7digital starts trading with new deals
The new digital music and radio services company 7digital has officially started trading today, announcing two new contracts.
The contract wins are from Guvera, a streaming music service pre-loaded on Lenovo handsets and Japanese hi-fi manufacturer Onkyo.
Guvera will use 7digital’s platform to support its imminent expansion into India and Middle Eastern territories on mobile handsets manufactured by Lenovo. Guvera offers on-demand and ad-supported radio streaming services in Australia and the United States, where it currently has more than 800,000 active users. The roll-out of Guvera’s service in India and the Middle East will be facilitated through its inclusion as a preloaded app on all Lenovo smartphones and tablets.
Onkyo and 7digital will work together to bring “e-onkyo music”, Japan’s high definition digital music store, to Europe and the US in the coming months.
Simon Cole, CEO of 7digital, commented: “This is a very exciting day, the launch of a new company which brings together the best of digital music and radio at a time of enormous change and opportunity in both industries. New funding of £7 million in total gives us a significantly strengthened balance sheet and it was particularly encouraging to see the Executive Directors and senior management participating in the fundraising.”
Ben Drury, Chief Strategy Officer of 7digital, added: “The agreements with Onkyo and Guvera demonstrate the strength of our platform which has been refined over the past ten years and now sets the industry standard when it comes to providing seamless access to digital music.”