Stingray, a Montreal-based music, media and technology company, is involved in everything from advertising to streaming and traditional broadcast television and radio.
But one of its products — a karaoke app — is quickly becoming a standard extra on electric vehicles. A car version of the Stingray Karaoke app is available at Tesla vehicles, and the company has signed an agreement to make it available on Ford cars and cars produced by Chinese electric car manufacturers BYD.
The company says its catalog contains thousands of legally licensed karaoke songs, with “new songs released every Friday and curated party mixes for every occasion.”
On Monday (December 9), Stingray announced an increase and extension of its revolving credit facility to provide additional liquidity for its operations and M&A activities.
Stingray increases its credit facility by C$80 million, CAD 500 million (about. $352 million), provided by a consortium of Canadian banks national bank financial markets and Dejardin Savings Bank As deputy front runner. Also participating royal bank of canada (erythrocyte), Canadian Imperial Bank of Commerce (Canadian Imperial Bank of Commerce), toronto dominion (TD) bank, bank of nova scotiaas well as government-operated business development bank of canada (business development center).
“We are pleased to have the continued support of our current banking group and partners as we explore growth opportunities,” said Stingray co-founder, president and CEO. Eric Boyko explain.
“This new financing significantly enhances our current liquidity and provides additional committed options as we continue to evaluate and capitalize on market opportunities.”
Since listing on the Toronto Stock Exchange in 2015, the company has pursued a growth strategy focused on mergers and acquisitions, casting a wide net in the digital media field. It acquires Australian digital music service provider DMD In the same year, there were also three TV music channels from the Netherlands Brava Television Groupoperating in dozens of countries.
In 2017, it acquired C Music EntertainmentC Music TV is a classical music video channel operator headquartered in the United Kingdom. In 2018, Stingray acquired Newfoundland Capital Corp., Canada’s second-largest private broadcaster.
Today, Stingray operates the largest retail audio advertising network in North America, delivering audio messages at 30,000 retail locations. In 2021, Stingray and Amazon Bringing multiple music channels to Amazon Prime Video. The company has also struck deals with streaming entertainment companies unlimited and Year.
Stingray says it has long-term relationships with more than 300 music labels, distributors and studios, including “Sony Music, Warner Music Group, Universal Music Group, BMG, Kobalt and Mercury Studios, as well as many independent content providers” .
“This new financing significantly enhances our current liquidity and provides additional committed options as we continue to evaluate and capitalize on market opportunities.”
Eric Boyko, Stingray
But its hottest product over the past few years has been the Stingray karaoke app (pardon the pun) powered by Tesla, which became the first electric car manufacturer to add an in-car karaoke app to its vehicles business.
Other EV makers have since joined in, including China’s BYD, which signed a deal in 2023 to bring the Stingray Karaoke app to its cars sold overseas.
Most recently, Stingray signed a deal with Ford to provide karaoke capabilities on the automaker’s all-electric F-150 Lightning pickup truck and Mustang Mach-E. The app will later be available for download on other vehicles with Ford and Lincoln Digital Experience, including the 2025 Ford Explorer, 2025 Lincoln Navigator, 2025 Lincoln Aviator and 2025 Lincoln Nautilus.
Users of karaoke apps can access a variety of music genres, from rock and country to Latin, K-pop and J-pop.
Stingray emphasizes the safety features included in the karaoke app, such as scrolling lyrics that drivers cannot use while the car is moving.
And karaoke isn’t just limited to cars. In October, Stingray announced that the feature is now available in Vizio television. A month later, it announced that the feature would be rolling out Roblox.
“Stingray is committed to innovating the way people experience music and entertainment, serving millions of users across platforms ranging from apps to in-car entertainment systems,” said Rick Bergan, Stingray’s head of U.S. content distribution.
Stingray reported in its latest earnings release for the quarter ended September 30 Annual increase of 13.4% Revenue jumped to CAD 93.6 million ($68.6 million Based on the average exchange rate in the third quarter).
The company’s adjusted EBITDA rises Annual increase of 15.2% arrive C$34 million ($24.9 million).
Boyko said growth was driven by its FAST (free ad-supported television streaming) channels and retail media division. He noted that the company has created “a whole new revenue stream” through its partnership with Xperi/TiVo, which brings eight new in-car entertainment channels to rear-seat screens in BMW Group vehicles.
“This premium video service will be expanded to other luxury automakers in the coming quarters as we position Stingray as the supplier of choice in this market,” Boyko said.
The company reports entertainment content on 2.5 million vehicles and 400 million viewers and listeners across its services.global music business
