7digital Group PLC New contracts in healthtech and wellness sector (5258G)
July 27 2021 - 2:00AM
UK Regulatory
TIDM7DIG
RNS Number : 5258G
7digital Group PLC
27 July 2021
27 July 2021
7digital Group plc
("7digital" or "the Company")
7digital signs long-term contracts with healthtech and wellness
services
Commercial momentum accelerates in H2 with new multi-year
contracts and an expansion into the wider fitness and health
sector
7digital (AIM: 7DIG), the global leader in B2B end-to-end
digital music solutions, is pleased to announce two new customer
wins for its music platform-as-a-service in the healthtech and
wellness sector, further expanding the categories of companies that
use 7digital's services within fitness and health. These new
contracts provide additional visibility over full year revenues and
anticipated significant growth for 2021.
The contracts, which are both for 24 months and consist of
upfront set-up fees, recurring monthly fee and usage-based
payments, have been signed with:
-- MedRhythms Inc. ("MedRhythms"), a US-headquartered digital
therapeutics company that uses sensors, music and software to build
evidence-based neurologic interventions to measure and improve
walking. MedRhythms is developing direct-stimulation digital
therapeutics where each therapy provides, via prescription music,
direct stimulation to enable the mechanism of action among
patients. The company has an active pipeline of prescription
digital therapeutics targeting rehabilitation and prevention in
areas of neurologic injury and disease, such as stroke
patients.
-- A second company, that is creating a music-based health
application for people with dementia. The application is based on
music therapy, an evidence-based treatment method that actively
applies music in human interactions to improve health and quality
of life. The platform is due to launch in Europe in 2022.
Both customers will use 7digital's music platform-as-a-service
to access the Company's licensed catalogue and will design their
therapeutic and interactive experiences using the 7digital
playlisting tool. 7digital will also provide back-end label
reporting and, for the second company, publishing reporting.
Paul Langworthy, CEO of 7digital, said : "These new customer
wins are further evidence of the growing commercial momentum across
7digital as we continue to convert our busy sales pipeline into a
raft of multi-year contracts with recurring revenues. We are proud
to support innovative and forward-thinking companies, and this is
particularly the case in the emerging wellness space where music is
used as an effective form of therapy to treat specific neurological
functions and conditions. This also builds on our expanding reach
across fitness and health brands, with new clients Barry's and
Volava announced in recent weeks. These contracts provide us with
increasing visibility over our projected revenue growth for 2021
and the delivery of a full year of positive EBITDA for the first
time in 7digital's history."
Enquiries
7digital c/o +44 20 7618 9100
Paul Langworthy
Arden Partners (Nominated Adviser
and Broker)
Richard Johnson +44 20 7614 5900
Luther Pendragon (Financial PR) +44 20 7618 9100
Harry Chathli, Joe Quinlan 7digitalIR@luther.co.uk
About 7digital
7digital is the global leader in B2B end-to-end digital music
solutions, providing a scalable cloud-based platform that enables
companies and brands to connect to its global music catalogue and
rights management system to launch and manage unique and engaging
music experiences. Operating worldwide in over 80 markets and
integrated with more than 300,000 labels and publishers, 7digital's
platform automates the complex and time-consuming processes of
music management, making it easier to access and use music in
streaming services, social media, home fitness, gaming, retail and
more. With best-in-class infrastructure, deep industry expertise
and intelligence tools, 7digital empowers their clients to
innovate, grow and serve tomorrow's music consumer. For more
information, visit http://www.7digital.com/ .
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