Stingray

What Stingray does

Stingray Group Inc. (TSX: RAY) is a Montreal-headquartered connected streaming media company operating across six reportable vectors: B2B commercial music and digital signage (Stingray Business), in-store retail audio advertising (the largest network in North America at 33,500+ locations post-DMI), consumer streaming subscriptions (Stingray Music, Calm Radio, Qello Concerts, Coda Collection, Stingray Karaoke, Singing Machine), automotive OEM infotainment (BYD Audio by Stingray, TuneIn-on-Nissan/INFINITI, Mercedes-Benz), Canadian radio broadcasting (96 stations, 7M+ weekly listeners), and FAST channel distribution (Roku, LG, Samsung, Vizio, Amazon, Vesta Stream). The company's underlying technology is a multiplatform streaming and distribution stack delivering curated audio and video content across connected TVs, smart speakers, mobile apps, web, connected cars, and retail endpoints; its core acquired platform is TuneIn (100,000 radio stations, ~5M podcasts, 75M monthly active users) integrated into 200+ platforms and 50 in-car systems across 100 countries. Revenue is generated via four primary mechanics: advertising (in-store retail media, FAST channels, radio), subscription/recurring (TuneIn Premium, Stingray Music, Calm Radio, BYD Audio subscription models), content licensing to third parties, and hardware sales (Singing Machine karaoke products). Stingray sells through B2B direct sales to 13,000+ commercial clients across 140,000+ locations, B2C app-store and connected-device distribution, automotive OEM embedded deals, and channel partnerships with platform operators (Roku, Amazon Prime Video Channels, JioTV, Anuvu, Vesta Stream).

FY2026 full-year revenue was US$471.6 million, up 21.9% year-over-year, with adjusted EBITDA of US$160.2 million (margin ~34%) and adjusted net income of US$90.3 million; Q4 FY2026 revenue grew 43.56% YoY reflecting TuneIn consolidation. The company employs roughly 1,000 people across offices in Montreal, Toronto, Boisbriand, Kelowna, Red Deer, London (UK), Surry Hills (Australia), Hilversum (Netherlands), and Mexico City. Following TuneIn's December 2025 acquisition, Stingray applied for a voluntary Management Cease Trade Order in June 2026 due to delayed audited financial filings, indicating integration complexity; founder Eric Boyko continues as President and CEO.

Name

Stingray

Legal name

Stingray Group Inc.

Website

https://stingray.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Stingray is a Montreal-based connected streaming media company operating B2B commercial music, in-store retail audio advertising, consumer streaming apps, automotive OEM infotainment, Canadian radio broadcasting, and FAST channel distribution for businesses, consumers, automakers, and platforms worldwide.

Ownership category

akta.pro rank

Product category

Connected Music Streaming and Media Distribution

NAICS

Radio Broadcasting Stations (51611), Broadcasting and Content Providers (516), Sound Recording Industries (5122)

SIC

Radio Broadcasting Stations (4832)

akta.pro primary industry

Radio Streaming & Catch-Up Audio Platforms (MPAIADAJ)

akta.pro secondary industries

Podcast Hosting, Distribution & Listening Platforms (BPAMAJAD), Commercial Radio Networks (National/Regional) (MPABABAA), Podcast Hosting & Enterprise Solutions (Private/Branded Podcasts) (MPACADAF), Talk/News/Sports Radio Networks & Syndication (MPAIAEAG)

Keywords

• Audio video streaming
• In-store advertising
• Background music services
• Music content licensing
• Radio broadcasting

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Broadcast and Commercial Music: Revenue from in-store audio advertising network (retail media), background music licensing for businesses, digital signage services, and B2B audio/video solutions. Includes advertising sales across 33,500+ retail locations and 13,000+ commercial clients.
2. Subscription Streaming Services: Revenue from consumer streaming subscriptions including Stingray Music, TuneIn Premium, Calm Radio, and other premium audio/video content subscriptions. TuneIn Premium offers commercial-free NFL and college sports, news from CNN/Fox News/CNBC/Bloomberg, and ad-free music channels.
3. Radio Operations: Revenue from 96 radio stations across Canada with 7M+ weekly listeners, including local radio advertising sales.
4. FAST Channel Distribution: Revenue from Free Ad-Supported Streaming TV channels distributed through platforms like Roku, LG, Amazon, and Vesta Stream, monetized through advertising.
5. Consumer Products (Karaoke): Revenue from Singing Machine karaoke products and Stingray Karaoke offerings sold to consumers.
6. Music and Content Licensing: Licensing of music and video content to third-party platforms, broadcasters, and businesses worldwide.

