovative products to businesses who seek to offer the most complete brand experience to their customers through music, digital signage, and other value added solutions.
About Stingray Digital Group
Stingray Digital is the leading multi-platform music service provider in the world, with more than 100 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 Galaxie, Music Choice International, Concert TV and The KARAOKE Channel. The company also offers various business solutions, including sensory marketing solutions via its Stingray360 division and music licensing services through Stingray Music.
Majority-owned by Telesystem, Novacap and Boyko Investment Corporation, Stingray Digital 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 by ranking in the top 2014 Profit 500, Canada’s fastest growing companies. For more information, please visit www.stingraydigital.com.
About Mood Media Corporation
Mood Media Corporation (TSX:MM)(LSE AIM:MM), is one of the world’s largest designers of in-store consumer experiences, including audio, visual, interactive, scent, voice and advertising solutions. Mood Media’s solutions reach over 150 million consumers each day through more than half a million subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia.
Mood Media Corporation’s client base includes more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining. Mood Media’s marketing platforms include 77 of the top 100 retailers in the United States and 49 of the top 50 quick-serve and fast-casual restaurant companies. Website www.moodmedia.com.
(1) Music in business 2013 SOCAN user study, Leger.
Senior Vice President, Marketing and Communications
514-664-1244, ext. 2362
Mood Media Corporation
Senior Director, Marketing and Communications
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