Shares

Who is it? 7digital shares bounce back after deal with mysterious global technology company

Shares in 7digital (7DIG) were back on the rise in early trading on Thursday after the music-catalogue provider announced that it had signed a contract with a ‘global technology company’ that is starting this month.

7Dig’ share price surged by nearly 30 percent in early trading to 3.2p following the announcement, bouncing back and sustaining some of the the momentum generated from news of its contract extension with TikTok rival Triller – the app that Donald Trump is a fan of.

The very brief update from 7DIG teased that the deal was with a global technology company to provide its music catalogue as well as tracking and reporting services. The update was timely as shares fell from their one year peak of 3.7p to 2.4p yesterday.

Of note is that it noted that the services it will provide are to support ‘new-music based experiences’ which suggests it may well be a new contract and supports part of its strategy of helping companies develop deeper relationships with customers through music.

Although the question is who is this mysterious global technology company? Many companies can fit into this category. Investors may also be asking why 7digital haven’t revealed the name of the company as the contract is starting this month and not the timing of the release.

Oh wait, let the speculation commence…

For more analysis on 7digital, investors can view our feature on buying 7digital shares: the good, the bad and the questionable.

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