7digital Group PLC Contract wins and client launches (6705B)
12 January 2018 - 6:00PM
UK Regulatory
TIDM7DIG
RNS Number : 6705B
7digital Group PLC
12 January 2018
12 January 2018
7digital Group plc
("7digital" or the "Company")
Contract wins and client launches
7digital Group plc (AIM: 7DIG), the global leader in B2B digital
music solutions, announces new contracts with MediaMarktSaturn
(MMS), Europe's biggest electronics and entertainment retailer, and
8tracks, a popular digital music service based in the US.
7digital is pleased to confirm that it has signed a further
agreement with its largest individual shareholder and one of its
biggest customers, MediaMarktSaturn, to cover the migration of the
existing "Juke" music service in Germany onto the 7digital
platform. The contract involves a significant setup fee for work
done in 2017 and ongoing monthly recurring revenues.
In addition, the Company is pleased to announce it has signed a
contract with 8tracks, a popular digital music service based in the
US. 8tracks was founded in 2008 and focuses on music discovery
through crowd-curated playlists. The deal has a one-year minimum
term and is expected to contribute to 7digital's revenues for 2018
and beyond.
Client Launches
Progress continues to be made with regards to publicly launching
other client services. Technology leader Altair Engineering, Inc.
launched its service WEYV in the U.S. on 5(th) December. WEYV is a
platform for streaming audio and visual content, for which 7digital
provides access to music and technology services.
French company Deedo SAS launched its pan-African music service
in France, Senegal, Mali and Ivory Coast. Launches in a further 23
territories are planned by 2020, including 16 in Africa, 5 in
Europe, the USA and Canada. 7digital provides technology, access to
music and web app development for the Deedo service.
German broadcaster Klassik Radio has also launched its radio
streaming service 'Klassik Radio Select', focusing on classical and
associated genres. 7digital provides Klassik Radio with access to
music under a deal announced in Q1 2016. Klassik Radio has
significant support from the industry and has to date announced
several long-term license agreements with music labels Universal,
Sony and Naxos.
Simon Cole, CEO of 7digital, commented:
"The further development of our relationship with
MediaMarktSaturn strengthens an already fruitful relationship with
a key player in Europe's electronics and entertainment retail
market, and further underpins our 2018 revenues."
For further information please contact:
020 7099
7digital 7777
Simon Cole, Chief Executive
Matt Honey, Chief Financial Officer
Holly Ashmore, PR Manager
020 7614
Arden Partners (nominated adviser) 5900
Chris Hardie/Ruari McGirr/Benjamin
Cryer - Corporate Finance
About 7digital
7digital is the global leader in B2B end-to-end digital music
solutions. The core of its business is the provision of robust and
scalable technical infrastructure and extensive global music rights
used to create music streaming and radio services for a diverse
range of customers - including consumer brands, mobile carriers,
broadcasters, automotive systems, record labels and retailers.
7digital also offers radio production and music curation services,
editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying
access to music for clients such as Onkyo, Global Radio and
musical.ly. From years of being the largest independent producer of
programming for the BBC, launching Radioplayer in multiple
territories, and powering services for partners like Panasonic, TDC
and Electric Jukebox, 7digital is perfectly positioned to lead
innovation at the intersection of digital music and next-generation
radio services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRUAOBRWBAAAAR
(END) Dow Jones Newswires
January 12, 2018 02:00 ET (07:00 GMT)
7digital (LSE:7DIG)
Historical Stock Chart
From Apr 2024 to May 2024
7digital (LSE:7DIG)
Historical Stock Chart
From May 2023 to May 2024