In June, Music Ally reported on the ambitions of British music-streaming firm Roxi (formerly Electric Jukebox) to go public. Now the company has confirmed how it plans to do that.
Roxi announced this morning that it has appointed advisers for an initial public offering (IPO) on the London Stock Exchange in the final quarter of 2019.
The company includes artists Robbie Williams, Sheryl Crow and Alesha Dixon among its shareholders, alongside all three major labels plus Merlin; and industry figures Paul McGuinness (formerly U2’s manager), Rob Dickins (ex WMG / BPI) and Henrick Holmark (ex Pandora).
“As the sole UK company offering full catalogue music streaming services, an IPO on AIM will enable ROXi Music to scale up the business and take our successful product international,” said CEO Rob Lewis, formerly of B2B firm Omnifone and streaming service Rara.
All this is happening without any public figures on how Roxi’s product – a ‘music console’ that plugs into TVs to stream music, offer karaoke and games – has been doing. The press release claimed “exceptionally strong UK growth” in the final quarter of 2018, thanks to a direct-response TV-ad campaign starring Crow and Dixon. We’ll get actual figures in September, when Roxi publishes its IPO prospectus.