The Singing Machine Company, Inc. (NASDAQ:MICS) Q2 2024 Earnings Call Transcript

We’ve also, with this model, have launched our new streaming app. It was in partnership. It is in partnership with Stingray. It was only viewed in Tesla models, but now it is in our own WiFi model very good looking at all new artwork and flow of how to deal with the app. It also includes a partnership app that’s done with a QR code that allows consumers to kind of control their own play queue and who’s singing next. So we’re excited about this. We think it could be the additional generator of back-end dollars to the music subscription. In the U.K., we’ve also continued to increase our business there with our distributors CMS. We’ve got placement in Argos and Fenwick and Costco with the WiFi streaming model. They picked it up and they thought of what the U.S. was doing.

Australia is a little bit down this year. The Australian economy has struggled, but we’re still distributing products there with our Australian distributor and partnerships. So you’ll see us on the retail shelf. Besides that, we’re moving forward with our secondary and third retail accounts were in Best Buy Canada now, Walmart Canada as a pool program. And we’re still maintaining all shelf space throughout the country. You also see a lot of ads on the Meta platform. which are generating good sales so far. So our drop ship direct-to-consumer business is growing, and we’re looking to really focus on that for 2024 as well. So I’ll hand the call back to Gary, and thank you for listening.

Gary Atkinson: Perfect. Thank you, Bernardo. We always appreciate your updates on these calls. To close out my final prepared statements, I would like to reiterate how proud I am of the efforts of our entire team, particularly as Bernardo mentioned, in light of the current challenging retail environment, we have continuously sought to improve our business to strengthen key relationships and to establish new promising partnerships. We do see a number of exciting opportunities that we believe will enhance and reinforce our market position, both in the U.S. and abroad. We will continue to leave no stone unturned as we strive to execute on our business plan and growth initiatives as we head into 2024. I’d like to thank everybody for your continued support and I look forward to providing you all with updates here very soon. Thank you, everybody. Take care.

Operator: