7digital Group PLC 7digital wins contract with Lomotif (9303R)
July 11 2022 - 2:00AM
UK Regulatory
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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