7digital Group PLC - Trading Update
("7digital" or "the Company")
7digital (AIM:7DIG), the global leader in B2B end-to-end digital music solutions, provides the following update on trading for the year ended
The second half of the year was a period of transformation for the Company with a new Board, additional funding, further cost reductions and a revised strategy utilising 7digital's market-leading technology to capitalise on the growth in music streaming. The Board is pleased to report that this strategy is performing well and the Company expects to report results for the full year 2019 in line with management expectations.
During the year, the Company stabilised itself having secured an additional
The new year has also started positively with new contracts signed, a healthy pipeline and renewals negotiated. The Company has secured much of its expected revenues for FY 2020 and, consequently, is on track to achieve operational profitability by the end of Q2 2020.
Specifically, 7digital continues to win new business as it uses its flexible technology, its global music catalogue and music industry expertise and relationships to provide music solutions for enterprises and music service innovators. This includes supporting leading guitar manufacturer Fender in the launch of Fender Songs, and offering its music-as-a-service platform to power the music experiences of brands such as
"The Company continues to make a positive impact on powering streaming music opportunities in developed and emerging markets. This, together with a substantially improved financial position, healthy pipeline, client renewals, and rigorous operational management, gives me confidence that 7digital is well positioned to execute on our strategy and continue to lead the growth of music streaming."
020 7099 7777
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Arden Partners (Nominated Adviser and Broker)
020 7614 5900
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020 7618 9100
Notes to Editors
About 7digital (www.7digital.com/)
7digital is the global leader in B2B end-to-end digital music solutions. The core of its business is the provision of robust and scalable technical infrastructure and extensive global music rights used to create music streaming and radio services for a diverse range of customers - including consumer brands, mobile carriers, broadcasters, automotive systems, record labels and retailers. 7digital also offers radio production and music curation services, editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying access to music for clients. From years of being the largest independent producer of programming for the
This information is provided by RNS, the news service of the
Quick facts: 7Digital Group PLC
Market Cap: £10.07 m
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