27 Jul 2021 07:00
27 July 2021
7digital Group plc
("7digital" or "the Company")
7digital signs long-term contracts with healthtech and wellness services
Commercial momentum accelerates in H2 with new multi-year contracts and an expansion into the wider fitness and health sector
7digital (AIM: 7DIG), the global leader in B2B end-to-end digital music solutions, is pleased to announce two new customer wins for its music platform-as-a-service in the healthtech and wellness sector, further expanding the categories of companies that use 7digital's services within fitness and health. These new contracts provide additional visibility over full year revenues and anticipated significant growth for 2021.
The contracts, which are both for 24 months and consist of upfront set-up fees, recurring monthly fee and usage-based payments, have been signed with:
· MedRhythms Inc. ("MedRhythms"), a US-headquartered digital therapeutics company that uses sensors, music and software to build evidence-based neurologic interventions to measure and improve walking. MedRhythms is developing direct-stimulation digital therapeutics where each therapy provides, via prescription music, direct stimulation to enable the mechanism of action among patients. The company has an active pipeline of prescription digital therapeutics targeting rehabilitation and prevention in areas of neurologic injury and disease, such as stroke patients.
· A second company, that is creating a music-based health application for people with dementia. The application is based on music therapy, an evidence-based treatment method that actively applies music in human interactions to improve health and quality of life. The platform is due to launch in Europe in 2022.
Both customers will use 7digital's music platform-as-a-service to access the Company's licensed catalogue and will design their therapeutic and interactive experiences using the 7digital playlisting tool. 7digital will also provide back-end label reporting and, for the second company, publishing reporting.
Paul Langworthy, CEO of 7digital, said: "These new customer wins are further evidence of the growing commercial momentum across 7digital as we continue to convert our busy sales pipeline into a raft of multi-year contracts with recurring revenues. We are proud to support innovative and forward-thinking companies, and this is particularly the case in the emerging wellness space where music is used as an effective form of therapy to treat specific neurological functions and conditions. This also builds on our expanding reach across fitness and health brands, with new clients Barry's and Volava announced in recent weeks. These contracts provide us with increasing visibility over our projected revenue growth for 2021 and the delivery of a full year of positive EBITDA for the first time in 7digital's history."
Enquiries
7digital Paul Langworthy | c/o +44 20 7618 9100 |
Arden Partners (Nominated Adviser and Broker) Richard Johnson | +44 20 7614 5900 |
Luther Pendragon (Financial PR) Harry Chathli, Joe Quinlan | +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/.