Stingray's TuneIn Engine Roars: Audio Ads and FAST Unlock Acceleration

Stingray's TuneIn Engine Roars: Audio Ads and FAST Unlock Acceleration

Stingray Group reported a blockbuster first quarter, with total revenue surging 65.2% and organic growth of 27.5%—a clear sign that the TuneIn acquisition is firing on all cylinders. CEO Eric Boyko opened the call by framing the quarter as scaling where the company left off: "Stingray opened fiscal 2027, where it left off in 2026, only on a larger scale, driven by robust revenue contribution from Tunein acquisition and FAST channel segment, we generated overall growth of 65.2% and organic growth of 27.5% year-over-year in the first quarter" “Stingray opened fiscal 2027, where it left off in 2026, only on a larger scale, driven by robust revenue contribution from Tunein acquisition and FAST channel segment, we generated overall growth of 65.2% and organic growth of 27.5% year-over-year in the first quarter” — Eric Boyko, President, CEO and Co-Founder · 2026-08-10. The growth was powered by a 105% jump in Broadcasting and Commercial Music revenue to $126 million, as TuneIn's ad stack and Stingray's FAST channel inventory reached a new level of integration.

TuneIn Synergies Exceed Expectations

The TuneIn integration has become the core growth engine. Revenue synergies hit a $45 million run rate just nine months post‑transaction, and Boyko is confident the $20–40 million target will be blown away. "We hit $45 million this quarter, and we see that number growing month by month, we're easily going to beat our targets that we set ourselves for March '27." “We hit $45 million this quarter, and we see that number growing month by month, we're easily going to beat our targets that we set ourselves for March '27.” — Eric Boyko, President, CEO and Co-Founder · 2026-08-10 This echoes the early enthusiasm from the February call, when Boyko noted, "We quickly achieved just in 1 month in January, $16 million run rate. We said $20 million to $40 million, but right now, I'd say $20 million to unlimited" “We quickly achieved just in 1 month in January, $16 million run rate. We said $20 million to $40 million, but right now, I'd say $20 million to unlimited” — Eric Boyko, President, CEO and Co-Founder · 2026-02-11. The acceleration is not just in nominal dollars—it's also visible in the scale of FAST channel sales, which grew nearly 70% in the quarter.

Unique Audio‑Ad Product Creates a Moat

Stingray's unique capability to serve audio ads on connected TVs is a key differentiator. "We're the only company in the world that's doing audio ads on a CTV... we already have our top 3 platforms agreeing to do audio ads." “We're the only company in the world that's doing audio ads on a CTV... we already have our top 3 platforms agreeing to do audio ads.” — Eric Boyko, President, CEO and Co-Founder · 2026-08-10 This innovative format expands the addressable ad inventory, as a still image plus audio can be served where video ads are not available. Such a niche is exactly the kind of programmatic ad moat that competitors are hard‑pressed to replicate.

Retail Media and In‑Car: The Next Frontiers

The company is also evolving its retail media model toward programmatic buying, with an "audience-based multiplier" concept that recognizes the multiple listeners per store visit. Stingray estimates $300–400 million of retail media inventory. In‑car entertainment is also gaining traction, with Nissan and other OEM partnerships expanding. The long‑term vision remains to become the global OEM radio provider, as Boyko articulated in November: "We are really positioning ourself to be a global dominant player." “We are really positioning ourself to be a global dominant player.” — Aravinda Galappatthige, Analyst · 2025-11-12

Financial Mechanics and Strategic Shifts

Notably, the company also filed its 2026 annual report, which included a $13.8 million reclassification of advertising revenues from gross to net presentation, primarily tied to TuneIn. CFO Marie‑Helene Fournier stressed, "This reclassification had no impact on adjusted EBITDA, net income or cash flow, but resulted in a favorable improvement to our adjusted EBITDA margin from 30.8% to 34.3%."

This reclassification had no impact on adjusted EBITDA, net income or cash flow, but resulted in a favorable improvement to our adjusted EBITDA margin from 30.8% to 34.3%.

On the balance sheet, leverage rose to 2.53x, reflecting a strategic share buyback and two small acquisitions. Boyko explicitly acknowledged that hitting the sub‑2x target will slip to fiscal 2027, marking a deliberate shift from aggressive deleveraging toward capital returns and M&A.

Overall, this quarter demonstrates that TuneIn integration is not just a story—it's delivering measurable, accelerating results. The combination of a unique audio‑ad product, expanding FAST distribution, and a rapidly scaling programmatic engine positions Stingray as a distinctive player in the connected‑media landscape.