Company Targeting Additional Auto OEMs After Recent BYD Partnership Win
Fort Lauderdale, FL, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME) – an AI technology and consumer electronics holding company, announced today that is wholly-owned subsidiary, The Singing Machine, will attend CES 2025 from January 7-10, 2025 to showcase its next generation karaoke microphone, developed for deployment with global automotive manufacturers and television brands. In early November, the Company announced a global partnership with BYD, the largest new energy vehicle (“NEV”) manufacturer in the world. Based on this significant milestone, Singing Machine anticipates leveraging this recent success to accelerate previous partnership and joint marketing opportunities.
Singing Machine’s industry leading microphone includes a wide range of proprietary technological features, all designed for close integration with karaoke content provided by Stingray, a leading music, media and technology company. Together, Stingray and the Singing Machine have successfully launched a fully-integrated microphone designed to integrate with Stingray’s karaoke app.
“We are excited to showcase our automotive-centric karaoke microphone at CES in January,” commented Gary Atkinson, CEO of Algorhythm. “We invested heavily into the partnership with BYD to innovate on the in-car karaoke experience, resulting in multiple new features that have never previously been commercially available like karaoke gaming, scoring and live pitch correction. We’re proud to showcase the results of that hard work at CES and to share it with the broader automotive OEM market and connected TV manufacturers for integration into their vehicles and devices.”
Atkinson added, “BYD is the global leader in NEV production, with over 3 million vehicles produced annually. We are fortunate to have earned a scalable relationship beginning with select BYD models globally and expanding into more models and geographies in 2025. We have already undertaken to deliver the first orders for Brazil and Europe markets.”
“For our company, this new product category is highly appealing as it is highly scalable, carries significantly better gross margins, with a technology moat that creates barriers to entry for competitors and doesn’t cannibalize our core retail consumer karaoke business. We’re seeing tremendous interest and demand for fully-integrated karaoke microphones as karaoke continues to be more popular than ever.”
Singing Machine’s new microphones, co-developed with BYD Automotive Product Strategy and the New Technology Research Institute, will be manufactured by BYD Electronics a Tier-1 supplier to the automotive industry.
In-Car Product Features:
- Professional wireless karaoke microphones capable of customization and integration with OEM automotive and television brands.
- Stingray’s Automotive Karaoke App includes more than 100,000 licensed songs – from today’s top charting artists to yesterday’s legends, in all the most popular genres – including pop, rock, country, R&B, hip-hop, rap, K-Pop, Disney and more!
- Compete against friends or learn to become a better singer with real-time vocal scoring technology with adaptive visual feedback to score performances.
- Safety first – While parked, passengers can scroll lyrics on the infotainment screen to help sing along to their favorite song, whether they’re the driver or front-seat passenger. When the vehicle is in motion, scrolling lyrics are synched on mobile devices via the Passenger App(TM) by scanning the QR code on the infotainment screen.
- Singing Machine’s proprietary vocal effect technology includes real-time pitch detection, studio-quality pitch-correction and vocal enhancements.
- A flexible hardware platform which allows for future karaoke functionality.
About Algorhythm Holdings
Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.
SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.
Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. SemiCab's Orchestrated Collaboration™ AI model has proven to increase transportation capacity, improve asset utilization, reduce empty miles, lower logistics costs, and provide visibility into the entire transportation network. Models show the technology has the capability of saving shippers tens of billions of dollars annually through optimization. Further, SemiCab’s technology also has the potential to play a key role in the improved sustainability model globally. Based on its proven ability to improve truck utilization rates from 65% to over 90%, this results in a dramatic reduction in the carbon footprint of the industry. The optimization of existing truck utilization can add approximately 30% more trucking capacity without adding more trucks, drivers or driven miles which addresses common problems plaguing the industry like severe driver shortage and road congestion. Trucking optimization could also eliminate approximately 25% of CO2 emissions attributable to road freight.
For additional information regarding SemiCab: http://www.semicab.com
The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.
Investor Relations Contact:
investors@algoholdings.com
www.singingmachine.com/investors
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the Company’s Transition Report on Form 10-KT for the transition period from April 1, 2023 to December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
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