Company to Highlight Continued Success of Physical Media with Attendees
K-Pop Sales Up 56.2% YoY through March 2024 to $49.8 Million
PLANTATION, Fla., April 16, 2024 (GLOBE NEWSWIRE) -- Alliance Entertainment Holding Corporation (Nasdaq: AENT), a global distributor and wholesaler specializing in music, movies, video games, electronics, arcades, toys, and collectibles, will attend the Music Biz 2024 conference being held on May 13-16, 2024 at the JW Marriott Nashville in Nashville, Tennessee.
The Music Business Association (Music Biz) brings together more than 2,100 global music professionals for industry-defining conversations and connections to help shape the future of the music business and best serve the needs of all music professionals. Music Biz is a not-for-profit membership organization that advances, promotes, and invests in the future of the music business by providing a trusted forum where ideas and cooperation flourish.
Alliance Entertainment Executive Chairman Bruce Ogilvie, CEO and CFO Jeff Walker, SVP Sales Ken Glaser, SVP Purchasing Laura Provenzano, and Amped VP Dean Tabaac will attend the conference, meeting with key suppliers and retailers to discuss upcoming initiatives and business development opportunities. Management from the company’s Independent Music distribution arm, AMPED Distribution, will also attend the event and meet with its exclusive labels in attendance.
“We look forward to attending one of the music industry’s flagship conferences, with many of our trading partners in attendance,” commented Bruce Ogilvie, Chairman of Alliance Entertainment. “We are also proud to have Ken Glaser be a part of the Physical Business Action Committee of Music Biz as well as an active member of the Board. This gives us a voice within the industry to promote the value of physical products to artists, labels, management companies and more, and help represent retailers of all sizes. These retailers play an integral role in their local communities and the industry as a whole.
“This value of physical media was recently highlighted in 2023 statistics from the Recording Industry Association of America (RIAA), which reported that revenues from physical music formats of $1.9 billion were up 11% versus the prior year. Alliance Entertainment’s sales of physical music exemplify this trend, with higher average selling prices in our fiscal second quarter over the prior year. The popularity of K-Pop drove that segment’s gross revenue up 56% over the past twelve months, helping us realize a 19% increase in the average selling price of CDs. We look to improve upon these results amid the growth of K-Pop on the vinyl format this year, highlighted by AMPED distributing the first ever Record Store Day K-Pop vinyl exclusive from ATEEZ (Kai Media) coming on April 20th.
“Taken together, we are excited to share our enthusiasm for physical media with the over 2,100 attendees from more than 800 companies across 30 countries at Music Biz 2024,” concluded Ogilvie.
If you would like to schedule a one-on-one meeting or media interview with Alliance Entertainment management, please make your request to AENT@mzgroup.us.
About Music Biz 2024
Music Biz 2024 is set to take place May 13-16, 2024 at the JW Marriott Nashville. This marks the 10th year the Music Business Association has hosted its flagship four-day conference in Nashville, bringing together more than 2,100 global music professionals for industry-defining conversations and connections to help shape the future of the music business and best serve the needs of all music professionals. This year’s event marks the debut of all-new summits on timely topics for the industry, including Artificial Intelligence; Concrete Results: Music's Next Uncharted Frontier; Glocals Only: Music Marketing For A Borderless World; The Greatest Good: Social Impact Is Good For Business; and Changing The Game: Music & Gaming's Unique Synergies. These join new editions of attendee-favorite programs such as the #NEXTGEN_NOW young professionals summit, Let’s Talk Physical, Music & Money, and the 13th annual Metadata Summit. Visit musicbiz2024.com for an up-to-date conference agenda, event registration & lodging information, and more.
About The Music Business Association
The Music Business Association (Music Biz) is a not-for-profit membership organization that advances, promotes, and invests in the future of the music business by providing a trusted forum where ideas and cooperation flourish. Through events, education, and engagement, the Association brings together the full breadth of the industry for unparalleled access to networking, resources, and thought leadership.
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, 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), Naxos, Nettwerk Music Group, Nuclear Blast, Polyvinyl, Proper Music Group, Rebel Records, Reservoir Media (Chrysalis, Tommy Boy), Ruf Records, Secretly Music Group, Shanachie, Smithsonian Folkways, Stem, Sub Pop, Vydia, Warner Classics and more. For more information, visit www.ampeddistribution.com.
About Alliance Entertainment
Alliance Entertainment (NASDAQ: AENT) is a premier distributor of music, movies, toys, collectibles, and consumer electronics. We offer over 325,000 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 refinance our existing 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 Group
Chris Tyson/Larry Holub
(949) 491-8235
AENT@mzgroup.us
