Stingray Group (RAY.A) has renewed and extended a distribution agreement with telco giant Telus for its growing portfolio of music and media products.
As part of the extension to the already long-standing contract, Optik TV subscribers will soon be able to access Qello Concerts by Stingray - a new TV application providing full-length concerts and music documentaries for a fee of C$8.00 per month.
Optik TV subscribers will also have continued access, free of charge, to more than 2,000 audio music channels through the Stingray Music application. This includes the Stingray Music app and web player, and provides the opportunity for Telus to offer the same application to its mobile subscribers.
Finally, additional applications including Stingray Music Videos and Stingray Karaoke will continue to be made available to most subscribers for free, while the premium TV channel Stingray Classica will be available on a subscription basis.
Eric Boyko, President and CEO of Stingray Group, said the agreement with Telus showcases that quality and diversity of the company's expanding product portfolio.
"We are extremely pleased to announce the continued growth of our relationship with Telus, a key client, and long-lasting partner from our earliest days.
"Together, we will continue providing Telus subscribers with access to an incomparable entertainment offering across multiple platforms," he added.
In addition to the deal with Telus, Stingray announced its financial results for the second quarter of 2021, which outline a 129 per cent increase in net income to $11.89 million despite a 16 per cent drop in revenue compared to the same period last year, from $76.57 million to $64.29 million this year.
Stingray Group (RAY.A) is currently up 1.19 per cent to C$5.93 per share at 1:03pm EST.