New York, NY (Top40 Charts) Stingray, the leading global provider of multiplatform musical services for
Pay TV operators, announced today its acquisition of onthespot's
Pay TV music portfolio of clients in Brazil, Chile, Colombia, Peru, Ecuador, Venezuela and Portugal. Telefónica On The Spot Services is a subsidiary 100% owned by Telefonica Group, one of the largest telecommunications companies in the world. This acquisition is a significant step in Stingray's expansion in Latin
America and the beginning of a long-term relationship with important Telefónica Group affiliates in the region.
"We are honored to now supply the residential
Pay TV music services for Telefonica and its affiliates that were provided by onthespot. We are seeing tremendous growth in Latin
America with close to 30 million subscribers to our music services. We plan to introduce new services in the region including our Stingray
Music mobile app in the near future which will bring even greater value to our Latin American audiences," said Eric Boyko, Stingray's President and CEO.
"The acquisition of onthespot
Pay TV Music services is an important milestone in our Latin
America growth strategy. In addition to strengthening our client portfolio, it solidifies our relationship with Grupo Telefónica and enables us to explore new business opportunities with its affiliates while continuing to expand our presence in some of the world's fastest growing
Pay TV and Broadband markets," added Gustavo Tonelli, Stingray's Latin
America General Manager.
The agreement is part of the Telefonica On The Spot Services's strategy on simplifying its portfolio and focusing on its core business - in-store media services and digital marketing - which is experiencing a significant growth in Latam and
Europe since the start of its international expansion one year ago.
Under the terms of the agreement, onthespot's
Pay TV music services will be commercialized as Stingray Music. Stingray
Music offers to TV operating partners a wide range of musical content on all existing and emerging platforms. One of many key services is a stronger linear offering featuring music channels, karaoke services and TV Everywhere content that will allow Stingray
Music subscribers to enjoy their favorite musical content wherever and whenever they choose, on the device they prefer.
