Music rights firm One Media announced its latest financial results yesterday, for the first half of its fiscal year – which ended on 30 April. The company saw its revenues grow by 28% to just over £2m ($2.5m) while its operating profits nearly doubled to £563.2k.
One Media also said that some of the streaming trends during the Covid-19 pandemic, such as the boost to children’s, classical and ambient music, have been good news for its catalogue.
Also interesting: One Media says it is making “encouraging progress” towards launching its new program called Harmony IP, which like a growing number of other companies “looks to grant music rights holders with advanced access to the future earnings of their IP by purchasing a portion of their rights upfront”. The company said that Harmony has “received good levels of early interest from artists and the Group is working to take these discussions forward”.
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