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TouchTunes Music Corporation TOUCHTUNES’ NEW CEO PREVIEWS 2007 IN LETTER TO OPERATORS

In his letter, Matin also thanked operators for their loyalty and trust.
Copy of letter at end of article.

MONTREAL, — Art Matin, new president and CEO of digital-jukebox giant TouchTunes Music Corporation, has sent a personal letter to the company’s 1,800 operator accounts, outlining the company’s direction for 2007.

“The coming year promises to be another exciting one for TouchTunes and our customers,” Matin wrote.

Among other developments, “We will begin shipping our revolutionary Gen 3 technology in volume,” he said. “Initial results from our Gen 3 broadband locations are extremely promising, showing a marked increase in total plays and revenues.”

Gen 3 is the unique new digital jukebox operating system TouchTunes unveiled at the fall AMOA show. This industry-leading technology, when teamed with a high-speed broadband connection, allows operators to change, within seconds, the musical personality of a jukebox’s on-board music library, a process TouchTunes calls “morphing.” It enables patrons to download and use, on location at the jukebox, personal playlists they create on the MyTouchTunes.com Web site. It also provides a more intuitive user interface, among other revenue-boosting features and conveniences.

Matin sees 2007 as “a year of significant investment in TouchTunes as we will continue to add resources in tech support, research and development, and customer training, among other areas.”

Having recently introduced himself to TouchTunes’ Operator Advisory Board , Matin emphasized that the company is in “listen mode,” incorporating feedback from “many, many operators” into plans for new technology, customer service innovations, and “attractive new options for acquiring our products.”

In his letter, Matin also thanked operators for their loyalty and trust.

“I look forward to a year of accelerated growth for all of us,” he said.

TouchTunes Music Corporation introduced the world’s first digital downloading, coin-operated commercial jukebox in 1998. Today, TouchTunes’ online network of 23,000 pay-per-play Internet jukeboxes in bars, restaurants, and other establishments throughout North America is the industry’s largest, representing a market share of more than 60 percent.

A privately held U.S. corporation, TouchTunes’ principal offices are in Montreal, Canada, and Lake Zurich, Ill., a Chicago suburb. The company is backed by VantagePoint Venture Partners, one of the largest venture capital firms in the world with offices in Silicon Valley, New York, and Montreal. VantagePoint has over $4 billion in capital under management, including a substantial portfolio of consumer-oriented digital-media companies that complement TouchTunes’ growing leadership in out-of-home, interactive entertainment.

Copy of Letter dated Jan. 31, 2007

I am extremely excited to be joining TouchTunes at a time when our business is absolutely gaining momentum.  Despite the many challenges in the coin-op industry, it is crystal clear that digital jukeboxes represent a proven opportunity for operators to deliver value to their customers and improve their revenue and profits. TouchTunes jukeboxes are driving rejuvenation in many establishments and are often the centerpiece of entertainment that is drawing more and more patrons to go out and have a great time.  TouchTunes pioneered this industry and has the technology and the team to continue to lead in product innovation and in customer service. 

That said, none of what has been accomplished could have been done without the support and enthusiasm of the operators and distributors who have chosen TouchTunes as their primary partner.  We place the highest value on these partnerships and look to continue to strengthen our existing relationships and develop new ones in 2007 and beyond.

The coming year promises to be another exciting one for TouchTunes and our customers.  We will begin shipping our revolutionary Gen 3 technology in volume.  Gen 3 will enable patrons to interact with the jukebox in a more intuitive way while providing you, the operator, more flexibility in music programming and management capability from the dashboard, whether connected locally or over the Web.  Initial results from our Gen 3 broadband locations are extremely promising, showing a marked increase in total plays and revenue.  2007 will also be a year of significant investment in TouchTunes as we will continue to add resources in tech support, research & development, and customer training, among other areas.  In addition to our exclusive partnership with Billboard, we'll keep adding more artists and more music as well.

Lastly, and most importantly, we are committed to listening to our customers. We're designing our technology, our customer service, and attractive new options for acquiring our products with the input of many, many operators. I was fortunate to have the opportunity to meet with the TouchTunes “Operator Advisory Board” during my second week on the job. Our whole team was in “listen-mode,” and we're taking the OAB’s input to heart.

So again, thank you for your continued commitment to TouchTunes as a trusted partner.  I look forward to a year of accelerated growth for all of us. We've geared up to once again lead the industry in product innovation and customer support.  Let’s have fun driving revolutionary growth together.

Best Regards,

Art Matin
President & CEO