Shares of 7digital Group Plc (LON: 7DIG) today rallied 155% higher after the company revealed that it had won an 18-month contract with Triller. This AI-powered app allows users to select their favourite music and use it to create professional-quality, auto-edited videos.
Triller users can publish their music videos on the platform or on other social media websites reducing the need to hire a professional video editor or expensive video editing equipment.
7digital has agreed to let Triller use its global music catalogue of over 80 million records by licensing its music streaming and sampling API.
7digital Chief Executive Paul Langworthy said: “Using our music platform and catalogue to serve the content needs of a global audience and manage the intricacy of rights and royalties, Triller can focus on building the experiences that are defining the future of music culture for fans, labels and artists.”
Triller CEO Mike Lu added: “Our partnership with 7digital ensures that the Triller community will have access to a comprehensive and global music catalogue. It also provides back-end capabilities that are essential to our platform's appeal, enabling us to properly compensate artists and publishers when their music is streamed in viral clips.”
7Digital share price
7Digital’s share price today rallied 155% higher to trade at 1.50p having closed yesterday’s session trading at 0.588p.