Alliance Entertainment Holding Corporation (Nasdaq: AENT)
(“Alliance Entertainment”, “Company”), a distributor and wholesaler
of the world’s largest in stock selection of music, movies, video
games, electronics, arcades, and collectibles, today announced that
it has shipped over 2.0 million units representing $32.0 million in
K-POP sales during the twelve months ending July 31, 2023. This
represents a 55% increase over the previous year of approximately
1.3 million units shipped and $20.7 million in K-POP
sales. With several other major K-POP acts scheduled to be
released throughout the balance of 2023, this exponential sales
growth is expected to continue.
K-POP, or Korean popular music, is driving
enormous consumer demand and sales growth in physical music media,
particularly in the Compact Disc market. Alliance
Entertainment and its AMPED Distribution division are at the
forefront of capitalizing on and fulfilling this demand through
partnerships with domestic major and independent labels and
importing directly from Korean based labels through AMPED.
“K-POP is absolutely on fire with big new
release shipments going to retail in August and October from
multiple artists,” said Jeff Walker, CEO of Alliance Entertainment.
“It is no longer only BTS and a couple other bands, this is now a
significant genre of music worldwide. K-POP has helped revive the
CD business and we cannot wait until these titles move to vinyl,
which will be fantastic for the K-POP fans.”
According to music industry data, nine out of
the top ten CD best sellers for 2023 are K-Pop releases, driven by
key artists such as ATEEZ, Twice, Stray Kids, BLACKPINK, NCT 127,
NewJeans and Tomorrow X Together. Featuring elaborate
packaging and multiple versions of releases, fans are encouraged to
collect and own as many variants as possible. With an average
retail price of $20-$25 per package, fans have been known to spend
upwards of $200 to own every version of their favorite bands
release. Additional industry data has shown that 69% of K-Pop fans
are more likely to be motivated to purchase music by a desire to
“show support” for their favorite artists. With multiple releases
throughout the year, it creates many opportunities to serve their
rabid fanbase. Major commitments at all levels of retail have
dramatically increased the availability, exposure and marketing of
K-POP with plans for further expansion.
About AMPED
Distribution
AMPED is one of the
fastest growing, top-tier independent distributors committed to
developing and growing independent artists and labels worldwide. A
part of Alliance Entertainment, AMPED gives the indie community
access to a global distribution system with the largest sales
force, a seasoned and skilled staff that provides a suite of
services and data second to none. AMPED’s customer base is the
largest in the industry directly servicing brick and click
retailers large and small along with (DTC) direct consumers.
AMPED’s growing roster of labels include labels such as Believe
Digital, Better Noise, Big Loud, By Norse, Cleopatra Records,
Compass Records, Compound Interest, Earache, Empire, Epitaph
Records, Firebird Records, Flatiron, Fuga, GoodToGo, Herp Alpert
Presents, Hopeless Records, Iconic Artist Group, IDLA, Integral
(PIAS, Harmonia Mundi), Kai Media, Kartel, Lex Records, Mascot,
Merge Records, MNRK (eOne, Dualtone), Nettwerk Music Group, Nuclear
Blast, Polyvinyl, Proper Music Group, Rebel Records, Reservoir
Media (Chrysalis, Tommy Boy), Ruf Records, Secretly Music Group,
Shanachie, Smithsonian Folkways, Sub Pop, Tuff Gong, Warner
Classics and more.
About Alliance
Entertainment
Alliance Entertainment is a premier distributor
of music, movies, and consumer electronics. We offer over 425,000
unique in stock SKU’s, including over 57,300 exclusive compact
discs, vinyl LP records, DVDs, Blu-rays, and video games.
Complementing our vast media catalog, we also stock a full array of
related accessories, toys and collectibles. With more than
thirty-five years of distribution experience, Alliance
Entertainment serves customers of every size, providing a robust
suite of services to resellers and retailers worldwide. Our
efficient processing and essential seller tools noticeably reduce
the costs associated with administrating multiple vendor
relationships, while helping omni-channel retailers expand their
product selection and fulfillment goals. For more information,
visit www.aent.com.
Forward Looking Statements
Certain statements
included in this Press Release that are not historical facts are
forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of other financial and
performance metrics and projections of market opportunity. These
statements are based on various assumptions, whether identified in
this Press Release, and on the current expectations of Alliance’s
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
an investor as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Alliance. These forward-looking statements
are subject to a number of risks and uncertainties, including risks
relating to the anticipated growth rates and market opportunities;
changes in applicable laws or regulations; the ability of Alliance
to execute its business model, including market acceptance of its
systems and related services; Alliance’s reliance on a
concentration of suppliers for its products and services; increases
in Alliance’s costs, disruption of supply, or shortage of products
and materials; Alliance’s dependence on a concentration of
customers, and failure to add new customers or expand sales to
Alliance’s existing customers; increased Alliance inventory and
risk of obsolescence; Alliance’s significant amount of
indebtedness; Our ability to continue as a going concern absent
access to sources of liquidity; risks and failure by Alliance to
meet the covenant requirements of its revolving credit facility,
including a fixed charge coverage ratio; risks that a breach of the
revolving credit facility, including Alliance’s recent breach of
the covenant requirements, could result in the lender declaring a
default and that the full outstanding amount under the revolving
credit facility could be immediately due in full, which would have
severe adverse consequences for the Company; known or future
litigation and regulatory enforcement risks, including the
diversion of time and attention and the additional costs and
demands on Alliance’s resources; Alliance’s business being
adversely affected by increased inflation, higher interest rates
and other adverse economic, business, and/or competitive factors;
geopolitical risk and changes in applicable laws or regulations;
risk that the COVID-19 pandemic, and local, state, and federal
responses to addressing the pandemic may have an adverse effect on
our business operations, as well as our financial condition and
results of operations; substantial regulations, which are evolving,
and unfavorable changes or failure by Alliance to comply with these
regulations; product liability claims, which could harm Alliance’s
financial condition and liquidity if Alliance is not able to
successfully defend or insure against such claims; availability of
additional capital to support business growth; and the inability of
Alliance to develop and maintain effective internal controls.
For investor inquiries, please
contact:MZ GroupChris Tyson/Larry
Holub(949) 491-8235AENT@mzgroup.us
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