The Singing Machine Company is a Fort Lauderdale, Florida-based business. It's an established enterprise that specializes in providing karaoke equipment for professionals and semi-professionals. The company made business news with its recent post-IPO-equity funding round in May of 2022. If you're not yet familiar with this company, here are twenty things you probably didn't know about The Singing Machine Company to bring you up to speed.
1. The Singing Machine Company is an established business
The Singing Machine Company has been in operation since 1982 when it was first incorporated. It is an established business that has served Americans for four decades as of 2022. The company has weathered the ups and downs of a volatile economy to survive to see its fortieth anniversary. It celebrated its long history recently. The company went public in 1994.
2. The Singing Machine Company is a versatile enterprise
The Singing Machine Company focuses on products and services in the entertainment and music industries, but it offers multiple products. It develops, produces, and markets consumer karaoke audio equipment, and also distributes its products. It also produces and distributes accessories, licensed youth electronic products, music, accessories, and musical instruments. Its primary focus is on the karaoke business, according to Wikipedia.
3. The Singing Machine Company was the first to provide karaoke equipment for home use
SMC established itself as the first American company to make it possible for consumers to purchase home karaoke equipment. Until 1988, the equipment was only available for professionals and businesses. Thanks to SMC families can enjoy its products for home entertainment use. This makes SMC a company with an important role in the history of the American karaoke industry. SMC engages in the mass marketing of its karaoke equipment through large retailers, achieving the number one position on Business Week Magazine's list of Hot Growth Companies. Marketing occurs through Wal-Mart, Costco, Best Buy, Sam's Club, and some other major retailers.
4. SMC went digital in 2015
SMC is a progressive company that continues to upgrade and modernize its products. the technology SMC employs continually evolves. in 2015, SMC began marketing a new line of digital products. the no CD-G line allows users to make playlists on the branded website of the company, and select their favorite songs to upload into the karaoke system through a USB. It was an upgrade that gave users more choices in genres and song titles.
5. SMC offers a large library of song choices
The Singing Music Company provides users of the karaoke machines with access to a massive library of songs. The music library of SMC has thousands of recordings that are all licensed from the publishers for the legal use of the music for users. Home karaoke enthusiasts can safely use the content without fear of violating any copyright laws because the Singing Music Company has already secured the license for legal use of the content that includes a choice of oldies, Motown, Latin, Christian, Country, Rap, Rock, Pop, and more.
6. The Singing Music Company has partnerships with major brands
The Singing Music Company has made deals with various top brands to provide licensed merchandise and equipment for consumers. It provides numerous co-branded products. It signed a partnership agreement with Motown in 2003 through Universal Music Enterprises for the release of Motown Original Artist Karaoke. it's a compilation series of karaoke tracks featuring Motown classic songs. The songs are made from the original master recordings for greater authenticity. SMC also signed an agreement with Bratz in 2007 through MGA Entertainment to include products under the Bratz franchise for digital drum sets, TV/DVD combos, portable DVD players, clock radios, and karaoke products.SMC also provides a line of products under the SoundX brand for electronic drum sets.
7. The Singing Machine Company's website features a complex array of technologies
Crunchbase confirms that the Singing Machine Company's website provides users with a smooth and seamless experience when visiting the site, but it comes at the cost of using a massive 88 technologies to power the site. These technologies are distributed across thirty-six technology products and services. Some of them include Viewport Meta, SPF, and iPhone Mobile Compatible to ensure that mobile users have access to the content of the website. It also actively uses jQuery, Google Analytics, HTML5, and dozens more.
8. The cost of tech products and services is high
The Singing Machine Company doesn't skimp when providing visitors with a highly efficient website. The company spends a massive amount on its tech products and services each year. For 2022, the estimated IT budget is set at $3.5 million. It's one of the overhead costs of running the business.
9. The Singing Machine Company maintains uniqueness in the karaoke machine industry
The Singing Machine Company stands out from the competition because of its uniqueness. The company maintains distinction through its unique intellectual properties. SMC has secured two registered patents in the Education, cryptography, display, advertising, and seals category. The properties are protected from imitation, copying, and use by competitors without express written permission under the law. The Singing Machine Company has also recured eleven registered trademarks in the scientific and electric apparatus and instruments category. The patents and trademarks help The Singing Machine Company to stand out from all other providers.
10. The Singing Machine Company's website gets thousands of visitors monthly
The analytics report for The Singing Machine Company's website shows that a high volume of web traffic is recorded monthly. Over the past thirty days, the website received a total of 44,740 visitors. This number resulted in The Singing Machine Company's website receiving a ranking of number 790,451 of the millions of websites registered on the world wide web. It also shows a decline in the number of monthly visits over the past month of 38.99 percent.
