30 Mar 2016 07:00
30 March 2016
7digital Group plc
("7digital" or "the Company")
Contract Wins in Q1 2016
7digital (AIM:7DIG), the digital music and radio services company, is today pleased to announce, in conjunction with its preliminary results for the year ended 31st December 2015, several new contract wins since the start of the year. During the first quarter of 2016, 7digital reached agreements with 5 new clients: Global Radio, i.am+, Red Bull Media House, Klassik Radio and Mus. Together, these contracts have a cumulative lifetime value of £3.6m.
In 2015, 7digital signed 17 new clients during the year with a cumulative lifetime deal value of £4.2m.
7digital has been contracted by Global Radio to provide back-end technology and access to its licensed catalogue of 48 million tracks. The Company provides support for the unique streaming music and live listening app produced by UK radio station Capital XTRA.
The agreement with Willi.i.am's technology company i.am+ builds on a relationship that commenced in 2014. This signalled 7digital's first move into the fast growing wearables sector and is an example of how the Company can enable and participate in disruptive new product categories.
In addition, 7digital has reached agreements with Red Bull Media House, the multi-platform media company with an emphasis on sports, culture, and lifestyle, and German broadcaster Klassik Radio.
The Company is also working with Mus, a new Uruguayan service with plans to focus heavily on local musicians and labels.
These agreements will contribute to 7digital's revenues for 2016.
Simon Cole, CEO of 7digital, commented:
"These contract wins demonstrate the strength of our pipeline for 2016 and the variety of clients in a number of territories who are relying on 7digital to power their digital music offerings. The cumulative lifetime value of the agreements we have reached in the first quarter mark an impressive start to the year and continued progress in the sectors we have identified as our core focus."
ENDS
Enquiries:
7digital Group | 020 7099 7777 |
Simon Cole, Chief Executive |
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Matt Honey, Interim Chief Financial Officer Holly Ashmore, PR Manager |
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finnCap (nominated adviser and broker) |
020 7220 0500 |
Geoff Nash / Carl Holmes - Corporate Finance |
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Malar Velaigam / Mia Gardner - Corporate Broking |
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Weber Shandwick (financial PR agency) Nick Oborne - Noborne@webershandwick.com Tom Jenkins - TJenkins@ webershandwick.com
About 7digital (http://about.7digital.com) |
020 7067 0000 |
7digital is a b2b digital music and radio services company. The core of its business is the provision of robust and scalable technical infrastructure and extensive global music rights used to create music streaming and radio services for a diverse range of customers - including consumer brands, mobile carriers, broadcasters, automotive systems, record labels and retailers. 7digital also offers radio production and music curation services, editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying access to music for clients such as Onkyo, Guvera, Red Bull Media House, Global Radio 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 HMV, Panasonic and ROK Mobile, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.