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7digital releases financial results for 2017

Press Release

On 16th August 2018, 7digital Group plc (AIM: 7DIG), the global leader in B2B digital music solutions, announced its preliminary results for the full year ended 31 December 2017.

Highlights include:

  • Excellent progress made in building the business and solidifying the Company's leading position in the rapidly growing streamed music market
  • 7digital is now the premier supplier of business-to-business music and radio streaming services to corporates in sectors including retail, telecoms and the automotive industry, who are looking to strengthen their consumer offering
  • Established position within the music industry - all the major labels are now customers of 7digital
  • Transformative deal with MediaMarktSaturn ("MMS"), Europe's largest retailer of electronics and entertainment, to build their digital music services in 15 countries
  • Successful acquisition and integration of 24-7 Entertainment ("24-7"), the only remaining significant business-to-business European competitor, expands client base which now includes MMS and Danish telco TDC
  • 50% increase in revenues to £16.80m (2016: £11.21m)
  • Improving sales momentum with licensing revenues up 74% at £11.61m (2016: £6.67m)
  • 63% reduction in adjusted EBITDA loss to £1.60m (2016: £4.31m)
  • 33% reduction in adjusted operating loss to £3.76m (2016: £5.60m)

Read here for the full report and watch 7digital CEO Simon Cole discuss the results and market opportunities below: