MONTREAL – Stingray Digital Group is continuing its international buying spree after announcing plans late Thursday to buy Swiss-based iConcerts.
Operated by Transmedia Communication SA, iConcerts is a TV channel dedicated solely to live music. It is currently distributed to more than 100 pay-TV and OTT operators in 85 countries, and available to an estimated 250 million households across Europe, Asia, Africa, and the Middle-East.
Stingray said the transaction gives it a stronghold in the Asian market, including distribution deals with CCTV in China, KT in Korea and StarHub in Singapore. iConcerts also has an important presence in Europe with providers Swisscom and Orange, and in Russia with Tricolor.
The transaction is expected to add $5 million in annual revenues for Stingray, reads the news release.
“Following the acquisitions completed over the last two quarters, the agreement with iConcerts further demonstrates our intent to provide our clients with the greatest variety of digital music products and services on the market,” said Stingray president, CEO, and co-founder Eric Boyko, in the release. “iConcerts’ live music concert library perfectly complements Stingray’s current offering (Stingray Concerts, Stingray Brava, and Stingray Djazz), allowing us to become the number one destination for exciting live performances on television.”
