Strong Organic Growth in Broadcast and Recurring Commercial Music
Stingray achieved organic growth of 16.7% in Broadcast and Recurring Commercial Music, driven by rapidly increasing FAST channel sales.
Significant Increase in Advertising Revenue
Advertising revenue grew by 55%, significantly surpassing the 40% target, driven by year-to-year revenue increase in Retail Media and strong growth in FAST channel sales.
Strategic Acquisition of TuneIn Holdings
Stingray announced the acquisition of TuneIn Holdings, the second largest acquisition and the largest U.S. acquisition in the corporation's history, expected to greatly expand Stingray's global digital audio footprint.
Record Revenue and Adjusted EBITDA
Consolidated sales grew by 21% to a record $113 million, and adjusted EBITDA improved by $16.3 million to $39.5 million.
Dividend Increase
The Board approved a 13.3% increase in the quarterly dividend, raising it from $0.075 to $0.085.