A California-based media company announced today that it has struck up a partnership with SONIFI, a global technology and service provider for hospitality and other industries. Shares of Loop Media Inc. (OTCPK:LPTV) rallied strongly on the news as the company will now have access to 400,000 hotel rooms in over 1,300 hotels through the partnership, according to the release.
Loop Media Inc. is a streaming media company focused on premium short-form video. It offers music videos and film, game and TV trailers which can be viewed in hospitality, dining, and retail venues, on leading branded media and entertainment sites, and on over-the-top TV platforms and IPTV devices.
Traders were bullish on the news as shares climbed up to $2.88/share (+15.20%) at the session high. This move was a strong continuation of the success this stock has had over the last month as it breaks out of the multi-month trading range it has been stuck in.