8.35 a.m.: Music group connects with personal training specialist
The digital music group 7digital Group PLC (LON.7DIG) is entering the home fitness trend, which is booming during the lockdown.
It has signed a two-year contract with FORME Life, a personal training system, to provide its music catalog for streaming content that can be synced to a training video and played live on demand.
Paul Langworthy, CEO of 7digital, said, “Our label relationships and advanced technology have positioned us as the leader in home fitness solutions by providing seamless music integration for live and on-demand programming. The deal that’s key to Our strategy is is expected to make up a significant part of the revenue contribution of this growing market segment to total revenue in 2021.
“With the increasing demand for online and home fitness, we have seen a significant shift towards content-based training experiences. Participants in this market segment can leverage our world-leading platform and use our end-to-end technology fully automated system for access to licensed music for fitness purposes enables them to focus on innovative technologies and experiences. “
There was a healthy response to the news from investors. The shares of 7digital have gained 13.7% or 0.95 pence to 1.62 pence.
Still with Music and shares in Gear4music Holdings PLC (LON.G4M), the UK’s largest online musical instrument and musical equipment retailer, are up 6.9%, or 50 to 775 pence, on an optimistic trade balance.
Both the British and the European business have so far developed strongly this year after Brexit. Sales and margins are better than expected a month ago. It said: “The Board of Directors now expects EBITDA for the twelve months ended March 31, 2021 to be no less than £ 18.2 million, compared to a forecast of at least £ 16.5 million on January 14, 2021 . GBP. “
On a purchase note, broker Peel Hunt said, “It’s an improving and improving business and the industry should work in their favor.”