Loop Media Inc. has entered into a partnership with First Canadian GPO, a group-purchase organization that helps its members find savings on supplies and services.
The Glendale-based music and short-form video distributor will make its Loop Player and Loop TV service available at no cost to First Canadian’s 7,000 small and medium-sized business customers.
Terms of the deal between Loop Media and First Canadian, based in Winnipeg, Manitoba, were not disclosed.
Tara Kolakowski, co-head of growth marketing and distribution at Loop, said that to remain competitive businesses need to find ways to engage customers and keep them entertained.
“Our new partnership with First Canadian will help its members create experiences that align with their customers’ values to drive loyalty and positive brand affinity,” Kolakowski said in a statement.
The partnership with First Canadian is the second, and largest, international distribution deal that Loop Media has signed in the past two months. In March, the company launched its TikTok television channel with St. Louis Bar & Grill in its 75 locations across Canada.
Matt Toews, chief executive of First Canadian, said the company was excited to bring Loop’s TV streaming video service to its members.
“Partnering with Loop Media ensures that they not only benefit from a complimentary service, but also have the opportunity to reap attractive cash rewards – an exceptional advantage for small and medium-sized businesses,” Toews said.
Shares in Loop Media (LPTV) closed down 18 cents, or about 3.5%, to $4.95 on the New York Stock Exchange on Tuesday.