HMV acquires stake in download specialist 7digital

LONDON - HMV has acquired a 50% stake, worth £7.7m, in digital media company 7digital as it looks to bolster its digital presence.

HMV acquires stake in download specialist 7digital

7digital, which provides businesses and consumers access to a catalogue of legal music and video downloads, will become HMV Group's sole supplier for its existing digital operations. HMV is looking to capitalise on 7digital's catalogue and supplier relationships, whilst looking to become a major player in the market for legally-downloaded entertainment.

HMV's digital offering in the UK and Canada will be transformed by access to 7digital's leading technology and a catalogue of over six million digital music tracks as well as video entertainment. 7digital's platform will also provide an e-books store, enabling Waterstone's, which part of the HMV Group, to build on its position in the market for digital books.

7digital, which was set up in 2004, currently partners with clients including Spotify, Last.fm, major music labels and artists, powering the digital entertainment services for each.

 

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