11. The Singing Machine Company is the most popular in the United States
The analytics report for The Singing Machine Company's website shows that the highest percentage of visitors to the website are from the United States. Sixty-seven percent of the visitors are from this country. Twenty-five percent of the web traffic is from Canada. Five percent of visitors to the website are from Mexico. Two percent of the visitors are from the Philippines, and one percent are from Australia.
12. The Singing Machine Company has a leadership team of 15
We learned that there is fifteen staff listed under the executive management team at The Singing Machine Company. Gary Atkinson is the chief executive officer. Lionel Marquis is the chief financial officer. Bernardo Melo is the vice president of global sales and marketing. Dennis Norden is the vice president of sales. David Kelley is the director of sales. Harvey Judkowitz is a director. Cathy Novello is the customer service manager. Chris Pacheco is a product manager. Dom Tai is a general manager and Mike Griffin is a purchasing manager.
13. The Singing Machine Company is a publicly-traded enterprise
The owners of The Singing Machine Company kept the enterprise a privately held business for forty years. In May of 2022, the company reached the four-decade milestone. It went public, offering common shares of the company for sale and trade on the Nasdaq stock exchange under the ticker symbol otcqx: SMDM on November 11, 1994. It's been a publicly-traded company for nearly two decades. The IPO raised a total of $4 million in a Post-IPO Equity round on May 26, 2022. No other fundraising rounds are listed for The Singing Machine Company.
14. The Singing Machine Company is a leader in North America
LinkedIn confirms that The Singing Machine Company has grown and evolved into the largest company of its kind in North America. It is a leader in the karaoke industry with a growth rate of twenty percent annually. The company offers the largest selection of home karaoke machines and accessories. it also offers toy products that are musically oriented at reasonable price points that are affordable for the general public. Songs for the karaoke machines may be streamed and downloaded with apps compatible with Android and iOS. The products distributed by SMC are sold throughout the world and they're available through most of the major retailers.
15. The Singing Machine Company employs 45 workers
The Singing Machine Company is still a small business. Although it's grown to become a giant in the industry, the number of people working at the company is low. There are just forty-five members in its workforce. The Ft. Lauderdale company isn't making any radical changes in the size of its workforce just yet. We looked to see if there were any new position openings. We learned that there is one job opening listed with the business. It has advertised a job opening for a corporate retail analyst in a hybrid position at the headquarters in Fort Lauderdale.
16. The Singing Machine has an exceptional customer support
The Singing Machine provides a host of customer support options to back up the products they sell to consumers. You can find all the help you need at the official Singing Machine website. They offer support with finding the right product to fit your needs. You will also find assistance for registering new products. The company also provides details about warranty coverage through a link on its website. SMC offers tutorials to help you download music. There is also an FAQ section to answer common questions and a troubleshooting section that assists in checking your karaoke machine if there is a problem. The website also provides manuals for the products it sells to help you set up and use your new karaoke system. A link exists with a glossary of all the terms you need to know, and if you don't find the information you need at any of these links, you can call or email customer service staff for additional support or chat with them through the website.
17. The Singing Machine Company uplisted to Nasdaq
Seeking Alpha confirms that The Singing Machine Company recently uplisted on the stock exchange to Nasdaq. The event took place in May of 2022, resorting to a 1 for 30 reverse stock split with a $4 million initial public offering. The action priced one million shares of stock at $4 per share.
18. Shares slid following the uplisting
Shares of The Singing Machine Company stock took a slide after its recent uplisting to the Nasdaq stock exchange. The stock shares sold for $4 per share, ranting underwriters an option to purchase an additional 150,000 shares at the opening price of $4 per share. The stock shares are under the new ticker symbol MICS. The bookrunner for the uplist IPO is Aegis Capital. the stock closed at $0.1865, hitting a low on Monday before the split with a post-split closing price of $5.595
19. The Singing Machine Company released new products
Pulse 2.0 confirms that The Singing Machine Company shared some exciting news. The business recently announced that it released a new line of products in the karaoke division. They've shipped the new karaoke products for distribution and sale to more than 3,200 Walmart stores throughout the United States.
20. Stock shares are up for The Singing Machine Company
The recent release of new karaoke equipment has been good for The Singing Machine Company's stock prices. MICS stock increased by more than ten percent in the pre-market snapshot on June 1, 2022. It's good news that shows investors see a rise in the value of the stocks they hold in the company. The release of new products enhanced investor confidence. The Singing Machine Company is a business that is worth keeping an eye on. If you're looking for stock investments to diversify your investment portfolio, consider The Singing Machine. It's wise to consult with your financial advisor before making a decision. It's been around for decades with a solid history in performance amidst its ups and downs.
Written by Allen Lee
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