Stingray Expands US Retail Media Network with Acquisition of InStore Audio Network | 2022-01-05 | Press Releases
InStore Audio Network is the largest retail audio network in the United States with 16,000 locations
MONTREAL, Jan. 05, 2022 (GLOBE NEWSWIRE) – Groupe Stingray inc. (TSX: RAY.A; RAY.B), a leading music, media and technology company, today announced the acquisition of InStore Audio Network, the world’s largest network in-store audio advertising in the United States, reaching 100 million shoppers weekly at over 16,000 grocery retailers and drugstores across the United States for total consideration of up to approximately C $ 59 million, under reserve of a specific earn-out mechanism defined in the purchase agreement. With this acquisition, Stingray expands its digital audio retail advertising footprint in the United States and reaffirms its position as a global leader in advanced digital media solutions. InStore Audio Network generated estimated revenues of C $ 18.5 million in the past year.
InStore Audio Network enables the monetization and delivery of highly targeted digital audio ads at the location level through personalized music streaming services. Major grocery and drugstore retailers like CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires are currently leveraging the InStore Audio Network and CloseCurlyQuote retail media solutions; that offer a proven increase in sales to advertisers.
Under the ownership of Stingray, InStore Audio Network will continue to expand its existing retail media offering with a focus on verified audience measurement, digital ad serving and programmatic monetization. The addition of Stingray’s digital media technology and expertise, combined with InStore Audio Network’s track record of success, will also accelerate the network’s overall expansion.
âStingray has successfully launched Canada’s first digital audio retail advertising network. Agencies and brands have shown a keen interest in reaching and connecting with key buyers in retail environments through an innovative and digital advertising solution, âmentioned Eric Boyko, President, Co-Founder and CEO of Stingray. âWe are thrilled to welcome InStore Audio Network to the Stingray family and look forward to building strong relationships between retailers, consumers and brands. We expect this acquisition will strengthen our presence in the US market and generate revenue in the growing category of retail media. â
âThis acquisition by Stingray strengthens a partnership that will bring significant value to our current business partners and advertisers,â mentioned Gary Seem, President of InStore Audio Network. âWe look forward to expanding our offerings as the importance of retail media and the ability to reach shoppers directly at the point of sale continues to grow. & CloseCurlyDoubleQuote;
Stingray will 100% own and operate InStore Audio Network, under the continued leadership and direction of its current management team.
Montreal-based Stingray (TSX: RAY.A; RAY.B) is a leading global music, media and technology company with more than 1,000 employees worldwide. Stingray is a premium provider of organized direct-to-consumer and B2B services including audio TV channels, over 100 radio stations, SVOD content, 4K UHD TV channels, FAST channels, karaoke products , digital signage, in-store music and music apps, which have been downloaded over 160 million times. Stingray reaches 400 million subscribers (or users) in 160 countries. For more information: www.stingray.com
About the InStore audio network
InStore Audio Network is the largest provider of in-store audio advertising in the United States, serving commercial audio messages to shoppers at more than 16,000 grocery, drugstore and convenience stores. InStore Audio Network provides music programming and equipment, retail specific messaging and third party branded messaging ad sales to retailers such as CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires. By reaching consumers at the point of purchase in a captive media environment with a compelling audio message, the InStore audio network reaches over 100 million buyers each week and delivers a proven increase in sales to participating advertisers. More information can be found on the company’s website: www.instoreaudionetwork.com
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking information includes, without limitation, information regarding Stingray’s objectives, beliefs, plans, expectations, expectations, estimates and intentions. Forward-looking information is identified by the use of terms and expressions such as “could”, “would”, “should”, “could”, “expect”, “intend”, “estimate”. “,” Anticipate “,” plan “,” foresee “,” believe “and” continue “or the negative of these terms and similar terminology, including references to hypotheses. Please note, however, that not all forward-looking information contains these terms and expressions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of Stingray. These risks and uncertainties could cause actual results to differ materially from those disclosed or implied by such forward-looking information. These risks and uncertainties include, without limitation, the risk factors identified in Stingray’s Annual Information Form for the year ended March 31, 2021, which is available on SEDAR at www.sedar.com. Accordingly, all forward-looking information contained in this document is accompanied by the foregoing cautionary statements, and there can be no assurance that the results or developments that Stingray anticipates will materialize or, even if they materialize, that they will materialize. will have the expected consequences or effects on the business, financial condition or results of operations of Stingray. Unless otherwise indicated or the context indicates to the contrary, forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or modify such forward-looking information, whether as a result of new information, future events or otherwise. , unless required by applicable law.
For more information please contact:
Senior Vice-President, Marketing and Communications
1 514 664-1244, ext. 2362