This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. Non EU rated and non EU endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit. This announcement applies only to EU rated and EU endorsed ratings. Please see the Rating Methodologies page on for a copy of this methodology. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period. Octave Music's rating also reflects the impact of the coronavirus outbreak on its profitability given its exposure to the US and overseas economies, which has left it vulnerable to government lockdown measures and shifts in market demand and sentiment in these unprecedented operating conditions. Octave Music's rating is constrained by its relatively small revenue base, exposure to consumer discretionary spend, high financial leverage and a challenging retail environment that limits growth in the installed customer base. Octave Music's B3 Corporate Family Rating (CFR) reflects the company's leadership position with the largest network of digitally connected jukeboxes in North America, high barriers to entry that stem from its highly distributed network of 2,500+ independent operators, patented technology and cumulative R&D spend, multi-year client contracts, recurring music and media services offerings, and long-standing relationships with major labels, publishers and performance rights organizations (PROs) that provide music content via multi-year licensing agreements.
Key rating considerations are summarized below. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. The review did not involve a rating committee. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. and other ratings that are associated with the same analytical unit. New York, Aug- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of The Octave Music Group, Inc. Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of The Octave Music Group, Inc.
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