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RCS - 7digital Group PLC - 7digital enters contract with Utopia Music

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RNS Number : 5295T  7digital Group PLC  25 July 2022

Reach

 

25 July 2022

7digital Group plc

("7digital" or "the Company")

 

7digital enters contract with global music fintech company Utopia Music

 

7digital (AIM: 7DIG), the global leader in B2B end-to-end digital music
solutions, is pleased to announce it has signed a long-term contract with
Utopia Music AG, a B2B music fintech company. Utopia is a new customer for the
Company and marks the growing demand for music data and intelligence services,
where 7digital's music-as-a-service platform provides access to global audio
and track metadata for various use cases such as identifying music or artist,
monitoring broadcasts, and monitoring copyrighted material.

 

Utopia Music exists to build technology and data accounting to improve the way
the music industry pays royalties to the creators for the music copyrights
consumption. Based on a database of more than 213 billion global data points,
the Utopia platform leverages modern technologies to provide services to help
the entire music value chain, including artists, labels, publishers, and
performance rights organisations ("PROs") optimise their data and streamline
administration.

 

Using 7digital's global music database capabilities, in addition to Utopia's
existing data capabilities, Utopia's customers will be able to monitor and
measure the consumption of their music copyrights globally. In so doing,
Utopia's customers can leverage data for faster, more accurate payouts of
royalties to copyright holders.

 

Paul Langworthy, Chief Executive Officer of 7digital, said: "It is always
exciting to secure a new customer that reflects the competitive strength of
our offer. Combining Utopia's next-gen tracking and payouts technology with
7digital's leading catalogue and metadata will enable music recognition for up
to 100 million songs worldwide and support the whole industry to make more
money faster, with fewer costs. We are also pleased to have secured another
contract that enables growth and scales as our customer's business needs do.
This contract, in addition to those signed so far this year, means the Company
has already secured a 36% increase in platform licensing for 2022 vs 2021. We
very much look forward to working with Utopia to support the growth of
this music industry-focused service."

 

Paul Gathercole, Chief Data Officer, Utopia Music, said: "Utopia is on a
mission to deliver 'Fair Pay for Every Play' to the music industry. We're
going to achieve this by providing the systems and payments infrastructure to
enable better tracking of music consumption and faster distribution of
royalties to creators and rights holders, with less cost and errors. To make
every play count we need to know what's played when and where, and who owns
the rights to any given track - with 7digital capabilities, in addition to our
existing data capabilities, this takes us one step closer to unlocking more
value in music, for the benefit of all players."

 

Enquiries 

 

 7digital Group plc
 Paul Langworthy                                          c/o +44 20 7618 9100

 Strand Hanson Limited (Nominated and Financial Adviser)
 Richard Johnson, James Harris, James Bellman             +44 (0) 20 7409 3494

 Arden Partners plc (Broker)
 Ruari McGirr                                              +44 (0) 20 7614 5900

 Luther Pendragon (Financial PR)
 Harry Chathli, Claire Norbury                            +44 (0) 20 7618 9100
                                                          7digitalIR@luther.co.uk (mailto:7digitalIR@luther.co.uk)

 

  

About 7digital

 

7digital (http://www.7digital.com/) is the global leader in B2B end-to-end
digital music solutions, providing a scalable cloud-based platform that
enables companies and brands to connect to its global music catalogue and
rights management system to launch and manage unique and engaging music
experiences. Operating worldwide in over 80 markets and integrated with more
than 300,000 labels and publishers, 7digital's platform automates the complex
and time-consuming processes of music management, making it easier to access
and use music in streaming services, social media, home fitness, gaming,
retail and more. With best-in-class infrastructure, deep industry expertise
and intelligence tools, 7digital empowers their clients to innovate, grow and
serve tomorrow's music consumer. For more information, visit
http://www.7digital.com/ (http://www.7digital.com/) .

 

 

About Utopia

 

Founded in 2016, Utopia Music is a Music fintech company leveling up the Music
Industry through clear, transparent, and reliable data-based solutions. Utopia
now has a presence in over 10 cities worldwide and over 600 employees.
Utopia's mission is to create a better world for music. In Utopia, the
Industry sees market opportunities live. Investors elevate Music catalogs into
a real asset class. Collection societies track more and spend less. Labels,
publishers, and distributors simplify and enhance their business. And everyone
gets Fair Pay for Every Play.

 

 

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