Strong Organic Growth
Stingray achieved organic growth of 16.7% in Broadcast and Recurring Commercial Music, driven by increasing FAST channel sales. Advertising revenue grew by 55%, surpassing the 40% target.
Record Revenue and EBITDA
Consolidated revenue grew by 21% to $113 million, and adjusted EBITDA improved by 16.3% to $39.5 million.
TuneIn Acquisition
Stingray announced the acquisition of TuneIn Holdings for up to $175 million. TuneIn serves 75 million active listeners and generates $110 million in revenue and $30 million in EBITDA annually.
Dividend Increase
Stingray's Board approved a 13.3% increase in the quarterly dividend, raising it from $0.075 to $0.085, reflecting strong financial performance.
Expansion in Retail Media
Acquisition of DMI expanded Stingray's U.S. retail network by 8,500 Walgreens locations, reaching 33,000 locations across North America.