TORONTO – Mood Media Corp. (TSX:MM) got a boost after the Toronto-based company announced a multi-year deal to collaborate with Universal Music Group.
Mood Media uses audio, visual and other sensory services that appeal to customers at hundreds of businesses such as clothing stores and restaurants.
Universal is one of the world’s biggest music companies, operating through major labels such as Capitol Records, Virgin Records, Decca and Motown Records.
Mood Media’s chairman and chief executive, Lorne Abony, says the agreement represents a new level of collaboration.
He says Mood Media will use Universal’s catalogue to create promotions and new music services that will “captivate” consumers at the point of sale.
Universal Music says the deal will give its artists increased exposure.
“Our agreement with Mood enables us to partner with a global leader in providing in-store consumer experiences and furthers our mission of exploring new ways for our artists to reach the widest possible audience,” said Bruce Resnikoff, president and CEO of Universal Music Enterprises.
Mood Media says its platforms reach over 150 million consumers each day through 570,000 subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia.
It has clients in the retail, hospitality and restaurant industries.
Mood Media shares gained about three cents on Tuesday, closing at $1.11, but gave back two cents at mid-morning on Wednesday.
Note to readers: This is a corrected story. An earlier version said the companies had a five-year deal.