Stingray Acquires iConcerts
Stingray now the world’s largest digital live music concerts TV broadcaster
Montreal – Stingray Digital Group Inc. (TSX: RAY. A; RAY B), a leading business-to-business multiplatform music provider, today announced that it has reached an agreement to acquire Swiss-based iConcerts, a TV channel dedicated solely to live music currently distributed to more than 100 Pay-TV and OTT operators in 85 countries and available to an estimated 250 million households across Europe, Asia, Africa, and the Middle-East. Upon completion of the transaction, Stingray will be the world’s largest broadcaster of live music concerts on television, with access to the largest library of digital live music worldwide. The transaction is expected to add $5 million in annual revenues for Stingray.
With this transaction, Stingray firmly establishes a stronghold in the Asian market including distribution deals with CCTV in China, KT in Korea and StarHub in Singapore. iConcerts also has an important presence in Europe with providers Swisscom and Orange, and in Russia with Tricolor.
“Following the acquisitions completed over the last two quarters, the agreement with iConcerts further demonstrates our intent to provide our clients with the greatest variety of digital music products and services on the market,” said Eric Boyko, President, Co-founder and CEO of Stingray. “iConcerts’ live music concert library perfectly complements Stingray’s current offering (Stingray Concerts, Stingray Brava, and Stingray Djazz), allowing us to become the number one destination for exciting live performances on television.”
iConcerts was launched on June 21, 2006, and was operated by Transmedia Communication SA. iConcerts’ programming features the biggest stars of today and decades past and includes concerts, TV show, documentaries and interviews.
Source: Stingray Digital Group