Company Generates Record Subscriptions Sales for 2023 Holiday Season
Fort Lauderdale, FL, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or “the Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced a significant new milestone in its partnership with leading music, media and technology company, Stingray Group, Inc. (“Stingray”), for their shared karaoke subscription service. For 2023, the Stingray-Singing Machine subscription service generated a record $3.28 million in gross sales, representing a 34.8% increase over the prior calendar year subscription sales. As part of its agreement with Stingray, the Company’s profit share is calculated after deducting all costs of goods sold (COGS) and expenses associated with maintaining this service. Consequently, the Company records net sales on music subscription sales at approximately 100% gross margin.
- For 2023, the Stingray-Singing Machine subscription service generated a record $3.28 million in gross sales, representing a 34.8% increase over the prior calendar year subscription sales.
- Consequently, the Company records net sales on music subscription sales at approximately 100% gross margin.
- “We are excited to report that subscription sales generated very strong results for the Company in 2023,” commented Gary Atkinson, CEO of the Singing Machine.
- With the expansion of our Wi-Fi streaming line, we project our net music subscription sales, which have virtually no COGS or SG&A expenses associated with it, to grow proportionally with the forecasted increase in unit sales,” concluded Mr. Atkinson.