(Sharecast News) - Digital music rights company One Media iP has acquired the licensor's share of royalties to the 21 Vision catalogue of rights, it announced on Wednesday, which contains more than 2,000 recordings.
The AIM-traded firm said it had licensed the 21 Vision catalogue on a royalty-sharing basis since 2009.
As part of the deal, it said it had acquired the licensor's royalty share of the catalogue on an in perpetuity basis, allowing it to continue to exploit the catalogue via all of its digital mediums, and collect all revenues associated with the licence.
The catalogue includes rare music concerts and live recordings performed by more than 70 artists including Glenn Millar, the Andrews Sisters, the Ink Spots, Vera Lynn, Count Basie, Flanagan & Allen and Cole Porter.
It said the acquisition, which was in the normal course of business, was completed through One Media's Harmony IP asset release programme.
The board explained that Harmony IP allows music rights holders advance access to the future earnings of their intellectual property by purchasing a portion of their rights upfront.
"We have worked with 21 Vision for 12 years, marketing their music catalogue on a royalty sharing basis," said chief executive officer Michael Infante.
"By buying out the licensor's royalty share, One Media secures the rights to the catalogue on an in-perpetuity basis, whilst also increasing its margin by taking a bigger share of the royalty.
"The Harmony IP initiative is open to all of our existing licensors, and allows One Media to increase its profitability using its cash resource to acquire our partners' royalty streams."
At 1121 GMT, shares in One Media iP Group were flat at 7.5p.
One Media (OMIP)2 May 2024 13:49