Mood Media

Last updated
Mood Media
Formerly
  • Muzak
  • DMX
  • Trusonic
  • South Central A\V
Industry
  • Marketing
  • Entertainment
  • Experience Design
HeadquartersAustin, Texas
Area served
Worldwide
Key people
  • CEO Malcolm McRoberts
Services
  • Business Music
  • Digital Signage
  • Scent Marketing
  • Interactive Audiovisual
Owner
  • Vector Capital
Divisions Technomedia Solutions
Subsidiaries GoConvergence
Website

Mood Media Corporation is an international in-store provider of music, digital signage, hold music, on-hold messaging, scent, integrated audio/video, and interactive mobile marketing products. [1] It was founded in 2004, and is based in Austin, Texas. The company provides services to a variety of retailers and other business verticals such as restaurant, financial, healthcare, hospitality and QSR. Mood Media Corporation has expanded its product offerings through acquisitions of Somerset Entertainment in Canada, BIS Group in Europe, and Trusonic, AEI Music Network Inc., Muzak, DMX, Technomedia, and GoConvergence in the United States. [2] [3] [4] [5] [6]

Contents

Malcolm McRoberts is the CEO of Mood Media Corporation.

Company history

Mood Media Corporation was founded in 2004, as Fluid Music Canada. [5] It held an initial public offering in June 2008 on the Toronto Stock Exchange. The company offered stock at $2 per share, which subsequently raised $27 million. The company rebranded itself as Mood Media in June 2010, after taking over Europe-based Mood Media Group SA. [1] [7] The company was traded on the Canadian, and European stock exchanges, although it has since been delisted. [1] [3] [8]

The company has made a number of acquisitions over the years, expanding its presence across Europe, North America, Asia, Latin America and Australia. [1] According to internal reports, the company reaches 100 million people in 500,000 commercial locations in over 40 countries. [6]

In 2017, due to years of losses, the company re-structured its capital structure. The deal resulted in the takeover of the formerly public company by Apollo Global Management and GSO Capital Partners. [9]

In October 2017, ARN launched iHeartRadio for business, powered by Mood Media. [10]

In July 2020, Mood Media filed for bankruptcy, with the COVID-19 pandemic a major reason for its financial problems. The company emerged from bankruptcy in less than 24 hours due to the agreement of all stakeholders, strong strategic plan, and stable team. [11] [12]

Acquisitions

Trusonic

Fluid Music Canada, Inc. acquired Trusonic Inc. of La Jolla, California on October 17, 2007. Founded in 1999, Trusonic provided commercial music services to companies, and they broadcast over 80 million songs monthly through their proprietary music network. During this period, Mark Elfenbein was the president of Trusonic which became known as Mood Media North America [13]

Somerset Entertainment

Fluid Music Canada, Inc. announced the completion of its acquisition of Somerset Entertainment on November 25, 2009. [2] The acquisition valued Somerset Entertainment at $53.1 million. [14] Somerset is a producer and distributor of recorded music sold through non-traditional retailers. [8] The company has a network of over 28,000 interactive kiosks that allow customers to preview CDs in 18,500 locations in more than 20 countries. In 2007, Somerset sold over 16 million records and recorded revenue of $90.6 million and an EBITDA of $20.5 million. Somerset employs over 180 employees and has offices in Toronto, Ontario, Buffalo Grove, Illinois, Minneapolis, Minnesota, and Essex, United Kingdom. [14]

Muzak

In March 2011, Mood Media acquired the American background music company Muzak Holdings for a reported $345 million. [5] [15] As the leading commercial sound provider in North America, Muzak distributes music for in-store marketing inside shopping malls, restaurants, and dental offices. [5] [16] In the US alone, Muzak provides background music for more than 300,000 locations, either directly or through a franchise operation. [3] [16] The company had filed for bankruptcy in 2009 and had completed a restructuring prior Mood Media's acquisition. [5] [16] Revenue for fiscal year 2010 was $195 million. [5] In October 2012, Muzak acquired the assets of one of its major franchisees (Independence Communications Inc.) in the mid-Atlantic region of the United States. [17]

DMX

In March 2012, Mood Media announced the acquisition of DMX and its subsidiary AEI Music Network Inc. [6] [18] The deal was valued at $86.1 million. [18] DMX, a US provider of multi-sensory branding services, uses music, video, and digital signage, scent, and audio/visual systems to create branded connections with customers that encourage loyalty. [6] The company has provided its services to large-scale clients, including Gold's Gym, McDonald's, Burberry, and Whole Foods Market. In April 2014, Stingray Digital Group acquired the Canadian assets of DMX Music Inc. from Mood Media for $11.2 million.

