One Media IP Group PLC on Friday said that it has renewed its partnership with its music distribution company, The Orchard.
One Media is a Buckinghamshire-based digital media content provider specialising in the active monetisation of music and video intellectual property rights, together with copyright protection technology.
Meanwhile, The Orchard is a music distribution company which operates in over 40 markets worldwide. It became a wholly-owned subsidiary of Sony Music Entertainment UK Ltd in 2015, though continues to operate independently within Sony.
The new agreement includes a $1 million recoupable advance to One Media. The firm intends to draw down on this immediately, and use the funds to enhance catalogue enrichment.
‘Having worked with The Orchard since 2006, we have an excellent understanding of its market leading distribution service. Ensuring that our music is widely accessible to fans on digital platforms is critical to growing streaming numbers, which translate into revenues for One Media,’ said Chief Executive Officer Michael Infante.
One Media shares were quoted at 5.50 pence each in London on Friday morning, having last traded on Thursday.
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