announced on Wednesday it has secured a contract with jazzed, a dedicated audio-visual streaming service for jazz and jazz-influenced music.
The AIM-listed b2b music solutions company said the 12 month contract will allow Jazzed to stream music from 7digital’s catalogue of jazz tracks.
Jazzed is a multi-tier streaming subscription service developed by ETA Productions Ltd, offering curated music, video and editorial for jazz fans, with over 5 million tracks and channels.
The contract with 7digital includes set-up, monthly and usage-based content fees, API and platform access, playlist tools, reporting services, and catalogue management.
Shares in 7digital were up 15.85% to 0.475p on Wednesday
Paul Langworthy, Chief Executive Officer of 7digital, said: "The way people engage with music is changing rapidly. In order to capture the significant future growth in the streaming market, the all-you-can-eat subscription model will be supplemented by more targeted, premium services.”
“jazzed is a perfect example of how 7digital makes it possible for these services to create new compelling music experiences for underserved audiences. It is testament to the versatility of our technology and breadth of our music catalogue, which is enabling 7digital to power the next generation of streaming services.”
Jazzed offers an ad-funded freemium version of the service with 10 hand-curated audio channels, and a £5.99 monthly subscription-based tier.
Frank Taubert, Chief Operating Officer and Co-founder of jazzed, said: "jazzed is going to change perceptions around jazz, as the first audio-visual streaming subscription service focusing on the genre.”
“jazzed is marrying the innovativeness of the genre with an innovative digital experience. Being able to rely on 7digital to manage the back-end technical infrastructure and having access to their extensive music catalogue allows us to focus on making the service itself something exciting for jazz fans old and new."
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CEO Simon Potter commenting on the loan note issuance said: “we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required.”