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Stingray Group

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Stingray Group Inc.
Company typePublic
TSX:RAY.A
IndustryMedia
Founded2007
Headquarters730, rue Wellington
Montreal,Quebec
H3C 1T4
Area served
Worldwide
Key people
Eric Boyko
(president, CEO & founder)
RevenueIncreaseUS$71 million(2015)[1]
Number of employees
1,200 (2019)
Websitestingray.com

Stingray Group Inc.(formerlyStingray DigitalandStingray Digital Group) is a Canadian music, media and technology company based inMontreal,Quebec,with offices inToronto,Ontario,as well as in theUnited States,Mexico,theUnited Kingdom,theNetherlands,GermanyandAustralia.

Stingray provides retail and consumer services, including audio and video channels, digital signage, subscription content, karaoke products, and in-car and on-board infotainment content.

Stingray Radiooperates over 100 radio stations across Canada. It is Canada's second-largest owner of radio stations, behindBell Media Radio.[2][3][4]

History[edit]

Stingray was founded in May 2007 byEric BoykoandAlexandre Taillefer,in partnership with Telesystem, following the purchase ofkaraokecompany Soundchoice for $6 million. This gave them a catalogue of karaoke songs and a karaoke channel, allowing them to create The Karaoke Channel (now known as Stingray Karaoke).[3][5]Later that year, the company acquired cable TV commercial-free music service Galaxie from theCanadian Broadcasting Corporationfor $65 million, renaming itStingray Music.[6][7]Taillefer exited the company in 2010.[6]In 2011, Stingray acquiredMusic Choice Europe.[8]

In May 2015, Stingray raised $140 million in itsinitial public offering.The sale gave the firm a market value of $296 million.[3]It began trading on theToronto Stock Exchangeon June 3, 2015, under the ticker RAY. Novacap sold most of its stake in the company after the IPO.[5]

On May 2, 2018, Stingray announced its intent to acquireNewcap Radiofor $506 million, marking the company's expansion into terrestrial radio broadcasting in Canada.[9]The sale was completed on October 26, 2018, with the family of company founderHarold R. Steelebecoming Stingray's largest third-party shareholder.[10]In December 2018, the company changed its name to Stingray Group.[11]

Although its services face competition from consumer-targeted streaming offerings such asApple MusicandSpotify,the company had continued to emphasize its use of manually-curated playlists for its services (as opposed to algorithmic recommendations), and its focus on international expansion into territories where pay television is experiencing growth, and promoting complementary services such as mobile apps.[12]

In January 2022, Stingray acquiredInStore Audio Network,rebranding the company as Stingray Advertising the following year.[13]

Properties[edit]

Business services[edit]

  • Stingray Business, a provider of in-store music licensed for commercial use, audio-visual systems and TV screens
  • Chatter Research
  • Stingray Advertising

Karaoke services[edit]

  • Stingray Karaoke, a licensed karaoke supplier and an interactive television and Internet service
  • Yokee Karaoke
  • Kid's Karaoke
  • The Voice Karaoke
  • Sing Karaoke by Stingray

Mobile apps[edit]

  • Stingray Karaoke
  • Kid's Karaoke
  • Singing Machine
  • Stingray Music
  • QelloConcerts by Stingray
  • Stingray Classica
  • Yokee karaoke
  • Yokee Guitar
  • Yokee Piano
  • Piano Academy
  • The Piano Keyboard
  • Stingray Music for Businesses

TV Channels – concerts and shows[edit]

TV Channels – 4K UHD[edit]

TV Channels – music video[edit]

Original content[edit]

  • Stingray Pause Play
  • Evolution of a Song
  • Behind the Vinyl
  • Songbook

Radio and broadcast stations[edit]

  • Stingray Radio,a group of terrestrial radio and television stations in Canada, formerly operating as Newcap Radio and Hector Broadcasting.

