7digital Group PLC 7digital to power music for Kuaishou (8746R)
March 11 2021 - 1:00AM
UK Regulatory
TIDM7DIG
RNS Number : 8746R
7digital Group PLC
11 March 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is
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11 March 2021
7digital Group plc
("7digital" or "the Company")
7digital to power music for social media giant Kuaishou
China's leading social video platform selects 7digital to power music in its apps worldwide
7digital (AIM: 7DIG), the global leader in end-to-end digital
music solutions, is pleased to announce that it has signed a
long-term contract with an expected term of 24 months with Kuaishou
Technology (1024.HK) ("Kuaishou"), a leading content community and
social platform, to provide Kuaishou's mobile apps with licensed
music globally. The contract strengthens 7digital's revenue
visibility as it includes a set-up fee, a monthly recurring access
fee, and a usage fee.
Kuaishou is a leading content community and social platform with
its mission to be the most customer-obsessed company in the world.
With an average of over 760 million monthly active users in China
for the nine months ended 30 September 2020, its users utilise
music in multiple forms of services offered via Kuaishou's platform
around the world.
By deploying 7digital's music platform, Kuaishou will benefit
from its market-leading technology and scale and will be able to
give users easy access to rights-cleared music that can be used
across any platform. This includes using music clips for video
uploads and embedding music to existing User Generated Content.
7digital will also assist in reporting on music consumption on the
platform to Kuaishou's licensed labels.
Paul Langworthy, CEO of 7digital, said: "We are pleased to sign
with Kuaishou, one of the world's fastest growing social media apps
with hundreds of millions of users. This long-term contract expands
7digital's footprint in this high-growth sector, making us one of
the largest providers of licensed music to global social media
giants and tech-driven consumer brands. Collectively, across all of
7digital's contracts in this space, we enable 1 billion average
monthly active users to access one of the largest music catalogues
in the world powered by us. This latest partnership exemplifies the
breadth and depth of our capabilities and is expected to be a
significant contributor to our revenue growth in this market
segment."
Enquiries
7digital
020 7099 7777
Paul Langworthy, CEO
Arden Partners (Nominated Adviser and Broker) 020 7614 5900
Richard Johnson, Benjamin Cryer
Luther Pendragon (Financial PR)
020 7618 9100
Harry Chathli, Joe Quinlan
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 Kuaishou
Kuaishou is a leading content community and social platform with
its mission to be the most customer-obsessed company in the world.
Kuaishou has relentlessly been focusing on serving its customers
and creating value for them through the continual innovation and
optimization of its products and services. At Kuaishou, any user
can chronicle and share their life experiences through short videos
and live streams and showcase their talents. Working closely with
content creators and businesses together, Kuaishou provides product
and service offerings that address various user needs that arise
naturally, including entertainment, online marketing services,
e-commerce, online games, online knowledge-sharing, and more. For
more information, please visit https://www.kuaishou.com/en .
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