7digital signs contracts with new and existing customers

(Sharecast News) - Digital music solutions firm 7digital said on Monday that it had signed contracts with new and existing customers worth a total of £1.0m over the term of the contracts.
7digital, which has secured over £700,000 of contracts within the last month, stated it had won three new clients and secured four contract expansions and extensions, including ones within its key markets of music streaming and home fitness.

The AIM-listed firm said its three new customers had been secured on long-term contracts, all of which had an initial term of 24 months, while the four contract extensions included the expansion of contract periods as well as the provision of additional services.

7digital highlighted that the majority of the contracts' total value was set to be recognised in 2022.

Chief executive Paul Langworthy said: "These new and renewed contracts reflect the continued growth in demand for our music services including in our target segment of home fitness.

"It is also pleasing that we are receiving more-and-more long-term contracts, which enhances our visibility over future revenues. With our new financing in place, we continue to strengthen our fundamentals and look to the future with confidence."

As of 1050 BST, 7digital shares were down 1.90% at 0.52p.