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7digital moves in at chez Guvera

Published: 21:02 10 Jun 2014 AEST

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Music streaming pioneer 7digital (LON:7DIG) has marked its first day on AIM with the announcement of two partnership agreements.

The company has hooked up with Guvera, the international music streaming service, in an arrangement that will see Guvera use 7digital's platform to support its imminent expansion into India and Middle Eastern territories on mobile handsets manufactured by Lenovo.

The company has also entered into a global high-definition music partnership with Onkyo, a leading Japanese hi-fi company, though details of this partnership first emerged at the end of last month.

Onkyo and 7digital will work together to bring "e-onkyo music", Japan's high definition digital music store, to Europe and the US in the coming months.

“Although the new contracts will not lead to a change in market expectations, they do change our revenue mix towards streaming and away from downloading," said Simon Cole, 7digital’s chief executive officer.

The company, which has been based in the Old Street area of London long before it became known as Silicon Roundabout, came to the market through a reverse takeover of UBC Media.

As part of the creation of an enlarged group, the company boosted its working capital through a share issue at 27p per share that raised £6mln.

Shares in 7Digital were quoted at 33p each at midday on the first day of trading.

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