1 Mar 2022 07:00
1 March 2022
7digital Group plc
("7digital" or "the Company")
7digital secures €2.2m contract expansion
Multi-year contract signed with a fast-growing B2B music streaming service
7digital (AIM: 7DIG), the global leader in B2B end-to-end digital music solutions, is pleased to announce that the Company has signed a contract with an existing B2B music streaming service customer, worth a minimum of €2.2m over a three-year period.
The Company has been providing services to the customer since 2016, with contract renewals on an annual basis. This latest contract expands the relationship to a long-term agreement, providing greater visibility over revenue. The Company also expects the value of the contract to increase as the fast-growing customer seeks to expand its brand into further territories, which would require further licence agreements with 7digital.
Under the terms of the contract, the customer will use 7digital's extensive music catalogue to provide on-demand streaming services for brands and businesses as well as playlisting curation capability using fully licensed music.
Paul Langworthy, Chief Executive Officer of 7digital, said: "We are delighted to have secured this contract renewal on improved terms, including being expanded to a three-year period. We pride ourselves on offering a great quality service and platform, and our success in doing so is reflected in the customer's commitment to a long-term agreement. This enhances our visibility over revenue and will contribute to our growth. The scope for the contract to increase alongside our customer's growth plans is also hugely exciting. We look forward to continuing this relationship and enabling the customer to provide a great streaming service."
Enquiries
7digital Paul Langworthy | c/o +44 20 7618 9100 |
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Arden Partners (Nominated Adviser and Broker) Richard Johnson | +44 20 7614 5900 |
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Luther Pendragon (Financial PR) Harry Chathli, Claire Norbury | +44 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/.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as implemented into English law ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.