basically yes. it is a prefilled mp3 player with content, which get's activated with nfc chips. You can add custom content for 3 nfc chips with this windows application (or update the pre fillment).
all of this little children audio devices are glorified mp3 players, with encryption inside.
The point is, that most of them don't allow to really "own" the content, like vinyl/tape/cd. they are encrypted, and you only get the encryption key, which is only playable on the device...you buy a license key and not the content.