BIS Group

In June 2012, Mood Media acquired BIS Group, a company specializing in audio-visual installations for corporate and commercial clients. [19] Operating in Belgium, Luxembourg and the Netherlands, this acquisition extends Mood Media's reach into Europe. [19] [20] The deal consisted of a 22.5 million Euro cash buyout. [20]

Technomedia and GoConvergence

Mood Media acquired Technomedia, along with its sister company, GoConvergence, in December 2012 for $23 million. [21] [22] Based in Orlando, Florida, Technomedia provides audio-visual and interactive media for retail outlets, theme parks, museums, restaurants and corporate settings. [21] [22] Principal clients include Abercrombie & Fitch, the Hard Rock Café, and Cirque du Soleil. [23]

South Central A\V

In June 2019, Mood Media acquired the assets of South Central A\V for an undisclosed sum. [24] As the largest independent affiliate of Mood Media with a history dating back to 1946, Nashville-based South Central A\V provides Mood Media products in addition to a variety of high-end audiovisual systems integration services to clients throughout Alabama, Arkansas, Florida, Illinois, Indiana, Iowa, Kentucky, Nevada, North Dakota, South Dakota and Tennessee. [24] [25]

PlayNetwork

In September 2021, Mood Media acquired PlayNetwork from its rival retail music distributor TouchTunes. [26]

Business model

Through its various subsidiaries, Mood Media provides audio, visual, multimedia and scent marketing solutions[ buzzword ] to a diverse range of clients. These include specialty retailers, department stores, supermarkets, financial institutions, and fitness clubs. [1]

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References

  1. 1 2 3 4 5 "Mood Media Corp (MM:Toronto)". Bloomberg Businessweek . Archived from the original on June 3, 2012. Retrieved January 17, 2013.
  2. 1 2 Simon Houpt (August 23, 2012). "Fluid Music looks to acquire Somerset". The Globe and Mail . Retrieved January 17, 2013.
  3. 1 2 3 "Fluid hits high note in merger". Financial Post. Archived from the original on March 19, 2012. Retrieved January 17, 2013.
  4. ↑ Mark Hefflinger (November 1, 2007). "Fluid Media Networks Acquires In-Store Music Provider Trusonic". Digital Media Wire. Archived from the original on February 7, 2009. Retrieved January 17, 2013.
  5. 1 2 3 4 5 6 Anupreeta Das. "Mood Media to Acquire Muzak for $305 Million". The Wall Street Journal . Retrieved January 17, 2013.
  6. 1 2 3 4 Brad Lemaire (March 19, 2012). "Mood Media to buy DMX Holdings in $86.1 mln deal". Proactive Investors. Retrieved January 17, 2013.
  7. ↑ "Fluid Music announces proposed acquisition of Mood Media Group for (euro) 160 million and related financing". www.newswire.ca. Retrieved November 2, 2017.
  8. 1 2 "Lorne K. Abony, CEO & Chairman - Mood Media Corporation". TechFinance. Retrieved January 17, 2013.
  9. ↑ "Unpaid Royalties Roil Muzak's Buyout Deal With Apollo and GSO". Bloomberg.com. 2017-05-02. Retrieved 2018-02-07.
  10. ↑ "ARN launches iHeartRadio for Business powered by Mood Media - Mediaweek". www.mediaweek.com.au. 26 October 2017. Retrieved 2017-11-10.
  11. ↑ "Austin's Mood Media emerges from Chapter 11 bankruptcy". Austin American-Statesman . 2020-08-03. Retrieved 2021-06-12.
  12. ↑ "Mood Media emerges from bankruptcy after just one day". Austin Business Journal. 2020-08-03. Retrieved 2021-06-12.
  13. ↑ "Mood Media to provide Rubio's with custom music playlists". www.fastcasual.com. 2012-04-01. Retrieved 2020-07-18.
  14. 1 2 "Fluid Music successfully acquires 100% of Somerset Entertainment Income Fund". Canada Newswire. November 25, 2009. Retrieved January 17, 2013.
  15. ↑ Steve Ladurantaye (September 6, 2012). "Mood Media and the revenge of Muzak". The Globe and Mail . Retrieved January 17, 2013.
  16. 1 2 3 Richard Blackwell (August 23, 2012). "Muzak acquisition is sweet music for Mood Media". The Globe and Mail . Retrieved January 17, 2013.
  17. ↑ Adrian J. Cotterill (21 October 2012). "Mood Media Acquires A Franchisee's Assets". DailyDOOH. Retrieved January 17, 2013.
  18. 1 2 "USA: Consolidation Continues – Mood Media Acquires DMX". Ooh-TV. March 19, 2012. Archived from the original on February 16, 2013. Retrieved January 17, 2013.
  19. 1 2 "Benelux: Mood Media Acquires Audio-Visual Specialist Bis Group". Ooh-TV. June 1, 2012. Archived from the original on February 16, 2013. Retrieved January 17, 2013.
  20. 1 2 "Mood Media Completes The Acquisition Of BIS Group - Quick Facts". RTTNews. June 1, 2012. Retrieved January 17, 2013.
  21. 1 2 "Mood Media Announces Acquisition of Technomedia Solutions, a Premier Provider of Advanced Entertainment, Education and Consumer Experience Solutions". Canada Newswire. December 27, 2012. Retrieved January 17, 2013.
  22. 1 2 "Mood Media pays US$23 million cash plus performance fees for Technomedia assets". Winnipeg Free Press . December 27, 2012. Retrieved January 17, 2013.
  23. ↑ "Mood Media buys Technomedia assets for US$23-million in cash". Financial Post. December 27, 2012. Retrieved January 17, 2013.
  24. 1 2 "Mood Media Announces Acquisition of Leading Regional In-Store Media Firm South Central A\V". www.businesswire.com. 2019-06-14. Retrieved 2019-07-17.
  25. ↑ "About Us". South Central A\V. Retrieved 2019-07-17.
  26. ↑ "Mood Media Acquires PlayNetwork". 28 September 2021.
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