LONDON (Alliance News) - Digital music and radio services company 7digital Group PLC Monday said it has integrated Google Inc's streaming service Google Cast on its platform, as it reported a widened pretax loss for its first half of 2015.
The company was formed via a reverse acquisition of 7digital Group Inc by UBC Media Group PLC in June last year. As part of this transaction, the company acquired an interest in fellow AIM-listed Audioboom Group PLC. Following the period end the company sold its final remaining interest in Audioboom for GBP1.9 million.
For the half year to June 30, 7digital reported a pretax loss of GBP6.6 million, widened from a pretax loss of GBP2.8 million a year before, as a small rise in revenue to GBP5.2 million from GBP5.1 million was offset by an exceptional impairment loss related to its sale of its remaining interest in Audioboom.
Stripping out this exceptional cost, the company reported an adjusted loss before interest, tax, depreciation and amortisation of GBP1.3 million, narrowed from GBP1.8 million a year before.
Separately, 7digital said that the integration of Google Cast allows consumers to send music to any speaker, streaming device or connected television that is enabled with Google Cast, and the technology will be available to 7digital's business-to-business customers who want to add it as an additional feature on their web service or applications.
Additionally, 7digital has upgraded its own application, and said it has won a number of contract wins, partnerships and service launches. ROK Mobile has launched a phone and music streaming package powered by 7digital's platform. 7digital has inked a deal with Brazilian start-up OurSound and a further agreement with Imagination Technologies Group PLC to sell its internet radio aggregation service FlowRadio.
"These contract wins show our market and customer base developing as our strategy envisaged. The implementation of Google Cast keeps us one step ahead in providing a platform from which hardware manufacturers can develop new in-home and in car connected music services," said Chief Executive Officer Simon Cole in a statement.
Shares in 7digital were down 1.1% at 11.25 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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