Stingray’s Q3 net income drops sharply as revenue climbs

MONTREAL – Led by acquisitions and an influx of subscription video on demand (SVoD) subscribers, Stingray Digital Group saw its third quarter revenues climb by over 31%.For the third quarter ended December 31, Stingray posted revenues of $34.2 million, up 31.8% from $25.9 million in the same period last year, primarily due to its acquisition of Yokee Music and Classica, combined with organic growth of SVoD services in the U.S., as well as additional music and equipment sales related to digital signage.Recurring revenues were up 27.5% to $28.0 million year-over-year and decreased to 81.9% of total revenues for the quarter...