A new contract win with Jazzed for 7digital (7dig) ensured its share price continue to move upwards on Monday morning, gaining by 15 percent.
The 7digital contract with Jazz is for a new 12 month contract which allows the jazz streaming service to use 7digital’s digital catalogue globally.
Jazzed was launched earlier this year and offers both a freemium version as well as £5.99 a month subscription service – featuring over 5 million tracks.
In return for use of 7digital’s music catalogue, Jazz will pay the AIM-listed company a monthly licencing fee as well as usage-based payments – something of which 7dig notes is on the same terms as its other recent contracts.
The contract win for 7digital comes fresh from new deals being signed with TikTok rival Triller as well as a mysterious global technology company that it signed a 6 month deal earlier in this month.
However the name of the global technology still remains unknown.
7dig is due to announce its full-year results for 31 December 2019 and interim results for the period ending 30 June 2020 on 28 September 2020.