Shares of B2B music streaming group 7Digital Group PLC (LON: 7DIG) briefly gapped higher after its joint venture eMusicLive was chosen as the exclusive live stream platform for Alfie Boe & Friends: Live at the Savoy ‘THE LOCKDOWN EDITION'.
Investor cheered the announcement as another positive milestone for the music streaming company, but the rally was short-lived as bearish investors took over and pushed the company’s shares lower.
The event will take place on Saturday, 10 April 2021, and provide eMusic Live with much-needed publicity as the exclusive live stream partner while generating revenues for the joint venture.
The eMusic Live platform has live-streamed over 50 performances since its launch in August 2020, and 7digital is planning to “unveil a swathe of exciting shows in the weeks and months to come.”
The Alfie Boe event is expected to showcase eMusicLive to UK music lovers, and 7digital expects to update investors soon on the joint venture’s contribution to its overall growth.
“I cannot tell you how exciting it is for me to perform at the legendary Savoy Hotel with my friends. The eMusic Live platform has created a new way for us to take the virtual stage to our fans, enjoy some songs, raise a glass or two from home, and I hope people enjoy it!” said Alfie Boe.
Paul Langworthy, 7digital’s CEO, commented: “It's a real thrill for eMusic Live to be hosting Alfie Boe and a star-studded line-up for a night of unmissable musical entertainment, streamed exclusively to audiences worldwide from the iconic Savoy Hotel. With eMusic Live's advanced monetisation tools, Alfie will be able to engage remotely with fans in new and exciting ways and generate maximum revenue for two very worthy causes.”
7Digital share price.
7digital shares gapped higher to trade at 1.50p, rising from Wednesday’s closing price of 1.45p, but later fell back.