Less Ads, More Data, More Tools Register for FREE

Pin to quick picks7DIG.L Share News (7DIG)

  • There is currently no data for 7DIG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

7digital Wins Contracts As Loss Widens In 2015 On Broadly Flat Revenue

Wed, 30th Mar 2016 07:23

LONDON (Alliance News) - 7digital Group PLC on Wednesday said it has secured five new contracts over the course of the first quarter of 2016 as it posted a widened loss in 2015.

The digital music and radio services company said it has signed contracts since the start of the year with Global Radio, i.am+, Red Bull Media House, Klassik Radio and Mus, with the contracts worth a total of GBP3.6 million over their lifetimes.

7digital will provide back-end technology and access to its licensed catalogue to Global Radio and has extended its agreement with i.am+, the wearables technology company headed by former Black Eyed Peas member Will.i.am. No further details were provided on the deals with Red Bull Media, Klassik Radio and Uruguay-based Mus.

The new contracts were announced as 7digital said its total loss for 2015 hit GBP7.9 million, compared to GBP2.6 million a year earlier. The loss was driven by the group booking a GBP4.8 million loss on investments, compared to a GBP1.9 million gain a year earlier. This was caused by a loss taken on the sale of its investment in audio content platform Audioboom Group PLC.

Revenue was broadly flat at GBP10.4 million against GBP10.2 million in 2014, with high-margin licensing revenue up 21% and monthly recurring revenue up 72%. This offset a big decline in content revenue, which nearly halved.

"I am pleased with our progress in 2015. The group delivered against its key objectives of growing its customer base across an increasing range of geographies, strengthening the quality and resilience of its revenue base and improving its overall financial performance," said Chief Executive Simon Cole.

7digital also said Chris Dent has stood down from his role as chief financial officer to pursue other opportunities. He will be replaced on an interim basis by Matt Honey while 7digital searches for a permanent successor.

7digital shares were up 7.5% to 9.00 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
1 Apr 2021 09:57

7Digital to livestream Alfie Boe event at the Savoy Hotel

(Sharecast News) - End-to-end digital music solutions provider 7Digital's joint venture eMusic Live will livestream Alfie Boe and Friends at the Savoy Hotel in a global exclusive.

Read more
11 Mar 2021 13:41

IN BRIEF: 7digital Group signs long-term agreement with Kuaishou

IN BRIEF: 7digital Group signs long-term agreement with Kuaishou

Read more
11 Mar 2021 10:31

AIM WINNERS & LOSERS: 7digital shares rise on Kuaishou contract

AIM WINNERS & LOSERS: 7digital shares rise on Kuaishou contract

Read more
11 Mar 2021 09:12

7digital wins contract with Chinese social media firm

(Sharecast News) - End-to-end digital music solutions provider 7digital said on Thursday that it had been selected by Chinese social media giant Kuaishou to power music in its applications worldwide.

Read more
25 Feb 2021 17:58

TRADING UPDATES: Yellow Cake And Asiamet Resources Plan Fundraises

TRADING UPDATES: Yellow Cake And Asiamet Resources Plan Fundraises

Read more
5 Feb 2021 15:02

7digital expects no impact from UMG-Triller dispute

(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.

Read more
5 Feb 2021 11:52

7digital Says Triller Remains Customer After Universal Pulls Catalog

7digital Says Triller Remains Customer After Universal Pulls Catalog

Read more
10 Dec 2020 17:28

IN BRIEF: 7digital Reports Improved Performance In Second Half

IN BRIEF: 7digital Reports Improved Performance In Second Half

Read more
10 Dec 2020 10:06

7digital turns 'operationally profitable' in Q4

(Sharecast News) - Shares in digital music solutions group 7digital surged on Thursday after the company announced it had become "operationally profitable" for the first time.

Read more
3 Dec 2020 16:13

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

Read more
11 Nov 2020 20:17

UK TRADING UPDATE SUMMARY: Mereo To Delist From AIM Amid Nasdaq Focus

UK TRADING UPDATE SUMMARY: Mereo To Delist From AIM Amid Nasdaq Focus

Read more
11 Nov 2020 11:41

7digital joint venture launches online classical music product

(Sharecast News) - Digital music company 7digital announced on Wednesday that its joint venture eMusic Live has partnered with classical music artist and project manager HarrisonParrott to launch an online concert and classical music hub, 'Virtual Circle'.

Read more
29 Sep 2020 11:03

IN BRIEF: 7digital Narrows Interim Loss Despite Revenue Fall

IN BRIEF: 7digital Narrows Interim Loss Despite Revenue Fall

Read more
21 Sep 2020 16:08

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

Read more
8 Sep 2020 20:20

IN BRIEF: 7digital Signs Initial 12-Month Contract With Apex Rides

IN BRIEF: 7digital Signs Initial 12-Month Contract With Apex Rides

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.