10th Jul 2019 10:18
(Alliance News) - One Media IP Group PLC's pretax profit narrowed by a third on rising revenue in the first half of its financial year, the music and television programme content provider said on Wednesday.
One Media made pretax profit of GBP143,738 in six months ended April 30 on revenue that rose 32% to GBP1.6 million. In the same period last year, One Media made a GBP213,44 pretax profit on a revenue of GBP1.2 million.
Chief Executive Michael Infante said the results are in line with market expectations.
Infante said: "We were delighted to identify and complete a number of great value acquisitions in genres that we see as having strong potential for growth, as more people begin to use streaming as their primary method of consuming music around the world. The global recorded music market shows no signs of slowing, reporting growth of 9.7% in 2018, with streaming being the driving force behind this, growing 34% in the same period.
"We now look to the remainder of 2019 with a solid pipeline of opportunities for further acquisitions and confidence in our ability to capitalise and strengthen our positioning within this growing market."
One Media also announced the GBP725,000 purchase of a single by American contemporary Christian artist Daniel Bashta. The deal, which came after April 30, will ensure the company receives the writer's share of income for the single "God's Not Dead", which has a Spotify streaming count of 47.0 million and 88.0 million views on Youtube.
The platinum selling song also spawned a film series with the same name, which has grossed nearly USD100.0 million.
Infante said: "Contemporary Christian music has achieved growth over the years with a number of artists also expanding their reach through crossover to mainstream audiences. We are always on the lookout for music from any genre that has had success in the international charts and 'God's Not Dead' not only ticks this box, but also brings the additional value of being coupled with a film synchronisation benefit.
"We are delighted to have acquired the income from Daniel Bashta's platinum selling single. Bashta has received great acclaim in the music industry and the fact that this single continues to perform so well almost a decade after its original release is testament to its longevity."
Shares in One Media fell 7.1% at 6.50 pence each in London on Wednesday morning.
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