Stingray acquires audio streaming platform, TuneIn
Canadian media group Stingray has announced the acquisition of global audio streaming platform TuneIn in a deal worth up to US$175 million. The agreement includes an initial payment of US$150 million, with a further US$25 million due within twelve months.
“This acquisition marks a pivotal moment in Stingray’s journey to further strengthen its position as a global leader in audio entertainment and digital advertising sales,” stated Eric Boyko, President, Co-founder, and CEO of Stingray. “We are crafting an unmatched audio ecosystem by merging Stingray’s extensive technology infrastructure and content distribution capabilities with TuneIn’s expertise in monetization, advertising technology, and diverse content offerings. We’re particularly excited about expanding our reach in the automotive sector, where TuneIn and Stingray have both established strong integrations with leading manufacturers. This aligns perfectly with our strategy to meet listeners wherever they are – at home, in the car, or at retail locations. Together, we are poised to redefine audio for a connected world, delivering extraordinary value to our listeners, content partners, and advertisers.”
TuneIn, which reaches more than 75 million monthly listeners across 100,000 radio stations and podcasts, is forecast to generate US$110 million in revenue this year.
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Stingray, which is based in Montreal, expects the acquisition to lift combined annual revenues to over US$400 million, strengthening its position in the global digital audio market.
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