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7digital Group PLC (7DIG)

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Friday 12 January, 2018

7digital Group PLC

Contract wins and client launches

RNS Number : 6705B
7digital Group PLC
12 January 2018
 

12 January 2018

 

7digital Group plc
("7digital" or the "Company")

 

Contract wins and client launches

 

 

7digital Group plc (AIM: 7DIG), the global leader in B2B digital music solutions, announces new contracts with MediaMarktSaturn (MMS), Europe's biggest electronics and entertainment retailer, and 8tracks, a popular digital music service based in the US.

 

7digital is pleased to confirm that it has signed a further agreement with its largest individual shareholder and one of its biggest customers, MediaMarktSaturn, to cover the migration of the existing "Juke" music service in Germany onto the 7digital platform. The contract involves a significant setup fee for work done in 2017 and ongoing monthly recurring revenues.

 

In addition, the Company is pleased to announce it has signed a contract with 8tracks, a popular digital music service based in the US. 8tracks was founded in 2008 and focuses on music discovery through crowd-curated playlists. The deal has a one-year minimum term and is expected to contribute to 7digital's revenues for 2018 and beyond.

 

Client Launches

 

Progress continues to be made with regards to publicly launching other client services. Technology leader Altair Engineering, Inc. launched its service WEYV in the U.S. on 5th December. WEYV is a platform for streaming audio and visual content, for which 7digital provides access to music and technology services.

 

French company Deedo SAS launched its pan-African music service in France, Senegal, Mali and Ivory Coast. Launches in a further 23 territories are planned by 2020, including 16 in Africa, 5 in Europe, the USA and Canada. 7digital provides technology, access to music and web app development for the Deedo service.

 

German broadcaster Klassik Radio has also launched its radio streaming service 'Klassik Radio Select', focusing on classical and associated genres. 7digital provides Klassik Radio with access to music under a deal announced in Q1 2016. Klassik Radio has significant support from the industry and has to date announced several long-term license agreements with music labels Universal, Sony and Naxos.

 

Simon Cole, CEO of 7digital, commented:

 

"The further development of our relationship with MediaMarktSaturn strengthens an already fruitful relationship with a key player in Europe's electronics and entertainment retail market, and further underpins our 2018 revenues."

 

 

For further information please contact:

 

7digital

020 7099 7777

 

Simon Cole, Chief Executive


Matt Honey, Chief Financial Officer

Holly Ashmore, PR Manager


 

Arden Partners (nominated adviser)

 

020 7614 5900

 

Chris Hardie/Ruari McGirr/Benjamin Cryer - Corporate Finance






 

About 7digital

7digital is the global leader in B2B end-to-end digital music solutions. 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, Global Radio and musical.ly. From years of being the largest independent producer of programming for the BBC, launching Radioplayer in multiple territories, and powering services for partners like Panasonic, TDC and Electric Jukebox, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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