Company Generates Record Subscriptions Sales for 2023 Holiday Season
The Singing Machine Company, Inc. (MICS)
Company Research
Source: GlobeNewswire
Karaoke Subscription Service Generated $3.28 Million in Sales, 35% Increase Year-Over-Year Fort Lauderdale, FL, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or “the Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced a significant new milestone in its partnership with leading music, media and technology company, Stingray Group, Inc. (“Stingray”), for their shared karaoke subscription service. For 2023, the Stingray-Singing Machine subscription service generated a record $3.28 million in gross sales, representing a 34.8% increase over the prior calendar year subscription sales. As part of its agreement with Stingray, the Company’s profit share is calculated after deducting all costs of goods sold (COGS) and expenses associated with maintaining this service. Consequently, the Company records net sales on music subscription sales at approximately 100% gross margin. “We are excited to report that s
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MICS
News
- Company Provides 2024 Results of Operations [Yahoo! Finance]Yahoo! Finance
- Company Provides 2024 Results of OperationsGlobeNewswire
- Singing Machine Secures $2 Million Senior Credit Facility [Yahoo! Finance]Yahoo! Finance
- Singing Machine Secures $2 Million Senior Credit FacilityGlobeNewswire
- Singing Machine Announces Distribution & License Agreement for Singing Machine Product Sales in the People's Republic of China [Yahoo! Finance]Yahoo! Finance
MICS
Sec Filings
- 4/15/24 - Form 10-KT
- 4/3/24 - Form 8-K
- 4/1/24 - Form NT
- MICS's page on the SEC website