Hot on the heels of revealing its latest partnerships with Universal Music Group, B2B firm 7digital has published its financial results for the first half of the year. The company saw its revenues grow by 52% year-on-year to £9.3m ($12.2m), including a 49% bump for licensing revenues to £6m and an 84% rise in content revenues to £2.1m – the latter is the part of 7digital’s business where it sells downloads, as well as handling content for labels and other partners. 7digital isn’t profitable yet, though: its net loss increased from £2.3m in the first half of 2017 to £2.6m in the first half of 2018.
The company says it is “focused on achieving operating profit and positive cash flow by the end of this financial year” thanks to cost savings from its acquisition of fellow B2B firm 24-7 Entertainment last year – and the subsequent consolidation of the two companies’ technology and teams.
7digital cited client wins including streaming service 8tracks, social-video app Triller and live-music-audio startup Peex as part of its momentum in the first half of 2018, as well as a project with “a market leader in the provision of music to the retail and hospitality industry, who cannot be named for reasons of commercial confidentiality”. “Both our timing and positioning in the buoyant streamed music market couldn’t have been better,” added CEO Simon Cole.