Stingray sees a major revenue boost in Q4

The company saw 113% growth in revenues year-over-year, with 246% growth in Canada.

Music-focused media company Stingray company is seeing exponential growth according to its most recent financial report detailing Q4 2019 and year-end results. Total global revenues topped out at $72.7 million during Q4, up from $34.2 million during the same period last year, a 113% increase.

Revenues in Canada during Q4 increased 246% to $47.3 million – largely a result of the acquisition of NCC and Novramedia – and accounted for 65% of the company’s total revenues. During this quarter, Stingray also acquired two Welland, Ont. radio stations and became a contender for Numeris measurement.

Broadcast and commercial music revenues brought in $38.7 million, up from $34.2 million in Q4 2018. Radio revenues totalled $34 million during Q4 after the company divided it from broadcast revenues during Q3. The acquisition of DJ Matic and Novramedia helped boost broadcast revenues as well as B2C apps and subscription video-on-demand of which 364,000 people globally are registered for as of March 31, a 4.6% increase from April 2018.

According to Numeris, Stingray’s paid audio channels reached more than 15 million Canadians during Q4 with a peak AMA of 182,000.

Looking forward, Stingray has plans to acquire the assets of CHOO-FM in Drumheller, Alberta and to expand its distribution deal with Telus bringing five new music television channels to its catalogue.

At the end of fiscal 2019, Stingray reported $212.7 million in revenues, of which $129.3 million came from broadcast and commercial revenues.