7digital Group PLC GBP1m signed in seven new contracts (0237Q)
October 25 2021 - 1:00AM
UK Regulatory
TIDM7DIG
RNS Number : 0237Q
7digital Group PLC
25 October 2021
25 October 2021
7digital Group plc
("7digital" or "the Company")
GBP1m signed in seven new contracts
7digital (AIM: 7DIG), the global leader in B2B end-to-end
digital music solutions, is pleased to announce that it has signed
contracts with new and existing customers worth an aggregate total
of GBP1 million over the term of the contracts, of which over
GBP700k has been secured within the last month and with the
majority of the total to be recognised in 2022. The Company has won
three new clients and secured four contract expansions and
extensions, including within the Company's key markets of music
streaming and home fitness.
The Company's three new customers have been secured on long-term
contracts, which all have an initial term of 24 months. The four
contract extensions with existing customers include the expansion
of contract period as well as the provision of additional
services.
Paul Langworthy, Chief Executive Officer of 7digital, said:
"These new and renewed contracts reflect the continued growth in
demand for our music services including in our target segment of
home fitness. As previously stated, multiple new contracts are
awaiting signature and it is great to see these start to come
through. It is also pleasing that we are receiving more-and-more
long-term contracts, which enhances our visibility over future
revenues. With our new financing in place, we continue to
strengthen our fundamentals and look to the future with
confidence."
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/ .
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