Competitors[edit]

Music Choice,which launched in 1991, is owned by Microsoft, Arris, Sony Corp. of America, EMI Music Publishing, Time Warner, Comcast, Cox Communications and Charter Communications. Music Choice is in 72 million American households.[15]The company filed the lawsuit against Stingray Digital in theU.S. District Courtfor theEastern District of Texasin June 2016 overpatentinfringement. The patents in dispute are U.S. Patent Nos. 8,769,602, 9,357,245, 7,320,025 and 9,351,045 pertaining to the on screen formatting of Stingray Digital's channels.[16]Stingray countersued Music Choice on August 29, 2016, calling it a "smear campaign".[17]

Canadian businessman Evan Kosiner applied for and currently holds (as of October 2015) the only other favorable broadcast license to compete with Stingray withinCanada.[18]

See also:Comparison of on-demand music streaming services

Acquisitions and partnerships[edit]

From its founding in 2007 through 2015, Stingray Digital acquired 18 companies, at a total cost of $150 million.[19][20]Its first purchase was Soundchoice, followed by Galaxie, from theCanadian Broadcasting Corporation.[20]In 2009, Stingray announced it would be acquiring the majority of assets inMax TraxfromCorus Entertainment.[21]In August 2010, the company purchasedConcert TV,a US video on demand service carrying recorded musical performances.[7]In April 2011, Stingray announced that it was purchasing London-based music streaming companyMusic Choice International,helping Stingray expand into Europe and Africa.[8]In May 2013, Stingray purchased the Canadian accounts ofeMedia Network.[22]In 2014 Stingray acquiredLite TVfrom the Archibald Media Group,[23]and purchasedMood Media's residential digital music service in Latin America for $16 million.[2]In February 2015, Stingray acquired in-store commercial display company Groupe Viva.[24]In July 2015, Stingray announced it would pay $8 million forNetherlands-based Brava Group, operator of thematic television music channelsBrava NL,Brava HD andDjazz.TV,with 35 million subscribers in 50 countries in Europe, the Middle East and the Caribbean, with plans to bring the channels to the US, Canada and Latin America.[5][25]

In 2009, Stingray signed an agreement withGoogleto become a content partner by launching TheKARAOKEChannelYouTubechannel.[8][26]In 2015, Stingray invested in AppDirect, which develops online stores for business software applications,[27]and made a deal withAir Canadato be the music provider on its flights. Stingray also has hotel chain partners, to feed Stingray's music into guest rooms.[28]

On June 21, 2016, Stingray announced that it would acquire theMuchMusicspin-off channelsMuchVibe,MuchLoud,MuchRetro,andJuiceboxfromBell Media.[29]The group of channels were previously owned byCHUM Limited.

In May 2017, Stingray acquired Israel-based Yokee Music LTD, provider of three social music apps regularly ranked in the music category's top 10 in 100 countries: Yokee, Yokee Guitar, and Yokee Piano.[30]

In January 2018, Stingray acquired the assets of New-York based Qello Concerts, the world's leading over-the-top (OTT) streaming service for full-length, on-demand performances, concert films, and music documentaries — reaching users in more than 160 countries.[31]

In June 2018, in partnership withADISQand its website PalmarèsADISQ, Stingray launchedPalmarèsADISQ par Stingray,a new music channel devoted to Quebecois andFrench-Canadian music.[32]

In August 2018, Stingray announced that it had made a $120 million takeover bid for its main competitor in the United States,Music Choice.[33]In January 2019, Stingray abandoned the bid, shortly after having reached a deal withAltice USAto replace Music Choice on its cablesystems.[34][35]

Stingray Bravawas closed and merged withStingray Classicaon March 1, 2019.[36]

References[edit]

