(Sharecast News) - Digital music solutions group 7digital has entered the home fitness space with an out-of-the-box solution to support a music-based virtual fitness service from Apex Rides.
7digital said on Tuesday that Apex will use its in-house licensing services to negotiate and finalise rights to millions of premium tracks, giving instructors access to its fully-cleared and compliant catalogue and playlisting tool for each class.
In addition to playlisting and catalogue curation, the AIM-listed group will also provide backend label and publishing reporting.
Chief executive Paul Langworthy said: "A core pillar of our business strategy centres on the flexibility of our technology, products and services to not only serve established markets but also new and emerging verticals that will create diversified music streaming business models.
"As this sector heats up, we are proud to provide the end-to-end services that can support innovators such as Apex Rides to forge new frontiers in the fitness market with new formats for music licensing use cases."
As of 1040 BST, 7digital shares were down 6.67% at 2.10p.
30 Mar 2016 07:23