16 Oct 2015 07:00
16 October 2015
7digital Group plc
("7digital" or "the Company")
Agreement with Electric Jukebox Company
7digital (AIM:7DIG), the digital music and radio services company, today announces that it has been chosen as a supplier to Electric Jukebox Company and its unique plug and play music streaming experience for the home, which was launched this week at BAFTA in London. The Company is licensing its platform for the Electric Jukebox product in both the UK and US; the agreement will provide access to technology, infrastructure and music catalogue. 7digital will also curate playlists with expertise from the Company's content production division.
Electric Jukebox offers all the benefits of a premium music streaming subscription service in a box but without the need for a smartphone, a PC, or a monthly subscription - representing the first "Internet of Things" music appliance for the home. Electric Jukebox was launched earlier this week at a high-profile event attended by UK Secretary of State, Culture, Media & Sport, Rt. Hon. John Whittingdale MP. Celebrity music playlist curators for Electric Jukebox also participated in the launch, whether in person (Alesha Dixon) or by video (Sheryl Crow, Robbie Williams, Ayda Field and Stephen Fry).
Independent YouGov research published this week shows that the vast majority of consumers have struggled with the complexities of digital music, with the most common ways of playing music identified as radio (52%) and hi-fi/CD (42%). Streaming hardware is only used by 6% of consumers in the USA and UK.
Electric Jukebox is designed to address the main market by providing a plug-and-play solution that takes 2 minutes to set-up and which comes with a premium music proposition "out of the box".
Rob Lewis, CEO of Electric Jukebox Company, commented:
"We are thrilled to be working with 7digital on this brand new music service. We want to bring music back into people's living rooms, so we've created a music device that is simple and easy to use and which works straight out of the box. Mass market streaming has finally become a reality. The Electric Jukebox is the product for the 160 million music lovers out there who want to join the digital music revolution but have been waiting for something fun, stylish and easy to use."
Simon Cole, CEO of 7digital, commented:
"The launch of The Electric Jukebox is particularly significant to 7digital as the model represents exactly the kind of service which will be part of the 'Third Wave' of digital music - targeting the 90% of people who consume music at home but who do not use the current generation of streaming services. This 'Third Wave' is one of the reasons our revenue pipeline is so strong. The agreement with Electric Jukebox Company helps underpin our revenues for this year and continues the transition to high margin monthly recurring licensing revenues which will power the growth of the company in 2016".
ENDS
7digital Group | 020 7099 7777 |
Simon Cole, Chief Executive | |
Chris Dent, Chief Financial Officer | |
finnCap (nominated adviser and broker) | 020 7220 0500 |
Geoff Nash / Carl Holmes - Corporate Finance | |
Malar Velaigam / Mia Gardner - Corporate Broking | |
Powerscourt | 020 7250 1446 |
Juliet Callaghan / Simon Compton |
-ends-
About 7digital
7digital are the power behind innovative digital listening experiences. Their robust, scalable technical infrastructure and extensive global rights are used to create comprehensive music and radio services for leading consumer brands, mobile carriers, broadcasters, automotive systems, retailers, record labels, artists and agencies. Alongside proven product knowledge, 7digital offers award-winning radio production and music curation services, superior editorial strategy and content management expertise, making them a leading partner in this space.
7digital foster industry growth and innovation by simplifying access to music for clients such as Panasonic, Onkyo, Mariposa, Guvera, OpenLIVE, ROK Mobile, and The Overflow. From years of being the largest independent producer of programming for the BBC, launching Radioplayer in multiple territories and powering services for partners like Samsung, BlackBerry and T-Mobile, 7digital are perfectly positioned to lead innovation at the intersection of digital music and next generation radio services.
Visit http://about.7digital.com for more information.
About Electric Jukebox Company
Founded by CEO Rob Lewis, previously Founder CEO of Omnifone and a Library House and Ernst & Young Entrepreneur of The Year, Rob leads a team based in London. The Electric Jukebox Company believes everyone has the right to enjoy music in their homes and lives. We create beautifully simple music appliances for the home - making music streaming fun and easy so everyone can listen together.
About Electric Jukebox
Electric Jukebox is available to pre-order from www.electricjukebox.com from today UK RRP £179 US MSRP $229 (which includes a free 12 month Premium Music Pass). Pre-orders made before midnight on Wednesday 21 October will benefit from our introductory offer of just £149 in the UK and $199 in the US. Electric Jukebox will also be available on the high-street and in consumers' hands in time for Christmas.
The Electric Jukebox Company PR contacts:
Dynamo (UK)
Alexis Dalrymple
+44 (0)7739 333288
electricjukebox@dynamopr.com
Bender/Helper Impact (US)
Nick Valente
+1 (310) 694-3157
nick_valente@bhimpact.com
Tim Hadley
Communications Director
tim.hadley@ElectricJukebox.com