MONTREAL – Stingray Digital, the leading global provider of multiplatform musical services for pay TV operators, announced today its acquisition of onthespot Pay TV Music’s portfolio of clients.
Telefónica On The Spot Services is a subsidiary 100% owned by Spain’s Telefonica Group, one of the largest telecommunications companies in the world. “This acquisition is a significant step in Stingray’s expansion in Latin America and the beginning of a long-term relationship with important Telefónica Group affiliates in the region,” says the company’s press release.
“We are honored to now supply the residential pay TV music services for Telefonica and its affiliates that were provided by onthespot. We are seeing tremendous growth in Latin America with close to 30 million subscribers to our music services. We plan to introduce new services in the region including our Stingray Music mobile app in the near future which will bring even greater value to our Latin American audiences,” said Eric Boyko, Stingray’s president and CEO.
“The acquisition… is an important milestone in our Latin America growth strategy. In addition to strengthening our client portfolio, it solidifies our relationship with Grupo Telefónica and enables us to explore new business opportunities with its affiliates while continuing to expand our presence in some of the world’s fastest growing pay TV and broadband markets,” added Gustavo Tonelli, Stingray’s Latin America general manager.
The agreement is part of the Telefonica onthespot´s strategy on reinforcing and focusing on its core business, in-store media services and digital marketing, which is experiencing a significant growth in Latin America and Europe since onthespot launched its international expansion one year ago, reads the press release.
Under the terms of the agreement, onthespot Pay TV Music services will be commercialized as Stingray Music.
Based in Montreal, Stingray Music (formerly branded in Canada as Galaxie) offers to TV operating partners a wide range of musical content on all existing and emerging platforms.
