7digital Group PLC 7digital enters contract with Utopia Music
July 25 2022 - 2:00AM
RNS Non-Regulatory
TIDM7DIG
7digital Group PLC
25 July 2022
Reach
25 July 2022
7digital Group plc
("7digital" or "the Company")
7digital enters contract with global music fintech company
Utopia Music
7digital (AIM: 7DIG), the global leader in B2B end-to-end
digital music solutions, is pleased to announce it has signed a
long-term contract with Utopia Music AG, a B2B music fintech
company. Utopia is a new customer for the Company and marks the
growing demand for music data and intelligence services, where
7digital's music-as-a-service platform provides access to global
audio and track metadata for various use cases such as identifying
music or artist, monitoring broadcasts, and monitoring copyrighted
material.
Utopia Music exists to build technology and data accounting to
improve the way the music industry pays royalties to the creators
for the music copyrights consumption. Based on a database of more
than 213 billion global data points, the Utopia platform leverages
modern technologies to provide services to help the entire music
value chain, including artists, labels, publishers, and performance
rights organisations ("PROs") optimise their data and streamline
administration.
Using 7digital's global music database capabilities, in addition
to Utopia's existing data capabilities, Utopia's customers will be
able to monitor and measure the consumption of their music
copyrights globally. In so doing, Utopia's customers can leverage
data for faster, more accurate payouts of royalties to copyright
holders.
Paul Langworthy, Chief Executive Officer of 7digital, said: " It
is always exciting to secure a new customer that reflects the
competitive strength of our offer. Combining Utopia's next-gen
tracking and payouts technology with 7digital's leading catalogue
and metadata will enable music recognition for up to 100 million
songs worldwide and support the whole industry to make more money
faster, with fewer costs. We are also pleased to have secured
another contract that enables growth and scales as our customer's
business needs do. This contract, in addition to those signed so
far this year, means the Company has already secured a 36% increase
in platform licensing for 2022 vs 2021 . We very much look forward
to working with Utopia to support the growth of this music
industry-focused service."
Paul Gathercole, Chief Data Officer, Utopia Music , said:
"Utopia is on a mission to deliver 'Fair Pay for Every Play' to the
music industry. We're going to achieve this by providing the
systems and payments infrastructure to enable better tracking of
music consumption and faster distribution of royalties to creators
and rights holders, with less cost and errors. To make every play
count we need to know what's played when and where, and who owns
the rights to any given track - with 7digital capabilities, in
addition to our existing data capabilities, this takes us one step
closer to unlocking more value in music, for the benefit of all
players."
Enquiries
7digital Group plc
Paul Langworthy c/o +44 20 7618
9100
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Strand Hanson Limited (Nominated and Financial
Adviser)
------------------------
+44 (0) 20 7409
Richard Johnson, James Harris, James Bellman 3494
------------------------
Arden Partners plc (Broker)
------------------------
+44 (0) 20 7614
Ruari McGirr 5900
------------------------
Luther Pendragon (Financial PR)
------------------------
+44 (0) 20 7618
Harry Chathli, Claire Norbury 9100
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7digitalIR@luther.co.uk
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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 Utopia
Founded in 2016, Utopia Music is a Music fintech company
leveling up the Music Industry through clear, transparent, and
reliable data-based solutions. Utopia now has a presence in over 10
cities worldwide and over 600 employees. Utopia's mission is to
create a better world for music. In Utopia, the Industry sees
market opportunities live. Investors elevate Music catalogs into a
real asset class. Collection societies track more and spend less.
Labels, publishers, and distributors simplify and enhance their
business. And everyone gets Fair Pay for Every Play.
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