Recent acquisitions have contributed towards a solid start for premium audio provider Stingray.
Its first financial quarter of 2017 saw revenues increase by 23.4% with international markets now representing 42.7% of revenues.
Singray recorded revenues of $24.5 million compared with revenues of $19.9 million a year ago. The increase was attributed to the acquisitions of iConcerts, Brava Group, Digital Media Distribution and Nümédia combined with Commercial music growth in Canada.
“The music industry remains in flux but we strongly believe that we have a sustainable and profitable business model. The launch of our free mobile application combined with more than 2000 Vibe channels available in Canada, Latin America and the Netherlands have attracted a growing and younger audience to Stingray Music. We are proud to report that the Stingray Music Mobile App has reached 1 million downloads, doubling its user base in only one year,”said Eric Boyko, President, Stingray.
Mr Boyko said he anticipated international revenues would account for 70% of total revenues by 2020.