7digital Goes Public and Announces New Partnerships
On its first day of trading following re-admission to AIM at 8.00 a.m. today, 7digital, the digital music and radio services company, is pleased to announce important contract wins from Guvera, a streaming music service pre-loaded on Lenovo handsets and leading Japanese hi-fi manufacturer Onkyo.
The combination of 7digital Group, Inc. and UBC Media Group plc has created a powerful business- to- business supplier at the heart of the fast developing global industry in digital music and radio. This industry is moving quickly from the now traditional “download to own” or “music store” model to streaming services with curation, which come much closer to traditional online radio models.
7digital has invested heavily in the technologies and legal rights to power new streaming services and also in ingesting digital content for new High Definition (“HD”) audio services. In that respect, the Company is pleased to announce some important contract wins which move it significantly towards business to business revenues from new services in these areas.
To this end, 7digital is pleased to announce a partnership agreement with Guvera, the international music streaming service. As part of the agreement, Guvera will use 7digital’s platform to support its imminent expansion into India and Middle Eastern territories on mobile handsets manufactured by Lenovo. Guvera offers on-demand and ad-supported radio streaming services in Australia and the United States, where it currently has more than 800,000 active users. The roll-out of Guvera’s service in India and the Middle East will be facilitated through its inclusion as a preloaded app on all Lenovo smartphones and tablets.
In addition, the Company is pleased to announce that is has entered into a global HD music partnership with Onkyo Corporation (“Onkyo”), a leading Japanese hi-fi company