Update re Magic Media Works Limited

RNS Number : 6493R

Asimilar Group PLC

08 November 2021

 

Asimilar Group Plc

("Asimilar" or the "Company")

Update re Magic Media Works Limited

Asimilar notes today's press release from ROXi, the flagship product of Magic Media Works Limited ("MMW"), an investee company within the Company's portfolio, announcing the launch of its new ROXi TV Music App delivering free unlimited music video streaming, karaoke and games to UK homes on Sky Q, Amazon Fire TV, Android TV, Google TV and more.

MMW also announced that ROXi's launch follows a 275 per cent growth in usage on the previously paid-for platform and a 38 per cent year-on-year rise in net revenue over the same period, that ROXi is giving away more than one million Karaoke Microphones - each worth £29.99 - to new ROXi Premium users to drive growth, and an international expansion that plans to bring ROXi TV Music App to half a billion TVs globally.

British music streaming firm ROXi, backed by Kylie Minogue, Robbie Williams, SunCapital, Nigel Wray, Ron Dennis and Guy Hands, has unveiled its TV Music App, delivering a new 'Netflix for Music' user experience to millions of homes, enabling music fans to stream original music video, album and song, sing karaoke and play music games together for free with ads.

With 70 million music recordings constantly updated with the latest releases, the new ROXi TV Music App is launching on Sky Q, Fire TV, Android TV and Google TV on compatible Sony Bravia, Panasonic, Philips, Toshiba, TCL, HiSense and Shield Smart TVs and set-top boxes with Samsung TV and others to follow shortly.

ROXi will be giving away more than a million ROXi Karaoke Microphones - each worth £29.99 - to new ROXi Premium users. The management of MMW expects the move to freemium to drive growth over the next 12-months, with ROXi scaling up to manufacture one million microphones per month by the end of 2022.

Asimilar holds 1,646,682 ordinary shares in MMW, representing 6.13% of the issued share capital of MMW plus a £1,491,768 Convertible Loan Note. The Company has options over a further 95,000 ordinary shares in MMW. 

John Taylor, Chairman of Asimilar, said " ROXi continues to make excellent progress and innovate. Following previous announcement of the Sky Q deal, the company has now launched a TV music App for the Sky Q set top box, all the major OTT services and leading smart TVs.  Rob Lewis is completely focused on achieving the company's vision of the only affordable in-home shared music entertainment experience that brings friends and family together. "

Rob Lewis, Founder and CEO of Magic Media Works, said "There's been a seismic shift in the way we consume and interact with digital entertainment. The arrival of Netflix and Disney+ completely changed the way people interact with their TV. We consider this is the fastest-growing sector of the UK home entertainment market by far. In ROXi we believe the UK will potentially be a leader in this market too."

About ROXi

British music streaming company ROXi is backed by Kylie Minogue and Robbie Williams, bringing friends and family together to enjoy free unlimited music video streaming, exclusive music video channels, karaoke, music games and more. ROXi's new TV Music App is available from launch on Sky Q, Fire TV, Android TV and Google TV including compatible Sony Bravia, Panasonic, Philips, Toshiba, TCL, HiSense and Shield Smart TVs and set-top boxes with Samsung TV and others coming soon. ROXi is also available as a Console with Microphone Controller for use with any TV. ROXi is backed by all the major and leading independent record labels with all the original music videos and over 70 million music releases. Further information: roxi.tv

Asimilar Group plc
John Taylor, Non-Executive Chairman	via Buchanan
Peterhouse Capital Limited
Duncan Vasey / Lucy Williams	Tel: + 44 20 7220 9797
Buchanan Communications Limited
Richard Oldworth / Chris Lane	Tel: [phone]

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