7digital (LON: 7DIG) shares traded higher Tuesday after the company announced it signed five contracts with new and existing customers.
7digital’s share price is up 3.86% at a price of 1.35 pence per share.
The B2B company for end-to-end solutions for digital music has signed two contracts with new customers.
The first is a 24 month contract with a new home fitness customer serving the US market. They use 7digital’s catalog and API playlist tool, which gives instructors or users access to a fully rights-released catalog to download commercially compatible music that is synchronized with video programs and made available when needed.
The second is a 36-month contract with Viihdeväylä Oy, a Finnish company that provides background music and curation of playlists for domestic restaurants and various retail, leisure and entertainment organizations including cruise lines through its Maestro Pro offering.
7digital offers Maestro Pro access to its catalog and label recording based on the approvals from publishers and labels. It will also offer usage reports.
The three remaining contracts were signed with existing customers and extend the contract with a B2B music streaming service by 12 months to provide content fulfillment services from 7digital’s music catalog.
Finally, 7digital signed renewals with two other customers, the Swiss retailer Ex Libris and the media company Global Radio. Both contracts were extended by 12 months.
Paul Langworthy, CEO of 7digital, said: “These new and renewed contracts form an extremely strong basis for 7digital’s growth plans this year and also support our future sales visibility with a term of up to 36 months.
“We are excited to expand our customer base and execute on our strategy, including adding it to our list of home fitness customers – a segment that we expect to see significant growth.”
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