Summit Wireless Technologies Inc (NASDAQ: WISA) is gaining serious steam in the entertainment industry, making the stock one to watch closely as the opportunity only expands. In a press release today, the company announced a major update with regard to WiSA Association membership that further validates the fact that the company is on track to creating a fundamental shift in the way the world sees home sound. Here’s what’s going on:
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Wisa Stock Is One to Watch as Hisense Joins WiSA Association
In the press release, Summit Wireless Technologies announced that Hisense will join the WiSA Association’s more than 60 leading consumer electronics brands as it works to expand its retail presence in North America.
This is great news considering the fact that Hisense is a leader in consumer electronics and home appliances globally. In fact, the company is the top television brand in China. The company started operations in the United States 19 years ago and has seen compelling growth among the world’s largest audience since.
In a statement, Tony Ostrom, President of WiSA, had the following to offer:
WiSA Association is thrilled to welcome Hisense into the member community. With a rapidly growing market share on a global basis, Hisense fits seamlessly into the fold of world leaders in high resolution video. WiSA has been experiencing exponential growth and is excited to see increasing involvement from great TV brands like Hisense combining immersive wireless home cinema audio with stunning video.
The above statement was followed up by Liu Xin, Deputy Chairman of Hisense International. Here’s what he had to offer:
At Hisense, our team continuously seeks the leading technologies that are easy to use for consumers and that effectively deliver quality entertainment, especially during a time when we’re seeing the growing trend of home cinema. After five decades of being committed to providing quality CE products, we’re honored to be a part of the WiSA Association. Joining other leading audio, CE and manufacturing brands is a major milestone for our company.
This News Is Huge
The news that Summit Wireless Technologies released this morning proved to be overwhelmingly positive. First and foremost, Hisense is no small fish. The company was noted in 2020 as the fastest growing television brand in the United States, with sales of the company’s branded televisions climbing 139%.
The company continues to expand its presence in the United States, offering a long list of products, ranging from 4K ULED and UHD to Laser and HD televisions available at Best Buy, Target, and Walmart.
That alone is great news for WiSA. However, the real power of this news goes far beyond that. The fact of the matter is that television companies around the world are seeing tremendous value in becoming WiSA members. Hisense is joining a long list of companies that are taking action to make immersive home sound possible at affordable prices.
With WISA stock at the center of this evolution, it is one to watch closely.
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Disclosure: CNA Finance, parent company to Alpha Stock News, has a financial relationship with Summit Wireless Technologies.