SmallCapVoice.com Inc. (“SCV”) announces the availability of a new interview with The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the worldwide leader in consumer karaoke products – to discuss the Company’s stellar second quarter financial results, the moves made in 2021 and the focus for 2022.
Speaking with SCV’s Stuart Smith, Gary Atkinson, Singing Machine CEO, mentioned how home entertainment became vitally important in 2020 driving sales for the Company’s consumer karaoke products in 2020. This strong demand developed through the global pandemic in 2020 continues to provide tailwinds for the company in 2021. He continued to note the other drivers behind the Company’s strong revenues and net income for the second quarter ended September 30th, 2021. With a powerful distribution model already established with big-box retailers like Costco and e-commerce sites like Amazon, the Company can now focus on its growing subscription-based revenue model.
Other highlights discussed in the interview include the successful completion of a $10 million private placement in August, the transformation of the shareholder base by bringing in a group of well-respected institutional funds, and the further development of the music subscription revenue model with strategic investor and partner, Stingray Group, Inc.
In the interview, Atkinson stated, “The reason I’m so excited having Stingray be one our lead investors is they are a large technology and music content company. They have been our long-time partner and they power our digital karaoke content sales. The reason they made this investment in us, and the reason why this is potentially such a transformative event, is because they see us sell over a million karaoke units a year…the partnership with Stingray now allows for the music subscriptions sales and strengthens us to help build another recurring revenue model.”
Atkinson continued, “One of the big things that we are working on right now is the up list process to a national exchange. We think that a listing on a national exchange will broaden the audience of the people that can transact in our stock. We are also working on bolstering our cash flow position, getting out inventory levels back in line, and really taking advantage of the demand that is out there.”