7DIG.L Share News (7DIG)

(Sharecast News) - Digital music service provider 7digital updated the market on Friday, after music label Universal Music Group (UMG) announced that it had pulled its catalogue from the social app Triller.
The US-based music publishing giant said Triller - considered a rival to the social video platform TikTok - had "shamefully" withheld payments from artists.

"We will not work with platforms that do not value artists," a UMG spokesperson said.

"Triller has shamefully withheld payments owed to our artists and refuses to negotiate a license going forward."

7digital inked a deal with Triller in August, giving the social app access to 7digital's catalogue of 80 million music tracks.

The AIM-traded firm confirmed on Friday that the announcement from UMG had no financial impact on its business, nor did it have any impact on its own relationships with either party.

"Triller remains a customer of 7digital having signed an 18 month contract in August 2020," the board said in its statement.

"7digital will continue to provide Triller with services from the company's platform under the existing terms with no impact on its revenue."

The company said it would keep the market updated on any further developments in the matter, as appropriate.

At 1237 GMT, shares in 7digital Group were down 1.45% at 1.7p.