Walmart Celebrations Party & Occasions Department to Test New Singing Machine Party Accessory in 866 Stores Nationwide
Fort Lauderdale, FL, July 18, 2023 (GLOBE NEWSWIRE) — The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced it has launched a new party accessory product line, now available at approximately 866 Walmart stores nationwide.
The new program announced will be merchandised inside the Walmart Celebrations Party & Occasions department and will feature Singing Machine’s newest party accessory, its Celebration Mic. The Singing Machine’s Kids Celebration Microphone targets an affordable yet feature-rich product targeting the children’s party and event market. It features a variety of pre-recorded songs, multi-colored LED lights, and an integrated speaker to enhance the occasion. The Celebration Mic is available now with a suggested retail price of $9.97.
“We are very pleased to expand our relationship with Walmart,” commented Gary Atkinson, CEO of the Singing Machine. “As the largest U.S. retailer, and our largest single customer, Walmart is a critical part of our consumer electronics sales model. We had very positive results from expanding into the revamped consumer electronics department in 2022, and we see this new opportunity as a promising area of growth for our Company in 2023 and beyond.”
“We believe that the current market conditions will allow us to consolidate and build our market share, deepen relationships with our key retail partners, including Walmart, and expand our product margins. We also view our leading market position in the U.S. karaoke market and our talented development team as a powerful platform to flex into the emerging automotive and hospitality growth verticals in the near term,” concluded Mr. Atkinson.
