Tamir Koch, the new Non-executive Chair of 7digital, said:
"I am delighted to join the Board of 7digital as Chair and I thank outgoing interim Chair Mark Foster for his unwavering support and stewardship of the company through this challenging period.
As a tech entrepreneur of 24 years with two successful exits, I have been involved in the music industry for the past 12 years, and have been following 7digital for some time. I always believed in the company's potential to be the leading "business-to-business" provider in the world of streamed music. 7digital's 2018 results show record turnover and revenue growth of 19% despite the setback incurred by the closure of the MediaMarktSaturn streaming service. While this unexpected development had an impact and exposed some dependency risk, the Company continued to win business and has now significantly reduced overhead after consolidating platforms and resources incurred from acquisitions in the last few years. My belief in the future is resolute.
I also came to realise that the company provides the perfect platform with which to partner and build the blockchain technology that we at eMusic have been working on over the past year. I envision blockchain as the way to align metadata within the industry, organise direct royalty payments, and create all-new economic models between fans and artists. I aim for 7digital to be at the forefront of those developments. The company already has a world-beating distribution platform including access to over 70M tracks, with 1M tracks added each month.
Adding this new asset under the 7digital distribution services will give access to the Direct-to-Fan market, which is the fastest growing market in the industry, and enable monetisation of transactions on the blockchain. I further see 7digital's business-to-business customer base as having access to the broadest range of catalogue, including exclusive content from artists who would wish to upload directly to the platform and use blockchain for rights and royalties.
With this vision for 7digital, earlier this year I offered to support the company financially. Now, we are co-ordinating £6.5M funding where my partners and I have already invested £2M by purchasing existing loan notes and subscribing for new shares. I am confident of concluding this raise in the coming weeks and removing any concerns to ongoing company operations.
Our vision is clear: to establish 7digital as a business-to-business leader that will use emerging technologies to allow customers access to the largest catalogue, provide the industry with an efficient tracking and payment system, and give artists worldwide distribution and full control of their music."