Business
Singing Machine Announces Entrance into Hospitality Market with Disruptive New Karaoke Venue Concept
Company signs multi-year lease agreement in Manhattan for first location Fort Lauderdale, FL, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company,
About this update from Algorhythm Holdings, Inc.
[{"type":"text","content":"Company signs multi-year lease agreement in Manhattan for first location Fort Lauderdale, FL, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, today announced that it intends to enter the socialized entertainment hospitality market with an innovative new karaoke venue concept. Through a newly established subsidiary, the Company has executed a lease for a 10,000 square feet hospitality venue in the heart of NoMad, a highly desirable nightlife neighborhood in Manhattan. The Company initially targeted this area in New York City based on its particularly high concentration of bars, restaurants and other keystone nightlife venues. Overall, the area is considered a top destination for tourists and locals alike. The Company anticipates opening its first karaoke venue by summer 2024 with goals to open multiple locations throughout the country. The NoMad venue, which will serve as the flagship location, is expected to deliver an unprecedented combination of immersive karaoke technology and stunning audio-visual capabilities, enhanced by a highly curated, upscale food and beverage selections. Guests will be able to partake in these amenities through a variety of options within the venue, including luxurious private karaoke rooms, elevated dining options, and a lively bar, featuring a curated mixology menu. For those seeking a one-of-a kind karaoke experience, the venue will feature a public performance stage with a focus on immersive experiences. The entire karaoke experience will be driven by a sophisticated, highly interactive app. Singing Machine has engaged with famed retail designers, Brinkworth, to design the interior layout and aesthetic for the venue. “We believe the karaoke hospitality market in North America is fragmented and ripe for disruption,” commented Gary Atkinson, CEO of the Singing Machine. “We see a largely underserved market in need of a nationally branded, premium karaoke offering that includes live singing, private rooms, an elevated, luxurious atmosphere, and proprietary technology that delivers a fun and totally unique experience. We believe that our concept will have mass appeal to everyone, our vision is to create an experience that is fun for singers and non-singers alike.” “We see this as...