The latest financial update from 7digital finds the B2B music provider on track to meet its 2019 expectations and see a full recovery in 2020. Thanks to new and renewed contracts and stable revenue for its direct-to-consumer content, 7digital expects to see an operational profit in the first half of 2020.
The company brought in a new CEO last year and has been working on a restructuring effort.
“By combining our global catalogue with our cloud-based flexible technology platform, we continue to enable music industry innovators to reach new digital music consumers as well as target enterprise clients that want to better promote customer engagement and reduce churn,” new CEO Paul Langworthy said. “A substantially improved financial position, healthy pipeline, client renewals, and rigorous operational management, gives me confidence that 7digital is well-positioned to execute on our strategy and continue to lead the growth of music streaming.”