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7digital (LON: 7DIG) shares are trading higher on Tuesday after the company revealed it has signed five contracts with new and existing customers.
7digital's share price has gained 3.86%, priced at 1.35p per share.
The B2B end-to-end digital music solutions company has signed two deals with new clients.
The first is a 24-month contract with a new client in the home fitness sector serving the US market. They will use 7digital's catalogue and API playlisting tool, enabling instructors or users to access a fully rights-cleared catalogue to download commercially compliant music synchronised with video programmes and made available on-demand.
The second is a 36-month contract with Viihdeväylä Oy, a Finnish company that provides background music and playlisting curation through their Maestro Pro offering to restaurants domestically and various retail, leisure and entertainment organisations including cruise liners.
7digital will provide Maestro Pro with access to its catalogue and label ingestion based on publisher and label clearances. It will also offer usage reporting.
The three remaining contracts have been signed with existing customers, extending its deal with a B2B music streaming service for 12 months to provide content fulfilment services from 7digital's music catalogue.
Finally, 7digital has signed renewals with two other clients, Swiss retailer Ex Libris and media company Global Radio. Both of these contracts have been renewed for 12 months.
Paul Langworthy, Chief Executive Officer of 7digital, said: “These new and renewed contracts provide an extremely strong base for 7digital's growth plans this year and, with term lengths of up to 36 months, also support our revenue visibility going forward.
“We are excited to be expanding our customer base and delivering on our strategy, including adding to our list of home fitness clients – a segment that we expect will deliver substantial growth.”
7digital shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are 7digital shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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