2019 was a bumpy year for B2B digital-music firm 7digital, but under its new management the company is hoping for a smoother 2020.
The public firm published a trading update yesterday, describing the second half of 2019 as “a period of transformation for the Company with a new Board, additional funding, further cost reductions and a revised strategy utilising 7digital’s market-leading technology to capitalise on the growth in music streaming”. It continues: “During the year, the Company stabilised itself having secured an additional £2.1m of funding in September 2019 which, together with the intended £1m debt facility notified at that time, will bring total funding to £5m since June 2019.”
Costs have been cut sharply under new CEO Paul Langworthy, too. “The new year has also started positively with new contracts signed, a healthy pipeline and renewals negotiated.
The Company has secured much of its expected revenues for FY 2020 and, consequently, is on track to achieve operational profitability by the end of Q2 2020.” Fender, Triller and Universal Music Group are among its recent high-profile clients.
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