MONTREAL, March 06, 2020 (GLOBE NEWSWIRE) -- Stingray (TSX: RAY. A; RAY. B.), a leading music, media, and technology company, today announced that it has acquired 30% interest in The Podcast Exchange (TPX), the Canadian leader in podcast advertising representing thousands of shows with over 70 million impressions per month across multiple genres and networks. This transaction will give Stingray a head start in podcast digital ad revenue and support the company’s growth in the key 18-34 demographic.
According to estimates by the Interactive Advertising Bureau and PricewaterhouseCoopers, advertisers likely spent close to $700 million on podcasts in 2019, a nearly seven-fold increase¹. Stingray will hit the ground running, instantly benefiting from TPX’s partnerships, proprietary research, and brand equity with Canadian agencies and advertisers.
TPX’s “network” approach to podcasting is not contingent on a one or two-hits model to drive ad revenue but rather offers important potential for return through scale and flexibility. This investment will also give Stingray a platform to test owned and operated podcasts and take advantage of the existing TPX ecosystem to drive listenership of Stingray products and services.
“Stingray’s investment in The Podcast Exchange will provide Stingray and Stingray Radio with a toehold in the fast-growing ad-supported podcast market thus supplementing our radio and digital audio products,” said Eric Boyko, President, Co-founder, and CEO of Stingray. “This strategic investment is a bold move to show our continued commitment to deliver new and innovative content to Canadian consumers and brands. Having the means to deliver music, radio, and podcasts to listeners will pave the way for Stingray’s market position as Canada’s only true ‘Audio Everywhere’ provider.” Jean-Marie Heimrath, President and CEO, The Podcast Exchange added: “This strategic investment will support TPX growth plans in media sales and launch our content production and consulting offerings in 2020.”
Montreal-based Stingray Group Inc. (TSX: RAY.A; RAY.B) is a leading music, media, and technology company with over 1,200 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, more than 100 radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded 150 million times. Stingray reaches 400 million subscribers (or users) in 156 countries. For more information: www.stingray.com.
Toronto based TPX is the leading podcast enterprise in Canada co-founded by Jean-Marie Heimrath and Jeff Ulster. From consulting and co-production to ad sales and IP licencing, TPX’s model is based on forging profitable partnerships, inside Canada and globally, to deliver great content, build loyal audiences, and drive solid return on investment. For more information: www.thepodcastexchange.ca
For more information, please contact:
Senior Vice-President, Marketing and Communications
1 514 664-1244, ext 2362