Stingray Group Inc.’s top executive says the company is looking to capitalize on the growth of in-store advertising at retail locations.

Eric Boyko made the comments to BNN Bloomberg following the Tuesday release of the company’s latest earnings, reporting profit hit $14.1 million in the first quarter of the fiscal year, up from 9.4 million a year earlier. The company said the increase was due partly to a “one-time settlement gain” resulting from a trademark dispute.

Revenue reached $79 million during the first quarter, up from $78.1 million a year earlier.

The music, media and technology company’s advertising business has been gaining momentum in the second quarter, according to a news release that quoted Boyko as saying the company remains “on target” to hit its goal of 40 per cent growth in advertising revenue in 2024.

Boyko elaborated on those comments in a Wednesday interview with BNN Bloomberg, noting that the company’s advertising growth strategy includes capitalizing on in-store ads at major retailers.

“The retail advertising market is growing from $16 billion to $26 billion in 2025. So every big retailer, [like] Loblaw’s Media [and] Walmart Media, they’re getting involved. You're going to see a lot more ads in the store while you shop,” said Boyko, co-founder and chief executive officer of Stingray Group. 

According to Boyko, the company saw about $30 million in advertising sales last year and he expects that figure to increase to $50 million this year.

“We believe that in the next 12 to 18 months, we'll be able to achieve $100 million in sales. So very fast growth in that market,” he said.

Boyko said expanding in-store ads “could represent up to $1,000 of revenues per location per month.”

The Montreal-based company has made moves to achieve its goal of creating a large network of retailers and advertisers, Boyko said in the company’s earnings release.

Notably, he said the company entered into an agreement with Mood Media’s Vibenomics advertising group that has led to the largest “retail audio ad network” in the U.S., with over 25,000 retail locations. Additionally, Boyko said it also struck a deal with Loblaw Media, which includes just under 300 grocery stores across Canada.