11 Mar 2021 07:00
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.
11 March 2021
7digital Group plc
("7digital" or "the Company")
7digital to power music for social media giant Kuaishou
China's leading social video platform selects 7digital to power music in its apps worldwide
7digital (AIM: 7DIG), the global leader in end-to-end digital music solutions, is pleased to announce that it has signed a long-term contract with an expected term of 24 months with Kuaishou Technology (1024.HK) ("Kuaishou"), a leading content community and social platform, to provide Kuaishou's mobile apps with licensed music globally. The contract strengthens 7digital's revenue visibility as it includes a set-up fee, a monthly recurring access fee, and a usage fee.
Kuaishou is a leading content community and social platform with its mission to be the most customer-obsessed company in the world. With an average of over 760 million monthly active users in China for the nine months ended 30 September 2020, its users utilise music in multiple forms of services offered via Kuaishou's platform around the world.
By deploying 7digital's music platform, Kuaishou will benefit from its market-leading technology and scale and will be able to give users easy access to rights-cleared music that can be used across any platform. This includes using music clips for video uploads and embedding music to existing User Generated Content. 7digital will also assist in reporting on music consumption on the platform to Kuaishou's licensed labels.
Paul Langworthy, CEO of 7digital, said: "We are pleased to sign with Kuaishou, one of the world's fastest growing social media apps with hundreds of millions of users. This long-term contract expands 7digital's footprint in this high-growth sector, making us one of the largest providers of licensed music to global social media giants and tech-driven consumer brands. Collectively, across all of 7digital's contracts in this space, we enable 1 billion average monthly active users to access one of the largest music catalogues in the world powered by us. This latest partnership exemplifies the breadth and depth of our capabilities and is expected to be a significant contributor to our revenue growth in this market segment."
Enquiries
7digital 020 7099 7777
Paul Langworthy, CEO
Arden Partners (Nominated Adviser and Broker) 020 7614 5900
Richard Johnson, Benjamin Cryer
Luther Pendragon (Financial PR) 020 7618 9100
Harry Chathli, Joe Quinlan
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 Kuaishou
Kuaishou is a leading content community and social platform with its mission to be the most customer-obsessed company in the world. Kuaishou has relentlessly been focusing on serving its customers and creating value for them through the continual innovation and optimization of its products and services. At Kuaishou, any user can chronicle and share their life experiences through short videos and live streams and showcase their talents. Working closely with content creators and businesses together, Kuaishou provides product and service offerings that address various user needs that arise naturally, including entertainment, online marketing services, e-commerce, online games, online knowledge-sharing, and more. For more information, please visit https://www.kuaishou.com/en.