TIDM7DIG

RNS Number : 9303R

7digital Group PLC

11 July 2022

11 July 2022

7digital Group plc

("7digital" or "the Company")

7digital wins new contract with short-form video-sharing platform Lomotif

Short-video platform awards 7digital two-year contract to supply music for creators

7digital (AIM: 7DIG), the global leader in B2B end-to-end digital music solutions, is pleased to announce it has won a new two-year contract with Singapore-based Lomotif, one of the top worldwide social video-sharing apps. The Company's music-as-a-service platform will provide music used in the Lomotif app globally.

Lomotif is a global short video-sharing networking platform that o ffers easy and intuitive creation, with editing and curation tools that inspire creativity and collaboration. Lomotif is majority-owned by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation and Vinco Ventures, Inc (NASDAQ: BBIG). The app differentiates itself from its competitors in the short-form video market with patented technology and easy-to-use creator tools . Lomotif has a significant presence globally spanning Asia to Latin America, and West Africa to the U.S.

The initial contract will cover licenced major label content in the app's current territories and will accommodate expansion in content from newly licenced labels as well as usage. Lomotif will stream licensed music and clips directly from 7digital's music-as-a-service platform to their end users. 7digital's platform will automatically filter for label clearances so that the app will access only their fully licensed catalogue. Lomotif will also utilise 7digital's full-service back-end label and publisher reporting solutions.

Paul Langworthy, Chief Executive Officer of 7digital, said: "As a leader in end-to-end music solutions, 7digital has supported some of the biggest social media companies in the industry throughout their tremendous growth, and it's great to add another rising social media platform to the roster. This contract also reflects the increasing transitioning of our pricing model to align revenue with usage that expands as the customer grows. We are at an exciting inflection point where our deal momentum is providing significant improvement in revenues and each new contract adds to our growing base of recurring licence fees, with contracted licensing revenue for 2022 already surpassing 2021 levels by 21%. We're thrilled to support Lomotif as they build one of the largest short-form video platforms in the world. "

Enquiries

 
 7digital 
 Paul Langworthy                                        c/o +44 (0)20 7618 
                                                                      9100 
 
 Strand Hanson Limited (Financial and Nominated 
  Adviser) 
 James Harris, Richard Johnson                         +44 (0)20 7409 3494 
 
 Arden Partners plc (Broker) 
                                                            +44 (0)20 7614 
 Ruari McGirr                                                         5900 
 
 Luther Pendragon (Financial PR) 
 Harry Chathli, Claire Norbury                         +44 (0)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/ .

About Lomotif

Lomotif is a leading global video-sharing social networking platform that is democratizing video creation. A home for everyday creators since 2014, Lomotif is one of the fastest-growing video-sharing social networking platforms, with a grassroots social community made up of dedicated users from countries spanning Asia to Latin America, and West Africa to the U.S. Lomotif counts the likes of LiveXLive and Snapchat as its official partners. Lomotif is majority-owned by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation and Vinco Ventures, Inc (NASDAQ: BBIG). Download the Lomotif app from Apple and Google stores or visit www.lomotif.com .

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July 11, 2022 02:00 ET (06:00 GMT)

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