Alliance Entertainment is a distributor of physical entertainment products and collectibles, sitting between content owners — movie studios, music labels, and game publishers — and retailers. Alliance's core product categories include vinyl records, DVD/Blu-ray, video games, CDs, and collectibles. Alliance serves major retailers like Walmart, Amazon, Best Buy, and Target, as well as thousands of independent stores, across more than 70 countries. Alliance also operates its own DTC retail websites and a white-label DTC fulfillment service, where retailers list Alliance's inventory on their own websites and Alliance ships directly to end consumers under the retailer's brand. Alliance makes money two ways: traditional distribution, buying physical products and reselling to retailers at thin margins, and licensing, where Alliance licenses IP from studios or labels, manufactures the physical product itself, and sells it at higher margins. The Paramount agreement, effective January 2025, is the clearest example — Alliance is now the exclusive U.S. and Canadian distributor of all Paramount physical media, controlling manufacturing, marketing, and retail execution while paying Paramount a royalty. Exclusive agreements drive stickier retail relationships and better margins, since retailers cannot source these products elsewhere. Alliance is actively shifting its mix toward higher-margin activities: licensing deals, collectibles through its Alliance Authentic division, and DTC fulfillment. Alliance's growth strategy centers on expanding studio licensing deals, M&A to add licensed collectible brands and consolidate competitors, and growing its white-label DTC fulfillment capability across new retail partners and product categories.