It’s not just Spotify and Tencent Music that are going public.
Now UK streaming service Roxi Music has revealed plans for an IPO. The British company behind the music entertainment console Roxi has appointed advisors for a flotation on the London Stock Exchange AIM market in Q4 2019.
However, the company first revealed ambitions to go public in early 2018.
Roxi Music said the current IPO plan follows a successful Q4 2018, which saw “exceptionally strong UK growth” following its TV ad campaign, which features Sheryl Crow and Alesha Dixon.
Rob Lewis, founder and CEO of Roxi Music (pictured), said: “Roxi Music’s unique music entertainment console is a hit with consumers, offering a wide range of fun music entertainment from our own fully licensed unlimited music catalogue of over 35 million songs, to karaoke, and from music games, to audiovisual experiences for yoga and meditation, all at an exceptionally low price. As the sole UK company offering full catalogue music streaming services, an IPO on AIM will enable Roxi Music to scale up the business and take our successful product international, ensuring the UK’s place in the next stage of the digital music revolution.”
The IPO will enable the company to expand its UK and US TV marketing campaigns and develop a new range of music entertainment products focused on family engagement.
An IPO on AIM will enable Roxi Music to scale up the business and take our successful product international
Rob Lewis
Roxi Music said it is one of only 10 companies in the world with global music streaming rights, along with the likes of Apple, Google, Amazon and Spotify.
Lewis added: “There is a whole generation of consumers who want a shared music entertainment experience that can bring friends, families and loved ones together, as an antidote to small screen and social media addiction. That’s exactly what Roxi is bringing into the home and why it has proven to be such a hit with consumers.”
Roxi Music has appointed Arden Partners as the company’s investment bank, broker and nominated adviser. Arden has previously acted for EVR Holdings, the owner of MelodyVR.
Fladgate have been appointed as lawyers to manage the IPO, while Hays Macintyre will be auditors for the IPO. Hays Macintyre specialises in the creative, media and technology industries
Arden Partners CEO, Donald Brown, said: “Roxi Music is a company with strong management, great backers, a differentiated product and a vast global market opportunity. We are absolutely delighted to be working with the Roxi Music team on as it heads to an IPO on the London Stock Exchange.”
The company’s shareholders include Universal Music Group, Sony Music Entertainment, Warner Music Group, Merlin, Lewis, Paul McGuiness and former Pandora CFO Henrik Holmark, as well as artist curators Robbie Williams, Sheryl Crow and Alesha Dixon.
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