Fort Lauderdale, FL, Jan. 07, 2021 (GLOBE NEWSWIRE) — The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the North American leader in consumer karaoke products – today announced strong results from its key 2020 holiday season.
Singing Machine products were featured nationally and were well represented at all major retailers and e-commerce platforms this holiday season.
- Over 98% sell-thru on a Black Friday campaign with the nation’s leading retailer.
- Carpool Karaoke Microphone sold out 100% on Amazon’s Prime Day and Cyber Monday’s Featured Deals of the Day.
- Karaoke exploded with 90% YoY growth with a leading national retailer, an increase of over $4M sell-through for the year.
- Over 90% sell through at Club stores nationwide.
- Karaoke sales from digital channels increased 48% YoY.
- Reduced advertising costs by approximately 33% YoY.
Gary Atkinson, Singing Machine CEO, commented, “We’re thrilled at the popularity and success of karaoke during this recent pivotal holiday season. Due to strong demand and inventory shortages, we relied on a lower advertising and promotional pricing strategy and realized a better mix of sales at regular margin vs on-promotion. Further, we saw tremendous success at the at the higher price points ($189 and above) this holiday which suggests a willingness for more features and that machines are being purchased for self and families. We look forward to continue this surge into Q4 and beyond.”
About The Singing Machine
Based in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry’s widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details.
This press release contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‑looking statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2020. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward‑looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward‑looking statement to reflect events or circumstances after the date of this release.