UK & US launch of Electric Jukebox's new product

RNS Number : 2155O

YOLO Leisure & Technology PLC

17 August 2017

 

YOLO Leisure and Technology plc

("YOLO" or the "Company")

UK & US launch of Electric Jukebox's new ROXI home music entertainment system

YOLO Leisure and Technology plc, the AIM-quoted investment company focusing on opportunities in the technology and leisure sectors, announces that one of its investee companies, a music entertainment business trading as Electric Jukebox ('Electric Jukebox'), has today launched ROXI, a revolutionary new family music entertainment system, in both the UK and the US markets.

Highlights

·     YOLO currently owns 41.43% of Magic Media Works Ltd, which trades as Electric Jukebox

·     Major retail launch in USA and UK, to addressable market of 34 million and 8 million homes respectively

·     Major distribution and channel partners in place ready for launch

·     Licensing agreements with the world's major record labels with tens of millions of tracks available

Background

Electric Jukebox & ROXI

ROXI offers a new highly differentiated family-centric alternative to current traditional music streaming services like Spotify and Apple Music. ROXI transforms a consumer's TV and connected speakers into the ultimate music entertainment experience, offering not only Unlimited Music but also karaoke-style 'Sing With The Stars' with timed lyrics, Worldwide Radio with access to 1000s of radio stations worldwide, 'Name That Tune' a music trivia game and many other music entertainment features. ROXI is controlled by a Wii-like gesture-based controller with a built-in microphone, which is used for Voice Search and singing along to a user's favourite karaoke anthems.

"Music at home should be for sharing, not headphone wearing"

Electric Jukebox has said it is launching ROXI in response to the growing need for families to have more quality family time together, in part due to the rising use of personal devices and headphones which are isolating and dividing families.

Independent Research published today (commissioned by Electric Jukebox, and carried out in cooperation with leading Psychologist, Professor Geoff Beattie), highlights that children under 14 across the UK spend an average of 23 hours a week using electronic devices, double the time spent in conversation with friends and family. Of parents, 78% with children under 14 have actively tried to persuade their kids to spend less time on devices and 89% of parents with children under 14 agree that music brings friends and families together.

As a family-centric alternative to Spotify, Amazon Music, Apple Music and Sonos, ROXI offers a unique set of features beyond the scope of traditional music streaming services. In addition to Unlimited Music, karaoke-style 'Sing With The Stars', music trivia game 'Name that Tune' and Worldwide Radio, ROXI also offers yoga and meditation melodies with Sound Machine, a Family Protect option to switch off access to explicit lyrics, and can be integrated into Facebook photo albums to turn a TV into a personal picture frame with music.

Customers can play exclusive playlists including those from celebrity curators Sheryl Crow, Robbie Williams, Alicia Dixon, Alexander Armstrong and Stephen Fry.

Electric Jukebox has licensing agreements with the world's major record labels, including Universal Music Group, Sony Music Group and Warner Music Group and major independents including Merlin and the major music publishers. This allows ROXI to give customers access to a full library of tens of millions of songs.

ROXI is launching in the UK and USA and is supported by major retailers, etailers and distributors including; Exertis, Wynit, Selfridges, Amazon, Ebay, Ocado, Tesco.com, QVC, Bloomingdales and Brookstone. ROXI retails at £199 UK and $199 in the US, with 1 year's unlimited ad-free streaming access. Subsequent annual Premium Music Passes cost £52 in the UK, and $52 in the US.

YOLO investments

YOLO Leisure and technology plc owns a 41.43% stake in Electric Jukebox, having become an investor in November 2016. YOLO invests in the technology and leisure sectors and holds investments in four businesses other than Electric Jukebox: Simplestream Limited, a live & video on demand streaming solution broadcast company; TVPlayer Limited, a licensed TV aggregating broadcast platform; AIM listed eSports specialist, Gfinity plc; and AIM-listed spoken word on-demand platform, Audioboom group plc.

Simon Robinson, CEO of YOLO Leisure & Technology plc, commented:

"The launch of ROXI, on both sides of the Atlantic, is a significant catalyst for the value of YOLO's investment. The Electric Jukebox team have developed a truly unique product that utilises media content to bring families together and creates fun shared experiences in an age of growing device isolation for children. The growth potential of this British technology and music media company has always excited us and we hugely admire how they are combining technology and media content to provide simple, magical and fun experiences for families in their homes. 

"Its differentiation and simplicity is its strength and we are pleased that the company's innovation plans over the next 12 months will further integrate the ROXI product offering into the consumers connected home eco-system. The possibilities are significant and we are pleased that we have been able to support such an ambitious British company."

This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

For further information, please contact:

YOLO Leisure and Technology plc	www.yoloplc.com
Simon Robinson	[e-mail]
Cairn Financial Advisers LLP
Sandy Jamieson, Emma Earl	Tel: [phone] 7900
Peterhouse Corporate Finance Limited
Eran Zucker / Lucy Williams	Tel: [phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus/Sam Allen	[phone]/[phone]

Notes to editors

YOLO Leisure and technology plc owns a 41.43% stake in Magic Media Works Limited, an upstart music entertainment company that trades as Electric Jukebox.

YOLO was established in 2015 an AIM listed Investment Company, focussing on opportunities to invest in undervalued technology, travel, leisure and media businesses.  The company has identified a number of early stage or turnaround opportunities that require investment and / or have potential for a reverse takeover, and will continue to invest into businesses with content and delivery capability that engage customers, monetise the user experience and have potential to scale.

YOLO currently holds investments in five businesses:

1.    Magic Media Works Limited, a home entertainment technology company that trades as Electric Jukebox. YOLO has a 41.43% holding in the business. www.electricjukebox.com

2.    Simplestream Limited, a live & video on demand streaming solution broadcast company. YOLO has a 6.71% holding in the business. www.simplestream.com

3.    TVPlayer Limited, a licensed TV aggregating broadcast platform. YOLO has a 4.57% holding in the business. www.tvplayer.com

4.    Gfinity plc, AIM listed eSports specialist. YOLO holds 1,564,705 shares, equivalent to 0.81% of the company. www.gfinity.net

5.    Audioboom group plc, AIM-listed spoken word on-demand platform. YOLO holds 5,340,000 shares, equivalent to 0.57% of the company. www.audioboom.com

YOLO Chief Executive Officer, Simon Robinson, has a career that spans 16 years with Thomas Cook, from 1997 to 2013. Simon progressed his career in the hotel and leisure industry, from front line customer service and commercial roles to CEO of Thomas Cook's retail joint venture, with responsibility for £4.5bn of revenues together with six multi-channel and three product businesses.

For further information please visit: http://www.yoloplc.com/content/corporate/board.asp

 

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