7digital wraps up a solid 2016, looks forward to hi-res audio

7digital blue canvas7digital shared its year-end update reviewing some highlights of the full year and final quarter of 2016. The company’s revenue rose 7.2% to £11.1 million. CEO Simon Cole projected a strong 2017 for the B2B music company’s balance sheets: “The New Year has started well and we remain confident that the Group will be profitable at the operating level for the full year 2017.”

In the fourth quarter, 7digital landed contracts with an estimated total value of £1.6 million. Its 2016 activities included a merger with Snowite, and it wrote off the debts owed by struggling streaming company Guvera. In the next year, the company plans to focus on high-resolution audio. The release noted that the MQA audio format, which 7digital helped in making, received some attention during CES.

Anna Washenko