Canada’s Stingray Digital moves into Aus market with new acquisition
Canada’s Stingray Digital Group Inc, provider of multi-platform music, is moving into the Australian market, by acquiring Australian digital music services provider Digital Music Distribution Pty Ltd (DMD) for A$12 million.
Stingray is offering a complete portfolio of music products and services across all platforms. The move into Australia coincides with an expansion in the Asia-Pacific. In November 2015, Stingray struck a strategic partnership with Singapore-based Multi Channels Asia, which owns and distributes a number of thematic pay TV networks serving Asia and the Pacific.
Stingray’s President, CEO and co-founder Eric Boyko stated, “Stingray has a track record of acquiring established, dynamic and creative companies – Digital Music Distribution is no exception.
“Considering the untapped potential of digital television in Australia, the acquisition of DMD holds enormous potential.
“This transaction provides us an exciting opportunity to enter the Australian market with a comprehensive product line and to accelerate our growth in Asia-Pacific. We look forward to building long-lasting and mutually beneficial relationships with all clients currently served by DMD.”
DMD provides digital music services to the public, broadcasters and other media suppliers as well as brand partners. It offers linear, subscription and brand promotion services across a wide range of music catalogues from leading major and independent record labels. DMD currently operates 29 audio television channels for Foxtel. These will change their name to Stingray.
Headquartered in Montreal, Stingray’s divisions cover music, videos, concerts, karaoke and lite-TV. It covers Canada, the US and the Caribbean, reaching 135 million households in 127 territories, before its expansion into Latin America, Europe and now the Asia Pacific.
Stingray Music, initially known as Galaxie, consists of 400 commercial-free music based audio channels, distributed through digital television platforms. Each is devoted to a specific music style, delivered in different languages, curated by a specialist from each genre. The music is continuous with no live presenters.