FAB Exclusively Launches Two New Albums
PITTSBURGH, Pa.--(BUSINESS WIRE)-- FAB Universal (NYSE MKT: FU), a worldwide distributor of digital media and entertainment, today announced the exclusive release of two new albums through its wholesale, retail and digital distribution channel. FAB exclusively launched 17 albums in 2012 driving new customers to its retail and kiosk channels and expanding the customer base for its wholesale division.
The two new albums, Super Model and Smell Li Lingyu, are now on sale nationwide in China exclusively by FAB. "Exclusive distribution agreements with top artists are a very effective means to drive new customers into FAB's retail and kiosk locations and expand the reach of our wholesale business," said Chris Spencer, FAB Universal CEO. "Similar to what Netflix (NAS: NFLX) and other new media distribution companies are currently moving towards, FAB is looking to bring more exclusive content deals to its network of distribution outlets, which we believe is the top network in all of China for musicians and artists to launch their latest album, movie or TV series."
FAB has aggressively been working to expand its media distribution platform to include copyright licensing, artist management, album production and distribution through its nationwide chain of retail stores, kiosks and wholesale customers. Based on its current media distribution model, Net Revenue for the FAB Universal distribution network was approximately $65 million for the first nine months of 2012.
These two new exclusive deals include artist Li Lingyu, who sold 8 million copies of her last album and has sold over 80 million albums in her career. Li Lingyu launched her most recent album exclusively through FAB with a launch event at FAB's Joy City flagship store in Beijing. Smell Li Lingyu was produced by Tempo Group and Super Model, a new album from Wind Forest Volcano Orchestra, was produced by the Taihe Rye Company.
(The above financial numbers are pro forma and are stated as if the FAB acquisition had occurred on January 1, 2012. The three quarters of operating results would have resembled the above numbers which was disclosed in our third quarter Form 10-Q filing under Unaudited pro forma condensed consolidated financial information.)
About FAB Universal Corp:
FAB Universal Corp. is a global leader in digital media entertainment sales and distribution. FAB delivers media to its customers worldwide through Intelligent Kiosks, Retail Stores, Retail Franchises and online through Apple iTunes and Google Android through three business units: Digital Media Services, Retail Media Sales and Wholesale Media Distribution. We distribute billions of movie, music, podcast, TV show and other digital files to consumers in 240 countries. Sales of digital media are generated through kiosks networks, subscription sales for mobile devices, smartphone Apps and Netflix-like subscription models. In 2011, we distributed billions of downloads of copyrighted music, video games, ringtones, ebooks, movies and podcasts to over 50 million people worldwide through iPods, iPhones, iPads, iTunes, Blackberrys, Windows Phones, Androids and many other devices and destinations. We are a publicly held, Pittsburgh based company with thousands of shareholders and a world-class team. Visit us on the web at www.fabuniversal.com, email us at firstname.lastname@example.org.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking Statements" as defined in the Private Securities litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies and acts of terror against the United States.
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