Pricing tiers

Go-to-market motion5 records

Distribution channels6 records

Marketing channels6 records

Core offering

Stingray is a connected streaming media company that curates and distributes audio and video content across multiple platforms. It operates two reportable segments: (1) Broadcasting and Commercial Music, including Stingray Business (background music, digital signage, in-store audio advertising, customer feedback via Chatter Research) for commercial clients, consumer streaming apps (Stingray Music, TuneIn, Qello Concerts, Calm Radio, Stingray Classica), FAST channels distributed on Roku/LG/Samsung/Amazon, and automotive OEM infotainment integrations (BYD, Nissan, Mercedes-Benz); and (2) Radio, comprising 96 radio stations across Canada reaching 7M+ weekly listeners.

Product overview

Stingray is a connected streaming media company operating a multi-platform portfolio of audio and video products. The company operates through two primary segments: Broadcasting and Commercial Music (including Stingray Business, Stingray Advertising/in-store retail media, streaming services like TuneIn and Stingray Music, and FAST channels), and Radio (96 radio stations with 7+ million weekly listeners). Core products include TuneIn (acquired late 2025), a major streaming audio platform with 100,000 radio stations, 5 million podcasts, and 75 million MAU; Stingray Music, a curated music streaming service; Stingray Karaoke and Singing Machine (acquired 2025) for consumer karaoke; Qello Concerts for concert streaming; Calm Radio (acquired 2021) for wellness content; and The Coda Collection (acquired 2024) for archival music content. Stingray Business provides B2B solutions including background music, digital signage, audio advertising, and Chatter Research customer feedback surveys. The company operates the largest in-store retail audio advertising network in North America with 33,500+ locations. In-vehicle entertainment is delivered through partnerships with BYD, Mercedes-Benz, Nissan, and other automotive OEMs. Recent product launches include Stingray Hooked (fishing channel) and BYD Audio by Stingray (co-branded in-car solution).

Differentiator

Problem solved

Functional benefit

Brands

• TuneIn: Streaming audio platform bringing together live sports, news, radio, music, audiobooks and podcasts; more than 75 million monthly active users distributed across 200 platforms and connected devices
• Stingray Music
• Stingray Classica
• Stingray Karaoke
• Qello Concerts
• Calm Radio
• Singing Machine
• Stingray Hooked
• BYD Audio by Stingray
• Stingray Business
• Stingray Radio

Products and services

• TuneIn

Quantifiable outcome

• 928 million monthly shopping visits reached through in-store retail media network
• +3 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature5 records

Partnerships

16 partnerships are on record, tiered core, major and minor.

