RE: RE : fantastic news25 Oct 2021 09:48
7digital Group PLC
£1m signed in seven new contracts
RNS Number : 0237Q
7digital Group PLC
25 October 2021
25 October 2021
7digital Group plc
("7digital" or "the Company")
£1m signed in seven new contracts
7digital (AIM: 7DIG), the global leader in B2B end-to-end digital music solutions, is pleased to announce that it has signed contracts with new and existing customers worth an aggregate total of £1 million over the term of the contracts, of which over £700k has been secured within the last month and with the majority of the total to be recognised in 2022. The Company has won three new clients and secured four contract expansions and extensions, including within the Company's key markets of music streaming and home fitness.
The Company's three new customers have been secured on long-term contracts, which all have an initial term of 24 months. The four contract extensions with existing customers include the expansion of contract period as well as the provision of additional services.
Paul Langworthy, Chief Executive Officer of 7digital, said: "These new and renewed contracts reflect the continued growth in demand for our music services including in our target segment of home fitness. As previously stated, multiple new contracts are awaiting signature and it is great to see these start to come through. 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."
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