A year after Stingray acquired TuneIn for $175 million, the company says the deal is generating revenue and cost savings faster than expected, with more gains still possible.
Stingray President and CEO Eric Boyko said the integration has produced annualized revenue synergies of nearly $31.7 million and cost savings of about US$8.5 million. He said the company sees further opportunities to coordinate operations and development teams and reduce distribution and advertising costs.
Stingray also credited TuneIn advertising and stronger sales across its free, ad-supported streaming TV channels, including its Moodscapes feeds, for quarterly growth. Revenue from FAST channels rose more than 85%, while advertising revenue across TuneIn, FAST channels and retail media more than doubled, executives said in a report.
The company has expanded its connected-TV advertising business, securing the rights to sell Samsung’s unsold ad inventory. Samsung is the third major television manufacturer to join Stingray’s Premium Ad Network.
Stingray also broadened its international FAST distribution during the quarter. It launched 20 channels in 13 European countries on LG Smart TVs and 17 channels in nine countries on Rakuten TV. Additional channels debuted on LG Channels in the United Arab Emirates.
Stingray also broadened its international FAST distribution during the quarter. It launched 20 channels in 13 European countries on LG Smart TVs and 17 channels in nine countries on Rakuten TV. Additional channels debuted on LG Channels in the United Arab Emirates.