The Company reports it is seeing strong demand from consumers that are looking for karaoke systems that can access digital karaoke music through mobile phones, streaming, or download. The Company cites the increase in machines that can access digital music coming from the Company's decision to incorporate Bluetooth™ into all new models. Bluetooth™ is a bridge to wirelessly play music from mobile devices or stream karaoke videos through the Singing Machine Mobile Karaoke App, available on iOS devices like the iPhone™ or iPad™.
The Company also recently announced a new line of Digital Download karaoke systems that are equipped to play downloaded karaoke songs through the Internet. These new download ready machines are available now at retail stores nationwide and provide customers with the ability to wirelessly stream karaoke videos or download their choice of karaoke music. The Company reports that initial response to the new line of Digital Download karaoke has been strongly favorable and the download usage metrics have been positive.
Through its partnership with Stingray Karaoke, the Singing Machine offers streaming or download access to more than 10,000 high-quality karaoke videos via a Mobile Karaoke App and Download Store. Karaoke videos are available in multiple genres like Pop, Rock, Country and more, and include hits in the style of today's top-charting artists and yesterday's legends.
Gary Atkinson, CEO, commented, "The Company has made a strategic effort to expand the number of digital-ready karaoke systems in the market. Bluetooth™ gives consumers more choices to find the music they want. It also turns our machines into dual-purpose karaoke machine and Bluetooth™ speaker so that our customers can passively listen to music when they're not singing. But the most compelling benefit to digital-ready karaoke systems is that it opens up a new source of recurring revenue to the Company for music subscriptions and downloads. We're excited about the future of this technology."
About The Singing Machine
Based in the US, Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 10,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2015. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward looking statement to reflect events or circumstances after the date of this release.
Investor Relations Contact: Brendan Hopkins (407) 645-5295 investors@singingmachine.com www.singingmachine.com www.singingmachine.com/investors
