Stingray Group Inc
TSX:RAY.A
Stingray Group Inc
Stingray Group, Inc. engages in the provision of multi-platform music services. The company is headquartered in Montreal, Quebec and currently employs 1,000 full-time employees. The firm provides curated direct-to-consumer and business-to-business (B2B) services, including audio television channels, radio stations, subscription video-on-demand (SVOD) content, television channels, fast channels, karaoke products, digital signage, in-store music, and music applications. The firm also provides relaxation, mindfulness and sleep music. The firm offers SVOD services on a wide range of Internet-capable devices including smart televisions (TVs), smartphones, tablets, video game consoles and multimedia devices. The firm offers Stingray Karaoke, Stingray Classica, Stingray DJAZZ and Stingray Qello. The firm also offers business to consumers (B2C) mobile applications that includes Stingray Music, Yokee Music, Yokee Piano and Yokee Guitar. The firm has approximately 400 million subscribers in over 160 countries.
Stingray Group, Inc. engages in the provision of multi-platform music services. The company is headquartered in Montreal, Quebec and currently employs 1,000 full-time employees. The firm provides curated direct-to-consumer and business-to-business (B2B) services, including audio television channels, radio stations, subscription video-on-demand (SVOD) content, television channels, fast channels, karaoke products, digital signage, in-store music, and music applications. The firm also provides relaxation, mindfulness and sleep music. The firm offers SVOD services on a wide range of Internet-capable devices including smart televisions (TVs), smartphones, tablets, video game consoles and multimedia devices. The firm offers Stingray Karaoke, Stingray Classica, Stingray DJAZZ and Stingray Qello. The firm also offers business to consumers (B2C) mobile applications that includes Stingray Music, Yokee Music, Yokee Piano and Yokee Guitar. The firm has approximately 400 million subscribers in over 160 countries.
Revenue Growth: Stingray reported Q3 revenue of $76 million, up 4.8% year-over-year, driven by higher advertising and a recovery in commercial operations.
Adjusted EBITDA: Adjusted EBITDA for the quarter was $28.5 million, down 16% from last year, mainly due to a one-time gain last year and increased investments in digital and U.S. expansion.
U.S. Market Momentum: U.S. revenues saw strong growth of 28%, as investments in the region begin to pay off, with the U.S. now Stingray’s second largest market.
ISAN Acquisition: The newly acquired InStore Audio Network is expected to drive 25%+ growth in fiscal 2023 and create significant synergy opportunities.
Subscriber Growth: SVOD subscribers increased by 80,000 to 692,000, representing 34% growth year-over-year, fueled by successful Amazon launches.
Radio Recovery: Radio segment revenues rose 8% to $35 million, outperforming Canadian peers, though the sector has not fully returned to pre-pandemic levels.
Digital Pivot: Management emphasized Stingray's ongoing transformation from traditional to digital and recurring revenue streams, targeting higher-margin business.
