Mood Media sells off rest of Canadian retail music accounts to Stingray Digital

Shifting towards digital signage and in-store scents in a move to strengthen core business

Mood Media is selling the remainder of its Canadian retail music accounts to a Montreal-based company for US$11 million.

Mood Media says the sale of the 8,000 accounts to Stingray Digital will allow it to focus on its core businesses, strengthen its balance sheet and help pay down debt.

The company has been moving away from background music and into digital signage and helping retailers use fragrances and scents as part of their marketing in stores.

Stingray Digital said it will be providing support and music programming services to retailers, such as Loblaws, Mark’s, Aldo Shoes, among others. The bulk of the accounts are music, but some are digital signage, Stingray said.

In January, Mood Media sold its residential Latin American music division to Stingray for $16.3 million.

Stingray Digital is the owner of the Galaxie TV digital music service that’s available via cable and satellite TV operators.

Late last year, Stingray signed an expanded agreement with Mood Media to supply music to an additional 7,500 additional Mood commercial locations, making it the largest provider of background music to about 70,000 Canadian retail stores.

“This is another important milestone for Mood Media and it underscores our commitment to unlocking the value of our assets and capitalizing on new opportunities to enhance returns for all of our stakeholders,” Mood Media president and CEO Steve Richards said Friday.

Stingray Digital has more than 100 million subscribers in 113 countries. Its properties include Galaxie, Music Choice International, Concert TV and the Karaoke Channel as well as music licensing services.

Media Articles

Cossette Media chosen as AOR for Canadian Government

Three-year contract grants media agency planning and buying duties

More journalists relying on social media: Cision

International survey shows two-thirds of journalists log in daily

Corby dedicates 50% of digital spend to programmatic

Booze brands make a big shift online with new media and platform partners

Quebecor reports Q2 profit compared with a loss a year ago

Erik Peladeau rejoining company's board of directors

Laas Turnbull joins ZoomerMedia

Media veteran named co-publisher of Zoomer, takes on content and IT teams

iPhones top list of preferred second screen devices

New Seevibes statistics shows Android losing ground to home comupters

Why sports apps are winning with fans

Usage is exploding as sports apps keep consumers deeply engaged

Mediative adds Dine.to and two auto sites to network

New sites boost network's reach with auto and foodie audiences