MusicMagpie (MMAG)

Sector:

Retailers

Index:

FTSE AIM All-Share

 7.15p
   
  • Change Today:
      0.000p
  • 52 Week High: 32.50
  • 52 Week Low: 6.80
  • Currency: UK Pounds
  • Shares Issued: 107.81m
  • Volume: 139,995
  • Market Cap: £7.71m

MusicMagpie expands rental subscription service into new categories

By Iain Gilbert

Date: Monday 07 Feb 2022

LONDON (ShareCast) - (Sharecast News) - Retailer MusicMagpie said on Monday that it has expanded its rental subscription service beyond smartphones and into new product categories.

MusicMagpie, which stated its rental offering had already attracted 13,500 active subscribers since launching October 2020, will now offer other consumer technology items such as games consoles, tablets and MacBooks.

The AIM-listed firm said monthly rental fees will start at £11.99 for a console, £12.99 for an iPad, and £19.99 for a MacBook.

MusicMagpie added that in addition to the benefit to consumers, the rental subscription generates recurring revenue for the period of the contract, with the ability to achieve further additional revenue from second and third rental periods, and ultimately a potential sale of the product at the end of its rental life.

Chief executive Steve Oliver said: "It's clear from the popularity of this service, as well as the growth of the wider subscription economy, that consumers are increasingly prioritising access, value and sustainability over full ownership.

"The amazing consumer value that renting a device from MusicMagpie provides, in addition to the environmental benefits that it generates, means that our rental proposition is a true embodiment of our long-standing 'smart for you, smart for the planet' ethos, which is why maximising and scaling our rental business will be a major point of focus for us in the coming year."

As of 0925 GMT, MusicMagpie shares were down 0.31% at 163.0p.

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MusicMagpie Market Data

Currency UK Pounds
Share Price 7.15p
Change Today 0.000p
% Change 0.00 %
52 Week High 32.50
52 Week Low 6.80
Volume 139,995
Shares Issued 107.81m
Market Cap £7.71m

MusicMagpie Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
21.88% above the market average21.88% above the market average21.88% above the market average21.88% above the market average21.88% above the market average
15.79% above the sector average15.79% above the sector average15.79% above the sector average15.79% above the sector average15.79% above the sector average
Price Trend
94.17% below the market average94.17% below the market average94.17% below the market average94.17% below the market average94.17% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Income Not Available
Growth
51.63% below the market average51.63% below the market average51.63% below the market average51.63% below the market average51.63% below the market average
40% below the sector average40% below the sector average40% below the sector average40% below the sector average40% below the sector average

MusicMagpie Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
14:57 6,948 @ 7.20p
14:38 6,605 @ 6.87p
14:37 13,240 @ 7.23p
13:45 2,737 @ 6.86p
13:45 31,669 @ 6.89p

MusicMagpie Key Personnel

COO Ian Storey

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