Music platform 7digital has benefitted from the growth in the home fitness market after announcing contracts worth £1m.
The global leader in B2B end-to-end digital music solutions told the London Stock Exchange this morning that it had secured three new customers and four contract extensions with existing customers.
The deals are worth an aggregate total of £1m over the term of the contracts, of which over £700k has been secured within the last month.
The company’s three new customers have been secured on long-term contracts, which all have an initial term of 24 months.
The four contract extensions with existing customers include the expansion of contract period as well as the provision of additional services.
Paul Langworthy, chief executive officer of 7digital, said in a statement: “These new and renewed contracts reflect the continued growth in demand for our music services including in our target segment of home fitness.
“As previously stated, multiple new contracts are awaiting signature and it is great to see these start to come through.
“It is also pleasing that we are receiving more-and-more long-term contracts, which enhances our visibility over future revenues. With our new financing in place, we continue to strengthen our fundamentals and look to the future with confidence.”
7digital operate in over 80 markets and are integrated with more than 300,000 labels and publishers.
Its digital platform makes it easier to access and use music in streaming services, social media, home fitness, gaming and retail.
The company was founded in 2004 as a B2B music services company building music download stores for brands and retailers.