Listed audio firm 7digital has said it is on track to achieve operational profitability by the end of Q2 2020.
The London-headquartered firm said 2019 had been a period of “transformation” for the firm as it welcomed a new board, saw additional funding, and began a revised strategy to capitalise on the growth in music streaming.
The new board includes eMusic.com president Tamir Koch, who joined in July 2019.
7digital offers a SaaS platform allowing firms to offer streaming music to customers, alongside radio production and music curation services, and editorial strategy.
It has recently helped Fender to launch music product Fender Songs, and has worked with Universal Music Group and Triller on mu sic streaming tech.
CEO, Paul Langworthy said: “We are extremely pleased to see 7digital emerge from the last year as a leader in providing B2B digital music technology to a wide range of enterprises and markets.
“By combining our global catalogue with our cloud-based flexible technology platform, we continue to enable music industry innovators to reach new digital music consumers as well as target enterprise clients that want to better promote customer engagement and reduce churn through compelling music experiences.
“The Company continues to make a positive impact on powering streaming music opportunities in developed and emerging markets.
“This, together with a substantially improved financial position, healthy pipeline, client renewals, and rigorous operational management, gives me confidence that 7digital is well positioned to execute on our strategy and continue to lead the growth of music streaming.”