25 Jul 2022 07:00
Reach
25 July 2022
7digital Group plc
("7digital" or "the Company")
7digital enters contract with global music fintech company Utopia Music
7digital (AIM: 7DIG), the global leader in B2B end-to-end digital music solutions, is pleased to announce it has signed a long-term contract with Utopia Music AG, a B2B music fintech company. Utopia is a new customer for the Company and marks the growing demand for music data and intelligence services, where 7digital's music-as-a-service platform provides access to global audio and track metadata for various use cases such as identifying music or artist, monitoring broadcasts, and monitoring copyrighted material.
Utopia Music exists to build technology and data accounting to improve the way the music industry pays royalties to the creators for the music copyrights consumption. Based on a database of more than 213 billion global data points, the Utopia platform leverages modern technologies to provide services to help the entire music value chain, including artists, labels, publishers, and performance rights organisations ("PROs") optimise their data and streamline administration.
Using 7digital's global music database capabilities, in addition to Utopia's existing data capabilities, Utopia's customers will be able to monitor and measure the consumption of their music copyrights globally. In so doing, Utopia's customers can leverage data for faster, more accurate payouts of royalties to copyright holders.
Paul Langworthy, Chief Executive Officer of 7digital, said: "It is always exciting to secure a new customer that reflects the competitive strength of our offer. Combining Utopia's next-gen tracking and payouts technology with 7digital's leading catalogue and metadata will enable music recognition for up to 100 million songs worldwide and support the whole industry to make more money faster, with fewer costs. We are also pleased to have secured another contract that enables growth and scales as our customer's business needs do. This contract, in addition to those signed so far this year, means the Company has already secured a 36% increase in platform licensing for 2022 vs 2021. We very much look forward to working with Utopia to support the growth of this music industry-focused service."
Paul Gathercole, Chief Data Officer, Utopia Music, said: "Utopia is on a mission to deliver 'Fair Pay for Every Play' to the music industry. We're going to achieve this by providing the systems and payments infrastructure to enable better tracking of music consumption and faster distribution of royalties to creators and rights holders, with less cost and errors. To make every play count we need to know what's played when and where, and who owns the rights to any given track - with 7digital capabilities, in addition to our existing data capabilities, this takes us one step closer to unlocking more value in music, for the benefit of all players."
Enquiries
7digital Group plc | |
Paul Langworthy | c/o +44 20 7618 9100 |
Strand Hanson Limited (Nominated and Financial Adviser) | |
Richard Johnson, James Harris, James Bellman | +44 (0) 20 7409 3494 |
Arden Partners plc (Broker) | |
Ruari McGirr | +44 (0) 20 7614 5900 |
Luther Pendragon (Financial PR) | |
Harry Chathli, Claire Norbury | +44 (0) 20 7618 9100 |
7digitalIR@luther.co.uk |
About 7digital
7digital is the global leader in B2B end-to-end digital music solutions, providing a scalable cloud-based platform that enables companies and brands to connect to its global music catalogue and rights management system to launch and manage unique and engaging music experiences. Operating worldwide in over 80 markets and integrated with more than 300,000 labels and publishers, 7digital's platform automates the complex and time-consuming processes of music management, making it easier to access and use music in streaming services, social media, home fitness, gaming, retail and more. With best-in-class infrastructure, deep industry expertise and intelligence tools, 7digital empowers their clients to innovate, grow and serve tomorrow's music consumer. For more information, visit http://www.7digital.com/.
About Utopia
Founded in 2016, Utopia Music is a Music fintech company leveling up the Music Industry through clear, transparent, and reliable data-based solutions. Utopia now has a presence in over 10 cities worldwide and over 600 employees. Utopia's mission is to create a better world for music. In Utopia, the Industry sees market opportunities live. Investors elevate Music catalogs into a real asset class. Collection societies track more and spend less. Labels, publishers, and distributors simplify and enhance their business. And everyone gets Fair Pay for Every Play.