7digital Group PLC 7digital secures EUR2.2m contract expansion (1132D)
March 01 2022 - 2:00AM
UK Regulatory
TIDM7DIG
RNS Number : 1132D
7digital Group PLC
01 March 2022
1 March 2022
7digital Group plc
("7digital" or "the Company")
7digital secures EUR2.2m contract expansion
Multi-year contract signed with a fast-growing B2B music
streaming service
7digital (AIM: 7DIG), the global leader in B2B end-to-end
digital music solutions, is pleased to announce that the Company
has signed a contract with an existing B2B music streaming service
customer, worth a minimum of EUR2.2m over a three-year period.
The Company has been providing services to the customer since
2016, with contract renewals on an annual basis. This latest
contract expands the relationship to a long-term agreement,
providing greater visibility over revenue. The Company also expects
the value of the contract to increase as the fast-growing customer
seeks to expand its brand into further territories, which would
require further licence agreements with 7digital.
Under the terms of the contract, the customer will use
7digital's extensive music catalogue to provide on-demand streaming
services for brands and businesses as well as playlisting curation
capability using fully licensed music.
Paul Langworthy, Chief Executive Officer of 7digital, said: "We
are delighted to have secured this contract renewal on improved
terms, including being expanded to a three-year period. We pride
ourselves on offering a great quality service and platform, and our
success in doing so is reflected in the customer's commitment to a
long-term agreement. This enhances our visibility over revenue and
will contribute to our growth. The scope for the contract to
increase alongside our customer's growth plans is also hugely
exciting. We look forward to continuing this relationship and
enabling the customer to provide a great streaming service."
Enquiries
7digital c/o +44 20 7618 9100
Paul Langworthy
Arden Partners (Nominated Adviser and
Broker)
Richard Johnson +44 20 7614 5900
Luther Pendragon (Financial PR) +44 20 7618 9100
Harry Chathli, Claire Norbury 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/ .
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as
implemented into English law ("MAR"). Upon the publication of this
announcement via a Regulatory Information Service, this inside
information will be considered to be in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUWURRUVUUUUR
(END) Dow Jones Newswires
March 01, 2022 02:00 ET (07:00 GMT)
7digital (LSE:7DIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
7digital (LSE:7DIG)
Historical Stock Chart
From Apr 2023 to Apr 2024