12th Aug 2020 10:32
(Alliance News) - 7digital Group PLC on Wednesday said it has signed a new contract with Triller Inc to power the social music video app with its music platform-as-a-service offering.
The AIM stock more than doubled on Wednesday morning in London to 1.45 pence a share from 0.59p at the close Tuesday.
Triller is an artificial intelligence-powered app that allows users to choose their favourite music to create auto-edited, professional-quality videos.
The digital music solutions provider said it will provide Triller with access to its global catalogue of more than 80 million tracks. This will enable US-based Triller to engage audiences around the world with both global and regional content.
In addition, 7digital said it will provide Triller with back-end support for tracking usage and reporting to labels.
The new agreement is for an initial minimum term of 18 months and commences immediately, 7 digital said. The company will receive both a monthly licensing fee and usage-based payments to capture Triller's future growth.
"Using our music platform and catalogue to serve the content needs of a global audience and manage the intricacy of rights and royalties, Triller can focus on building the experiences that are defining the future of music culture for fans, labels and artists," said 7digital Chief Executive Paul Langworthy.
"Our partnership with 7digital ensures that the Triller community will have access to a comprehensive and global music catalogue. It also provides back-end capabilities that are essential to our platform's appeal, enabling us to properly compensate artists and publishers when their music is streamed in viral clips," added Triller CEO Mike Lu.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
7DIG.L