TouchTunes expands into Europe through Soundnet acquisition
TouchTunes Interactive Networks, the largest in-venue interactive entertainment network in North America, has announced that it has completed the acquisition of Soundnet, one of Europe’s leading suppliers of audio and visual content to bars, clubs and other venues. The terms of the deal are undisclosed.
Soundnet operates throughout the UK and Europe and since 2000 has been providing audio and video content to digital jukeboxes and background music services in venues across the region. Earlier this year, the company extended its exclusive UK jukebox agreement with the Official Charts Company to supply its digital jukeboxes with the Official Singles Chart. Soundnet also recently launched the Soundjack mobile app, that allows consumers to select and play songs from a smartphone. This acquisition marks TouchTunes’ entry into the European market.
Soundnet will continue to work exclusively with Sound Leisure in the UK supporting and growing the business together. With the continued success of the VHUB jukebox and the news that it is now the best selling jukebox in the UK Soundnet is looking forward to the future.
The acquisition complements TouchTunes’ current business and adds a further 13,000 jukebox sites in Europe to TouchTunes’ existing 60,000 bars, clubs and restaurants across North America. The transaction is the first of a number of expected expansion initiatives as TouchTunes continues to develop and grow its product base and geographic reach.
Charles Goldstuck, President and Chief Executive Officer of TouchTunes said: “I am delighted at the prospect of working with Simon Davis and his talented team at Soundnet. Our expansion into Europe is a priority for TouchTunes, and our coming together with Soundnet is the beginning of that strategy”.
Alan Newham, European Managing Director of TouchTunes said: “Recent improvements in the state of the jukebox market in the UK make this an opportune time for TouchTunes to expand into this important market. This acquisition helps lay the foundations for TouchTunes’ growth strategy across Europe”.
Simon Davis, MD of Soundnet said: ”I am delighted to have signed this deal with TouchTunes. It has always been my ambition to work with the global market leaders and I look forward to the new challenges and much success”.