7digital wins new contracts

7digital Group has won new contracts with MediaMarktSaturn, Europe's biggest electronics and entertainment retailer, and 8tracks, a popular digital music service based in the US.

7digital said it had signed a further agreement with its largest individual shareholder and one of its biggest customers, MediaMarktSaturn, to cover the migration of the existing "Juke" music service in Germany on to the 7digital platform.

It said the contract involved a significant setup fee for work done in 2017 and ongoing monthly recurring revenues. In addition, the company said it had signed a contract with 8tracks, a popular digital music service based in the US.

8tracks was founded in 2008 and focuses on music discovery through crowd-curated playlists.

7digital said the deal had a one-year minimum term and was expected to contribute to revenues for 2018 and beyond.

7digital also said progress continued to be made with regards to publicly launching other client services.

It said:'Technology leader Altair Engineering, Inc. launched its service WEYV in the US on 5 December.

'WEYV is a platform for streaming audio and visual content, for which 7digital provides access to music and technology services.

'French company Deedo SAS launched its pan-African music service in France, Senegal, Mali and Ivory Coast.

'Launches in a further 23 territories are planned by 2020, including 16 in Africa, 5 in Europe, the USA and Canada.'

7digital provides technology, access to music and web app development for the Deedo service.

The group said: 'German broadcaster Klassik Radio has also launched its radio streaming service 'Klassik Radio Select', focusing on classical and associated genres.'

7digital provides Klassik Radio with access to music under a deal announced in Q1 2016.

Chief executive Simon Cole said:'The further development of our relationship with MediaMarktSaturn strengthens an already fruitful relationship with a key player in Europe's electronics and entertainment retail market, and further underpins our 2018 revenues.'