Stock Market News
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.
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.
Related share prices |
---|
7Digital Group (7DIG) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price