RNS24 Apr 2015 10:40
7digital (AIM: 7DIG), the digital music and radio services company, announces that at today's AGM, the Chairman, Don Cruickshank, will confirm that trading continues to be in line with the Board's expectations.
The Company is also pleased to announce that there have been several contract wins since the announcement of its preliminary results on 24 March 2015. These include four new customers and the expansion of two existing contracts into new territories. Taken together, over their duration, the contracts have a total value of £1.8 million, which includes both set up fees and monthly recurring revenues.
7digital is experiencing particularly strong growth at the moment from the radio sector as broadcast organisations move to embrace the possibilities of using their brands to create streamed music services.
Clients here include Astro Media in Malaysia, an existing 7digital radio customer, who have launched "RAKU", a new personalised streaming service that allows its radio audience of 12.9 million to stream Malaysian and international music as well as a wide variety of radio stations which offer access to podcasts, news and sports. 7digital is powering the music streaming and coordinating music rights for the service.
TeamRock.com is the owner of the leading rock and metal brands: TeamRock, Classic Rock, Metal Hammer and Prog and the Blues. Backed by Harwood Private Equity, TeamRock currently engages with fans through a national UK radio service, websites, print magazines and apps for mobile and desktop. TeamRock will not be extending its contract to broadcast nationally in the UK, which expires at the end of June, but will instead create a new global partnership with 7digital, which will allow the company to offer both radio and streaming music services worldwide.
In addition, existing 7digital US customer ROK Mobile, which brings mobile and music together in a bundled SIM card service, is expanding into the UK and have appointed 7digital to power their service.
7digital's US office has signed deals to provide streaming for three new services: urRadio is a social music platform, which allows users to share live, personalised music and talk radio stations for free and without commercials. CrowdTunes is a music management platform for venues, their patrons and staff. The service provides curated music selections that patrons can engage with and control through a unique jukebox application on their smartphones. Finally, Rithm, launched earlier this month, is a Canadian-based music messaging service that integrates song sharing with real-time interactive chat.
Simon Cole, CEO of 7digital comments:
"We are delighted to have maintained the momentum created in our first year since the merger and to have engaged with such a varied roster of clients in the last few weeks. Particularly pleasing is to see one of the key areas which we identified for growth - the radio industry - starting to deliver sig
Sign In
Follow the stocks
