TAGS: jukebox, TouchTunes, Ross Honey, TouchTunes, chief executive, Charles Goldstuck, TouchTunes executive chairman, digital music
NEW YORK CITY -- In-venue digital music provider TouchTunes said it has promoted Ross Honey to chief executive, effective immediately. Honey, the former general manager of Xbox Entertainment, joined TouchTunes a year ago as president and chief operating officer. | SEE STORY
Honey succeeds Charles Goldstuck, who is expanding his role under the new title executive chairman. Goldstuck, the former president of music industry giant Sony BMG, took the helm at TouchTunes in 2009. In his new role, he will focus mainly on the company's emerging international business and forthcoming background music service, among other expansion opportunities.
As the new chief, Honey will oversee the operations and development of TouchTunes' entire location-based product portfolio, which includes jukeboxes at the core, with mobile apps and TV as jukebox companions, serving 65,000 venues in North America. As it approaches six million downloads, TouchTunes' mobile app is becoming a big part of the portfolio.
While the number of TouchTunes' jukeboxes on location has held steady, Honey sees numerous opportunities for tapping into the network's current footprint -- squeezing more ROI from existing locations. He cites research showing that 45 million people "pass through" a location with a TouchTunes product annually. "But only 25% are using the jukebox," he said, "so our market can grow by 35 million consumers."
TouchTunes' revenue reportedly has risen 7% since the Thanksgiving holiday, with 34% of sales coming from mobile.