The share price of 7digital (7DIG) surged by 130 percent after it announced a deal with TikTok rival Triller, a music-video sharing application that is backed by some big name celebrities including Snoop Dog.
Triller is the fastest growing social video app and believed to be worth in the region of $1bn and climbing.
Key to Triller is clearly having access to a music catalogue – and this is something 7digital will be providing. The deal announced today will see 7digital provide Triller with access to 80 million tracks by licensing its API for music sampling and full-length audio sampling.
“Our new contract with Triller is further evidence of 7digital’s commitment to lead the B2B market by supporting the fastest growing and most innovative forms of music consumption. Using our music platform and catalogue to serve the content needs of a global audience and manage the intricacy of rights and royalties, Triller can focus on building the experiences that are defining the future of music culture for fans, labels and artists.”
Triller works with some of the biggest global artists and counts Snoop Dog, The Weeknd, Marshmello and Lil Wayne as strategic investors. It is dedicated to driving sustainable growth in the industry and putting its artists first.”Paul Langworthy, CEO
The deal has been signed for a minimum duration of 18 months and starts now. Following today’s surge, the share price of AIM-listed 7digital is now at a one-year high of 1.25p.