  1. ^Damon van der Lindeinvesting/stingray-digital-group-inc-plans-global-expansion-after-140mGroup Inc plans global expansion after $140M IPO, "]Financial Post,June 3, 2015.
  2. ^abNicolas Van Praet,"Entrepreneur behind Galaxie music is betting on TV's survival,"Financial Post,January 24, 2014.
  3. ^abcDoug Alexander,"Stingray Digital Raises C$140 Million in IPO,"Bloomberg Businessweek,May 26, 2015.
  4. ^"Stingray Digital to raise $140M in IPO,"CBC News,May 27, 2015.
  5. ^abcDamon van der Linde,"Stingray Digital Group Inc plays to a bigger crowd with first acquisition since IPO,"Financial Post,July 24, 2015.
  6. ^abPaul Delean,"Stingray Digital in a growth groove,"Archived2017-08-03 at theWayback MachineMontreal Gazette,July 24, 2014.
  7. ^abGrant Robertson,"Stingray goes live with deal for Concert TV,"The Globe and Mail,August 4, 2010.
  8. ^abcGrant Robertson,"Stingray Digital to buy London's Music Choice International,"The Globe and Mail,April 4, 2011.
  9. ^"Stingray Digital pushes into radio with $506-million purchase of Newfoundland Capital".The Globe and Mail.Retrieved2018-05-06.
  10. ^"CRTC Approves $506-Million Sale of Newcap Radio to Stingray".VOCM.Archived fromthe originalon 2019-07-08.Retrieved2018-10-31.
  11. ^"Stingray Announces Finalization of Name Change".Stingray.3 December 2018.Retrieved2019-01-26.
  12. ^"Why Stingray Digital is betting it all against streaming music".Canadian Business.2016-02-25.Retrieved2018-05-06.
  13. ^"A new beginning for ISAN".InStore Audio Network.Archived fromthe originalon 2022-08-09.
  14. ^"Stingray at the Forefront of the 4K Revolution with the Acquisition of Festival 4K".Stingray.Retrieved22 March2019.
  15. ^PowerPoint PresentationArchived2016-11-04 at theWayback MachineMusic Choice 2016-06-7
  16. ^Music Choice Sues Stingray, Accusing TV Rival of Patent InfringementArchived2016-11-04 at theWayback MachineMusic Choice 2016-06-6
  17. ^Stingray counters Music Choice’s lawsuit, calls it smear campaignGlobe And Mail 2016-08-30
  18. ^Broadcasting Decision 2015-449CRTC 2015-10-1
  19. ^Bertrand Marotte,"Stingray ups ante in mobile music sphere with new version of its app,"The Globe and Mail,July 6, 2015.
  20. ^ab"Stingray Digital said to seek about $120M in IPO,"Montreal Gazette,April 24, 2015.
  21. ^Corus Enters Agreement with Stingray Digital For Pay Audio ServiceArchived2012-07-24 atarchive.today;Broadcaster Magazine; 2009-02-13
  22. ^Josh O'Kane,"In Muzak battle, Stingray snags eMedia's Canadian accounts,"The Globe and Mail,May 1, 2013.
  23. ^Robert Briel,"Stingray Digital acquires Dutch music channels,"Broadband TV News, June 13, 2014.
  24. ^Dominique Lemoine,"Customer Experience: Stingray acquires Viva Group,"Direction Informatique, February 17, 2015.
  25. ^"Music services company Stingray Digital perks ears for acquisitions,"CTV News,August 12, 2015.
  26. ^Grant Robertson,"Singing for profit, in the key of Google,"The Globe and Mail,July 14, 2009.
  27. ^Yuliya Chernova,"AppDirect Lands $110 Million at More Than $1 Billion Valuation,"Wall Street Journal,October 7, 2015.
  28. ^David Friend,"Montreal's Stingray Digital wades into music streaming waters,"Toronto Star,July 6, 2015.
  29. ^STINGRAY GROWS ITS CHANNEL PORTFOLIO WITH THE ACQUISITION OF FOUR (4) BELL MEDIA MUSIC VIDEO CHANNELSStingray Press Release 2016-06-21
  30. ^Inc, Stingray Group (2017-05-09)."Stingray Acquires Yokee Music LTD".Globe Newswire.Retrieved2023-07-31.{{cite news}}:|last=has generic name (help)
  31. ^Inc, Stingray Group (2018-01-03)."Stingray Acquires Qello Concerts".Globe Newswire.Retrieved2023-07-31.{{cite news}}:|last=has generic name (help)
  32. ^"Palmarès ADISQ: Stingray launches francophone music video channel".Montreal Gazette.2018-06-15.Retrieved2018-06-23.
  33. ^Spangler, Todd (2018-08-03)."Music Choice Targeted in $120 Million Hostile Takeover Bid by Canada's Stingray".Variety.Retrieved2019-01-05.
  34. ^"Stingray abandons move to acquire Music Choice".Digital TV Europe.2019-01-04.Retrieved2019-01-05.
  35. ^Farrell, Mike (2 January 2019)."Stingray Abandons Music Choice Takeover Bid".Multichannel.Retrieved2019-01-05.
  36. ^Jarco Kriek (20 January 2019)."Verschraling zenderaanbod gaat door: weer tv-zender minder"(in Dutch). TotaalTV.nl.

External links[edit]

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