NEW YORK (Reuters) - ROXi Music, the makers of the home-based music streaming device ROXi, said it had chosen investment bank Arden Partners as it prepares for an initial public offering in the fourth quarter of 2019.
The offering is aimed at the alternative investment market (AIM) of the London Stock Exchange.
ROXi Music originally planned an IPO in 2018 after completing a $14 million funding round. Television ads for the ROXi device helped bolster the company’s fourth-quarter sales in 2018 in Britain with sales coming in at more than $1 million.
The ROXi device gives streamers unlimited access to a catalog of more than 35 million songs. It comes with a box that hooks up to televisions and a microphone-installed remote.
ROXi’s streaming service costs $52 per year, compared with Apple Music’s $99. Users can tack on 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 said it had hired Hays Macintyre to head up audits and lawyers at Fladgate to manage the offering as it goes up against industry heavyweights Spotify Technology and Apple Inc.
ROXi Music’s post-IPO plans include ramping up its marketing efforts in Britain and the United States.
Spotify’s grip on music streaming is not expected to loosen, however ROXi wants to target audiences more focused on sharing music experiences.
CEO Rob Lewis said going public will help ROXi Music expand internationally and secure Britain’s spot “in the next stage of the digital music revolution.”
Reporting by Arriana McLymore; Editing by Susan Thomas