25th Oct 2021 12:15
7digital Group PLC - London-based music licensing provider - Announces contracts secured with new and existing customers worth a total of GBP1 million over the term of the contracts. More than GBP700,000 of the total was secured within the last month. While the remaining GBP300,000 balance in contract value was secured before then. The majority of the total value of the contracts will be recognised in 2022. The company has won three new clients and secured four contract expansions and extensions, including within the firm's key markets of music streaming and home fitness, 7digital notes.
"These new and renewed contracts reflect the continued growth in demand for our music services including in our target segment of home fitness," comments Chief Executive Paul Langworthy.
"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."
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By Will Paige; [email protected]
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