WHITE PLAINS, N.Y. - Performance Designed Products LLC (PDP), in collaboration with Turtle Beach (NASDAQ:HEAR) Corporation (NASDAQ:HEAR), has sold out all available pre-order inventory of its new RIFFMASTER wireless guitar controller. The pre-orders began late last week and were quickly reserved by eager gamers worldwide.
The special edition RIFFMASTER featuring an exclusive Pickguard gift was particularly popular, with nearly all units claimed within the first 10 minutes of release.
The RIFFMASTER, which is the first guitar controller designed for a new game in almost a decade, is compatible with Xbox/PC and PlayStation platforms and officially licensed for both. It is scheduled to launch in April at a manufacturer's suggested retail price (MSRP) of $129.99.
The initial pre-order success indicates a strong market demand for the new musical gaming accessory. PDP has announced that a limited additional quantity will be available at launch, with a more significant restock expected in late June or early July.
Michael Lai, Senior Director of Product Marketing at PDP, expressed excitement over the product's reception and assured fans that more units would be forthcoming. The RIFFMASTER is part of an effort to fill the void in the musical guitar controller market, providing gamers with an opportunity to engage with rhythm-music games in a new way.
PDP, an industry leader in gaming peripherals and accessories, was recently acquired by Turtle Beach Corporation in March 2024. The company has been a significant player in the video game accessories market for over 25 years, offering products across the United States, Canada, Europe, and Australia.
The RIFFMASTER wireless guitar controller will be available in two designs, one for Xbox Series X|S, Xbox One, and PC, and another for PS5™ and PS4™. For gamers who missed the pre-order opportunity, PDP is offering a notification sign-up for updates on additional inventory availability.
This news is based on a press release statement and provides a glimpse into the consumer demand and market trends within the gaming accessory industry. As the RIFFMASTER's release approaches, gamers and investors alike will be watching for its impact on the market and Turtle Beach Corporation's portfolio.
InvestingPro Insights
Amidst the excitement surrounding Turtle Beach Corporation's (NASDAQ:HEAR) latest product, the RIFFMASTER wireless guitar controller, the company's financial health and market performance provide additional context for investors. With a market capitalization of approximately $305.98 million, Turtle Beach Corporation is navigating the competitive gaming accessory landscape with strategic product launches like the RIFFMASTER.
InvestingPro data indicates that Turtle Beach Corporation has seen a revenue growth of 7.48% in the last twelve months as of Q4 2023, signaling a positive trend in sales. Despite a slight quarterly revenue dip of -1.35% in Q4 2023, the company's gross profit margin remains robust at 29.25%. The stock has experienced a significant price uptick, with a 1-month price total return of 59.74% and a 3-month price total return of 60.18%, reflecting the market's optimistic response to the company's recent activities.
One InvestingPro Tip that stands out is the anticipation of net income growth this year, which aligns with the successful pre-order campaign of the RIFFMASTER. Another relevant InvestingPro Tip for potential investors is the company's strong free cash flow yield, as indicated by its valuation. These insights suggest that Turtle Beach Corporation is poised for financial growth, which may be bolstered by the market's positive reception of their new product offerings.
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