TouchTunes Interactive Networks
Nature of Business
Founded in 1998, TouchTunes Interactive Networks is the largest digital interactive out-of-home entertainment network in North America. TouchTunes, headquartered in New York, provides entertainment and marketing solutions to more than 60,000 venues.
Since introducing the world’s first digital downloading, pay-per-play jukebox, the network has become the largest of its kind with an average of two million songs played across the network every day. TouchTunes has a growing music library of more than three million licensed tracks, and offers Karaoke and PhotoBooth experiences through its cutting edge digital jukeboxes.
The company also offers TouchTunesTV, a unique screen-within-a-screen interactive television experience that provides custom advertising capabilities, venue promotions and social networking opportunities. Additionally, TouchTunes took the jukebox mobile in 2010 and now has one of the largest in-venue mobile commerce apps, with over 1.9 million downloads to date.
We invested in TouchTunes Interactive Networks in August 2011. The business has experienced significant growth in recent years remains focused on expanding the existing base of digital jukeboxes across North America and launching new products and services to broaden its in-venue entertainment capabilities.
Our global network and sector expertise is supporting the company’s expansion into Asia and Europe and in April 2014 TouchTunes completed the acquisition of Soundnet, one of Europe’s leading suppliers of audio and visual content to bars, clubs and other venues.
Regulatory notice: This transaction involved a recommendation of 3i Corporation.