Search Share Prices
7Digital wins trio of contracts and launches US advisory board
(WebFG News) - B2B digital music firm 7Digital Group saw contracts with a lifetime value of £2.3m agreed in the first quarter as licensing revenues for the period grew 125% to £3.6m compared to previous year.
The assorted contract wins included agreements with a service for retail businesses, a live music experience company and a two-year deal with a Chinese social media platform focused on video content.
7Digital now works with two Chinese social networks and reports that this market, as well as the retail and hospitality industries' adoption of digital music, is expanding.
Simon Cole, chief executive of 7digital, said: "Whilst issues of commercial confidentiality will always prevent us, before services are launched, from revealing the identities of many of our new clients, I am pleased to see the global scale of the business we are winning continuing to grow and that the clients we are winning now are in the business of delivering digital music to the mass market in all sorts of innovative ways."
7Digital also reported the continuation and deepening of its relationship with Universal Music Group, with whom it has been providing free music for a project aiming to foster innovation in the industry.
The AIM-traded company has also established an advisory board to assist with its US operations, with former Gracenote chief executive John Batter appointed as the chair of the board.
Batter has also held positions at Dreamworks Animations, EA Mobile and M-GO where he was chief executive and director.
"We see much of our future growth coming from the Americas and I am pleased today to be able to announce John Batter's appointment to lead our new advisory board there; his contacts and senior guidance to our team will be important as we target significant US clients," said Cole.
As of 1133 BST, 7Digital Group's shares were up 13.58% at 4.50p.