7digital a hit with investors after new deal announced
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Shares in AIM listed music outfit 7digital (LON:7DIG) rose by 12.67% to 5.21p (as of 10:30 BST) after the company won a new contract. Precise financial details for the new arrangement with Triller, an AI-powered music video platform, were not revealed, but management said that the 18-month deal would contribute to the firm’s revenues from 2018 onward.
Chief executive officer Simon Cole commented that: “We are delighted to be announcing this deal with Triller. 7digital is expert at providing access to music for innovative platforms of this type, having previously partnered in 2016 with musical.ly, another fast-growing social media platform based around video and music with a strong international footprint. Triller’s product represents one of the ways in which audiences now consume and share content online, creating a new revenue stream within digital music and significant potential for growth“.
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