ROXi Music, the manufacturers of music streaming service and device ROXi has chosen investment bank Arden Partners to prepare its initial public offering in the fourth quarter of 2019. The offering will be floated on the alternative investment market (AIM) of the London Stock Exchange.
CEO Rob Lewis said going public will help UK based ROXi Music expand internationally and secure Britain’s spot “in the next stage of the digital music revolution.” Spotify and Apple Music’s dominance in music streaming is expected to continue, but ROXi says that it is focused on sharing music experiences.
ROXi Music had originally planned to IPO in 2018 after completing a $14 million funding round. The company had fourth-quarter sales in Britain of $1 million last year.
The ROXi device offers access to a catalog of 35 million songs and comes with a box connects it to televisions as well as a microphone-installed remote. The ROXi streaming service costs $52 per year, about half of Spotify or Apple Music. Users can also add extra features like a sing-along games, music trivia and ambient sounds for relaxing.
The company is working with manufacturers to bring its technology to more smart televisions with its ROXi Smart TV edition. The product is set to launch after ROXi music goes public, a company spokesperson said.
ROXi Music’s post-IPO plans include ramping up its marketing efforts in Britain and the United States.