Stingray Revenue Jumps 51% As TuneIn Acquisition Pays Off

Matthew Keys

Nov 20262 min read

Stingray Revenue Jumps 51% As TuneIn Acquisition Pays Off

Editor's Note

TheDesk.net on State of Streaming is a syndicated partnership featuring reporting by Matthew Keys — founder and editor of TheDesk.net, covering media technology, connected audio, and digital distribution. This report analyzes Stingray’s fiscal second-quarter financial results: revenue surging 51.3% to C$171.4 million (US$120.9 million) following its acquisition of TuneIn, FAST channel revenue jumping more than 85%, a new CTV ad representation agreement with Samsung, and expanding in-vehicle entertainment partnerships with Ford, Lincoln, and Stellantis.

Broadcaster and connected audio company Stingray reported a sharp increase in quarterly revenue and profit this week as the company’s acquisition of U.S.-based streaming platform TuneIn began to pay off.

Revenue earned by the Canada-based company climbed to C$171.4 million (around US$120.9 million) during the company’s fiscal second quarter ending Sept. 30, an increase of 51.3% from C$113.3 million (US$79.9 million) during the same period last year.

Net income rose 37.7% to C$16.2 million (around US$11.4 million), while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 47.5% to C$58.3 million (US$41.1 million).

(Snapshot of stock at time of publishing)

Stingray attributed much of its quarterly gains to advertising revenue associated with TuneIn and stronger sales across its slate of free, ad-supported streaming TV (FAST) channels, including its “Moodscapes” feeds. FAST channel revenue increased more than 85 percent, while advertising revenue across TuneIn, FAST channels and retail media more than doubled, executives said in a report.

Stingray President and CEO Eric Boyko said the company’s integration of TuneIn has already produced annualized revenue synergies of C$45 million (nearly US$31.7 million) and cost savings of C$12 million (US$8.5 million), exceeding internal expectations.

“We believe there are further opportunities to optimize our synergies both in terms of revenues and costs moving forward,” Boyko said.

(Infographic by Matthew Keys for The Desk and State of Streaming)

Stingray has also expanded its connected television advertising business, recently securing the rights to sell Samsung’s unsold advertising inventory. Samsung becomes the third major television manufacturer participating in Stingray’s Premium Ad Network.

The company expanded FAST distribution internationally during the quarter, launching 20 channels across 13 European countries on LG Smart TVs and 17 channels across nine countries on Rakuten TV. Additional channels were introduced through LG Channels in the United Arab Emirates during the quarter.

Stingray is also expanding its automotive entertainment business through partnerships with Ford, Lincoln and Stellantis, bringing music channels, radio stations and podcasts to vehicle entertainment systems, as previously reported by The Desk.

Stingray’s traditional radio business in Canada also recorded growth, with revenue increasing 5.3 percent to C$34.1 million (around U.S. $24 million). Stingray attributed the improvement to higher national advertising and digital revenue.

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