1 Jul 2014 07:00
1 July 2014
7digital Group plc
("7digital" or the "Company")
7digital Group and BlackBerry
7digital (AIM:7DIG), the digital music and radio services company, provides the following update to the market following the decision by BlackBerry to close the music and video sections of BlackBerry World and replace it with the Amazon Apps Store.
Management does not anticipate that BlackBerry's decision will impact current market expectations for the financial performance of 7digital. The Company continues to work with BlackBerry under its existing contract which provides for the continuation of a music service in the event that Blackberry were to close its own music store. 7digital understands that it is BlackBerry's intention, after the closure of its own storefront, to continue to provide its users with access to the music they have stored in their 'lockers' using the Company's services. 7digital is also working with BlackBerry on an alternative solution for the purchase of new music and will update the market further when the specifics have been agreed.
Simon Cole, CEO, said,
"7digital Group operates in a fast-growing and quickly-changing marketplace. As outlined in the recent admission document, the consumer market in which many of our customers operate is transitioning from a download to a streamed environment. As a leading supplier of B2B services in the music and radio industry, 7digital helps new and existing customers to find ways of adapting to this changing market and that is what powers demand for our services."
ENDS
Enquiries:
7digital Group | 020 7453 1600 |
Simon Cole, Chief Executive | |
Chris Dent, Chief Financial Officer | |
finnCap (nominated adviser and broker) | 020 7220 0500 |
Charlotte Stranner/ Simon Hicks - Corporate Finance | |
Victoria Bates - Corporate Broking | |
Investec (joint broker) | 020 7597 5970 |
Dominic Emery | |
Junya Iwamoto | |
Powerscourt | 020 7250 1446 |
Juliet Clarke / Simon Compton / John Elliott |
About 7digital
7digital aims to simplify access to the world's music and radio. Our robust, scalable digital music platform and flexible APIs are used to power comprehensive music and radio services for leading consumer brands, mobile carriers, broadcasters, automotive systems, retailers, record labels, artists and agencies. Alongside proven technology, we offer global music rights, award-winning radio production services, and content management expertise, making us a leading global partner in this space.
7digital has powered streaming and download services for global brands like Samsung, T-Mobile, HMV and BlackBerry, has partnered with media giants such as Yahoo and Sirius XM, and is the largest independent producer of radio programming for the BBC. 7digital Group is ideally placed to lead innovation at the intersection of digital music and next generation radio services.