LONDON -- TouchTunes Interactive Networks reports that it has completed its acquisition of Soundnet. The transaction marks TouchTunes' entry into the European jukebox market. Terms have not been disclosed.
London-based Soundnet, established in 2000, provides audio and video content to digital jukeboxes and background music services for clients throughout the United Kingdom and continental Europe. This spring, it inked an exclusive partnership with the Official Charts Co. under which the branded Official UK Singles Chart will appear on jukeboxes in 12,500 locations in the UK. Soundnet is the only jukebox music supplier in the UK that provides this well-known chart.
Soundnet recently launched a mobile app, Soundjack, enabling patrons to select and play songs from their smartphones.
Within the new organization, Soundnet will continue to work exclusively with British jukebox manufacturer Sound Leisure in the UK, supporting and expanding the business together. Sound Leisure's VenueHub machine is the best-selling digital jukebox in the UK, TouchTunes said. The British manufacturer introduced its second-generation VHub software at this year's European Amusement and Gaming Expo in London.
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 in North America. The transaction is said to be the first of a number of expected expansion initiatives as TouchTunes continues to develop and extend its product base and geographic reach.
TouchTunes president and chief executive Charles Goldstuck said the music company's expansion into Europe is among its top priorities and the Soundnet kicks off that movement. Executives managing the expansion include Soundnet managing director Simon Davis and TouchTunes European managing director Alan Newham. "I am delighted at the prospect of working with Simon Davis and his talented team at Soundnet," Goldstuck said.
Newham added, "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."
TouchTunes is the largest in-venue interactive music and entertainment platform in North America.