7digital has announced its platform will support the launch of new music services in partnership with global musical instruments manufacturer Fender.
Paul Langworthy, CEO of 7digital, explains: “With the growth in music streaming and the way music is consumed, we are seeing huge opportunities open up in the B2B space with new services offering really innovative ways to interact with music – a trend that 7digital has capitalised upon.”
7digital’s music-as-a-service platform has enabled audio fingerprinting, the foundation for Fender Songs – its new app which allows musicians to practice and play along with chords and lyrics to millions of their favorite songs.
Paul continues: “Partnerships such as Fender enable us to demonstrate precisely how we are able to service the needs of different businesses through innovation and individual customer experiences and show what a critical role we have to play in enabling the next wave of music adoption and growth in the Music industry.
“We have a strong heritage in providing a solid and flexible music platform with a global catalogue, which, combined with our new turnkey whitelabel services, has positioned us for expansion into new sectors such as telcos, retail and automotive as well as in underserved, emerging markets and under monitised user communities.
“Having secured funding, with expected incremental revenue growth and a revitalised commercial pipeline, I’m delighted to be able to reaffirm 7digital’s position as a leader in the B2B music space, delivering continued value for the industry.”
This announcement follows the company’s latest funding round which has seen it raise £5 million, since July 2019. This financing provides the company with the working capital needed to build its new partner programme, to drive new customer growth and to expand sales in the US as part of a wider bid to reach first-time operational profitability by mid-2020.