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7digital Group PLC on Monday announced it has signed a long-term contract with music fintech company Utopia Music AG.
The financial sum of the deal with Zug, Switzerland based Utopia Music was undisclosed.
7digital shares surged 24% to 0.28 pence each in London on Monday morning.
As part of the deal, ‘Utopia's customers can leverage data for faster, more accurate payouts of royalties to copyright holders,’ 7digital, the London-based music licensing provider, explained.
‘Utopia Music exists to build technology and data accounting to improve the way the music industry pays royalties to the creators for the music copyrights consumption,’ 7digital said.
‘Combining Utopia's next-gen tracking and payouts technology with 7digital's leading catalogue and metadata will enable music recognition for up to 100 million songs worldwide and support the whole industry to make more money faster, with fewer costs. We are also pleased to have secured another contract that enables growth and scales as our customer's business needs do. This contract, in addition to those signed so far this year, means the company has already secured a 36% increase in platform licensing for 2022 vs 2021,’ commented 7digital Chief Executive Officer Paul Langworthy.
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