Successful UK Launch of Electric Jukebox by Magic Works New Distribution Agreements Development of new products in advance of launch in the USA
25 January 2017
YOLO plc (AIM:YOLO) is pleased to announce that its investee company, Magic Media Works Ltd ("Magic Works"), has successfully launched its Electric Jukebox music streaming device in the UK and has now sold out of its initial inventory during the nine week period since its launch in late November 2016.
With more than 90% of UK internet users still to adopt music streaming services, the timing of Magic Works' launch targets a global mass market consumer audience of over 800 million individuals who formerly purchased music CDs regularly, providing a significant target market for its innovative range of Electric Jukebox products.
Having secured global licencing agreements with the World's major record companies, including Universal Music Group, Sony Music Entertainment and Warner Music Group, together with other major independent labels, Magic Works has now agreed new international arrangements which secure access to Amazon, QVC, BestBuy, Brookstone, FNAC and many other of the World's largest retail outlets supported by distribution agreements with Exertis and Wynit. As a result of these new arrangements, Magic Works now has distribution capabilities which will enable it to reach every major retailer in North America and Europe and as a result it is ideally positioned to launch its Electric Jukebox product range in the United States later this year at a time of unprecedented growth in consumer demand for music streaming services.
Having sold out of its initial inventory in the UK, Magic Works now intends to significantly enhance the functionality of its Electric Jukebox devices with new products, content and features, whilst at the same time delivering significant manufacturing cost savings via the introduction of a new chipset and enhanced voice recognition technologies.
With advertising-free access to a music catalogue of more than 29 million individual songs and some 3 million albums in combination with more feature rich, lower cost product offerings, Magic Works believes its offering is ideally positioned to satisfy the music consumption needs of the United States, UK and continental Europe.
Simon Robinson, CEO of YOLO said: "We believe that Magic Works is at the cross section of two of the hottest sectors in the technology industry - Voice Controlled Consumer Electronics and Digital Music Streaming. Having successfully launched Electric Jukebox from a standing start, Magic Works has demonstrated that there is strong demand amongst customers for a dedicated pre-paid, voice activated music streaming device and with a range of enhanced products and significant international expansion planned for 2017, we believe that Magic Works is well placed to build upon these early successes and scale the business materially from a solid base".
The announcement contains information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation.
For further information please contact:
|YOLO Leisure and Technology plc|
|Simon Lee Robinson||[email protected]|
|Cairn Financial Advisers LLP|
|Sandy Jamieson / Emma Earl||Tel: +44 20 7213 0880|
|Peterhouse Corporate Finance Limited|
|Eran Zucker / Lucy Williams||Tel: + 44 20 7469 0930|
|Walbrook PR Ltd||Tel: +44 20 7933 8787 or [email protected]|
|Paul McManus/Sam Allen||Mob: +44 7980 541 893/+44 7884 664 686|