One Media IP Group (LSE:OMIP) announced Annual results today and London South East interviewed CEO Michael Infante.
"We announced a robust set of results for the year," explained Michael, "but it hasn't been easy, and not just because of the pandemic, but because of all the challenges it has brought our industry, with the collapse of live entertainment."
"As we entered lockdown I'd have been happy to see 25% plus or minus either way, as none of us new what would happen. So for us to deliver on the button (in terms of revenue forecasts) is a strong point and just goes back to the smart way in which we have been buying music, we pick up nostalgic product which people go back to in times of happiness and sadness. Robust and recurring income is what we are about."
"We acquire music from the 50's, 60's, 70's and 80's and we deliver that through digital stores like Amazon, Spotify, all the usual suspects, to 167 territories globally. People have been at home during the pandemic and there has been a minor uplift in listening, but not as big as everybody thought because we lost out on the daily commute" he said.
One Media has an eclectic mix of product, are genre non-specific and cover children's, pop, rock and classical. "We've seen an uplift in classical music, we've seen an uplift in children's music" Michael told us.