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 solutions. It was created after the acquisition of Mood Media by Fluid Music Canada, Inc. in 2010. It he company delivers solutions 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.
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Company history
Mood Media Corporation was founded in 2004. Originally known as Fluid Music Canada, Inc., the company rebranded itself in June 2010. The company went public in 2008 and is traded on the Canadian, and European stock exchanges.
Steve Richards is the CEO and President of Mood Media Corporation, having replaced Lorne Abony as CEO.
The company has made a number of acquisitions over the years, expanding its presence across Europe, North America, Asia and Australia. According to internal reports, the company reaches 100 million people in 500,000 commercial locations in over 40 countries.In October 2017, ARN launched iHeartRadio for business, powered by Mood Media.
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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.
Somerset Entertainment
Fluid Music Canada, Inc. announced the completion of its acquisition of Somerset Entertainment on November 25, 2009. The acquisition valued Somerset Entertainment at $53.1 million. Somerset is a producer and distributor of recorded music sold through non-traditional retailers. 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.
Muzak
In March 2011, Mood Media acquired the American background music company Muzak Holdings for a reported $345 million. As the leading commercial sound provider in North America, Muzak distributes music for in-store marketing inside shopping malls, restaurants, and dental offices. In the US alone, Muzak provides background music for more than 300,000 locations, either directly or through a franchise operation. The company had filed for bankruptcy in 2009 and had completed a restructuring prior Mood Media's acquisition. Revenue for fiscal year 2010 was $195 million. 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.
DMX
In March 2012, Mood Media announced the acquisition of DMX and its subsidiary AEI Music Network Inc.. The deal was valued at $86.1 million. 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. The company has provided its services to large-scale clients, including Gold's Gym, McDonald's, Burberry, and Whole Foods Market.
BIS Group
In June 2012, Mood Media acquired BIS Group, a company specializing in audio-visual installations for corporate and commercial clients. Operating in Belgium, Luxembourg and the Netherlands, this acquisition extends Mood Media's reach into Europe. The deal consisted of a 22.5 million Euro cash buyout.
Technomedia and GoConvergence
Mood Media acquired Technomedia, along with its sister company, GoConvergence, in December 2012 for $23 million. Based in Orlando, Florida, Technomedia provides audio-visual and interactive media for retail outlets, theme parks, museums, restaurants and corporate settings. Principal clients include Abercrombie & Fitch, the Hard Rock Café, and Cirque du Soleil.
IPO
Mood Media, while it was still known as Fluid Music Canada, Inc., 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.
Business model
Through its various subsidiaries, Mood Media provides audio, visual, multimedia and scent marketing solutions to a diverse range of clients. These include specialty retailers, department stores, supermarkets, financial institutions, and fitness clubs.
In UK the company provides Co-Op Radio for Co-op grocery store chain.
Awards and recognition
In 2011, Abony was selected as a finalist for the Ernst & Young Entrepreneur of the Year Award. At the November awards ceremony, he was named the winner in the media and entertainment category.
On January 4, 2013, Abony appeared on the CBS reality series, Undercover Boss.
References
Source of article : Wikipedia
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