Stingray is a Montréal-based company that broadcasts curated music TV channels through agreements with TV service providers, with contracts typically spanning 3–5 years. This segment represents ~75% of total revenue and is viewed as the main area of focus by management. The company’s remaining business consists of providing commercial music and digital signage services to retail businesses. Stingray currently has close to 300 employees across the globe and should generate more than C$100m in revenue in 2017, in our view.

While we acknowledge that the music broadcasting industry is challenging, we believe… CLICK HERE for the complete analysis