16 Oct 2014 07:00
7digital Group plc
("7digital" or "the Company")
Update on contract with i.am.plus
Further to the announcement of 13 October 2014, 7digital (AIM:7DIG), the digital music and radio services company, announces that last night in San Francisco, musician and entrepreneur, Will.i.am, demonstrated a new music service developed by 7digital on his wearable "Puls" device.
7digital is pleased to confirm that it has now entered into an agreement with i.am.plus llc for the development of applications and operation of the music service.
The revenue from this service further supports the transition from 7digital's historical downloading business to new revenues from streaming services and underpins the Board's revenue expectations. As such, the Company does not expect that the new agreement will lead to a change in market expectations with respect to the Company's financial performance.
Simon Cole, CEO of 7digital, Commented:
"This is obviously a very exciting time for the company. There is a massive change going on in digital music as new streaming models replace the buy to own downloading model. Many of these, like the service launched last night by will.i.am, will be designed for ease of use on mobile and wearable devices. These services require the technology platform and expertise in both radio and streamed music that 7digital has at its core."
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. Their 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, they offer global music rights, award-winning radio production services, and content management expertise, making them a leading global partner in this space.
7digital have powered streaming and download services for global brands like Samsung, T-Mobile, HMV and BlackBerry, have partnered with media giants such as Yahoo and Sirius XM, and are 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.