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7Digital (7DIG) Shares Climb On New Contracts With Fitness Firms

Updated: 7 Jul 2021

7digital's (LON: 7DIG) share price is rising on Wednesday on the news it has signed new contracts with fitness companies Barry's and Volava.

The AIM-quoted company is expanding its presence in the home fitness sector after previously signing deals with groups such as Apex Rides and FORME.

The two new contracts are for 24-months with the fitness firms using 7digital's music platform-as-a-service.

Both contracts commence immediately and consist of an upfront set-up fee as well as recurring monthly revenues.

Barry's, which has 77 studios across 14 countries and over 30 cities globally, will use 7digital's instructor playlisting tool in the US and Canada to access a fully cleared catalogue of music for its Barry's X product, a new digital offering. They will also use 7digital's built-in integration with MRI for publisher clearances.

Volava, an interactive fitness platform, will use 7digital's playlisting tool to access its cleared catalogue from major labels for its bike-based online fitness offering in Spain.

“We are very excited to partner with Barry's and Volava as they scale across territories and add new online experiences to meet customer demand for remote fitness services,” Paul Langworthy, CEO of 7digital.

“Even as the world begins to re-open, 7digital is continuing to see huge demand from companies building in-home fitness experiences, for which having the perfect licensed music to power fitness goals has never been more vital,” added Langworthy.

7DIG-price-chart
Source: IG

7digital's share price is up 2.44% following the news, although it is still down 16.77% for the year to date.

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