• National Bank of CanadacoreStrategic or Co-development Partner · 23 June 2026Stingray Business expanded partnership with National Bank of Canada to include digital signage alongside background music renewal for banking locations.
• BMOmajorStrategic or Co-development Partner · 22 June 2026Stingray Business partnered with BMO to launch immersive soccer fan activations including a 15-meter branded soccer ball at First Canadian Place in Toronto and digital goalkeeper challenges in Toronto and Vancouver during the 2026 World Cup.
• Vesta StreammajorChannel Partner/ Reseller/ Distributor · 12 June 2026Partnership to launch Stingray's suite of FAST channels on Vesta Stream's OTT platform, expanding distribution to audiences in the United States and Canada. Launch includes curated audio music channels (Country Greats, Euro Hits, Today's K-Pop) and video channels featuring concerts, nature content, and lifestyle programming.
• Nissan/INFINITIcoreOEM/ Whitelabel/ Licensing Partner · 4 February 2026TuneIn collaboration with Nissan to provide audio content catalog including live sports, news, music, and podcasts to select Nissan and INFINITI vehicles in the United States through Google built-in technology.
• BYDcoreOEM/ Whitelabel/ Licensing Partner · 10 December 2025Launch of BYD Audio by Stingray, a co-branded in-vehicle infotainment solution offering music, karaoke, podcasts, and radio channels. The service deploys over-the-air in European markets starting early 2026 before global expansion. Partnership represents one of several automotive OEM deals underway.
• Rawlco RadiominorOthers · 26 November 2025Acquisition of CHUP-FM (C97.7) in Calgary, Alberta from Rawlco Radio, subject to regulatory approval, to expand Stingray's presence in the Calgary radio market.
• Just For Laughs DistributionminorStrategic or Co-development Partner · 14 October 2025Strategic partnership to develop and expand free ad-supported streaming TV channels featuring comedy content globally. Combines Just For Laughs' comedy library with Stingray's expertise in channel creation and distribution.
• Hotel Communications Network (HCN)majorChannel Partner/ Reseller/ Distributor · 24 July 2025Partnership to offer free music streaming to hotel guests through HCN's in-room tablets. Service provides curated playlists and 20 genre-diverse music channels with all licenses and royalty fees covered through ad-supported model at no cost to hotels. Enables hotels to legally stream music in guestrooms for the first time.
• Mercedes-BenzcoreOEM/ Whitelabel/ Licensing PartnerAutomotive entertainment partnership announced as part of Q3 2026 results, expanding in-car entertainment integrations alongside BYD and Nissan.
• AnuvuminorChannel Partner/ Reseller/ DistributorPartnership for cruise ship entertainment as announced in full-year fiscal 2026 results.
• OrkaTVminorChannel Partner/ Reseller/ DistributorPartnership for free streaming distribution as announced in full-year fiscal 2026 results.
• JioTVminorChannel Partner/ Reseller/ DistributorPartnership for Indian market distribution as announced in full-year fiscal 2026 results.
• LGcoreChannel Partner/ Reseller/ DistributorLG Channels FAST platform distribution for Stingray music and video channels; LG Radio+ powered by Stingray Music with 200+ music channels.
• SamsungcoreChannel Partner/ Reseller/ DistributorFAST channel distribution through Samsung TV Plus and smart TV platforms.
• ViziocoreChannel Partner/ Reseller/ DistributorSmart TV platform distribution for Stingray streaming content and TuneIn integration.
• AmazoncoreChannel Partner/ Reseller/ DistributorTuneIn and Coda Collection available on Prime Video Channels in US and UK; streaming distribution through Amazon Fire TVs.

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• iHeartMedia: iHeartMedia is a DIRECT_PEER because it combines a large terrestrial radio station footprint with iHeartRadio, a digital streaming platform — overlapping Stingray's 96 Canadian radio stations and TuneIn streaming business on both the broadcast and digital sides.
• Pandora (SiriusXM): Pandora is a DIRECT_PEER in music and podcast streaming with a heavy U.S. connected-car presence, overlapping TuneIn and Stingray Music on consumer audio subscriptions and OEM integrations.
• TouchTunes: TouchTunes is a DIRECT_PEER in in-venue music and jukebox media for bars and restaurants, and now operates a connected venue advertising network analogous to Stingray's in-store retail media business.
• Audacy: Audacy is a DIRECT_PEER because it owns a U.S. radio station network and operates the Audacy digital audio streaming platform, paralleling Stingray's radio-plus-streaming dual model.
• SiriusXM Holdings: SiriusXM is a DIRECT_PEER because it operates a satellite and streaming audio platform with live sports, news, music, talk, and podcasts, competing head-to-head with TuneIn for in-car listening subscriptions and connected-car OEM partnerships.
• PlayNetwork: PlayNetwork is a DIRECT_PEER as a B2B provider of licensed in-store music, messaging, and visual media for global retail and hospitality brands — overlapping with Stingray Business's background music and digital signage offering.
• Spotify: Spotify is a DIRECT_PEER in music and podcast streaming, competing with Stingray Music, TuneIn, and Calm Radio for consumer audio subscriptions and podcast listening share globally.
• Mood Media: Mood Media is a DIRECT_PEER in B2B in-store music, digital signage, and retail audio advertising — competing directly with Stingray Business for retail, hospitality, and restaurant commercial accounts.

Emerging players

• Rockbot: Rockbot is an EMERGING_PLAYER providing licensed in-venue music and on-premise messaging for restaurants, fitness, and hospitality — competing with Stingray Business in a focused subset of the commercial-music market.
• Soundtrack Your Brand: Soundtrack Your Brand is an EMERGING_PLAYER streaming licensed background music to businesses via a SaaS platform, addressing the same B2B commercial-music segment as Stingray Business with a smaller footprint.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/StingrayBiz
• Facebookfacebook.com/StingrayBusiness
• LinkedInlinkedin.com/company/stingray

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A25 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stingray