One Media iP Group PLC increases its turnover in the first half of the year
Currency movements were unnecessary and revenues from the recent wave of acquisitions had not started during the semester, but the group nevertheless increased its revenues
() revealed in its half-year results that face-to-face meetings with digital rights holders have now resumed.
The digital music rights buyer, publisher and distributor has managed to keep the wheels spinning during the lockdown, with a number of high-profile deals, such as acquiring the producer rights to some of the songs from the prolific hits Culture Club, Heatwave and Kid Creole & the coconuts.
The six months ending at the end of April saw the company complete six acquisitions, deploying around £ 4million of its cash resources, although the company noted that due to the timing of these transactions, they did not contribute to half-yearly figures released this morning, but will do so in future periods.
Group revenue reached £ 2.10million, up from £ 2.03million in the corresponding period 12 months earlier, despite currency movements not helping .
The US dollar performance of the company’s major distributors, which account for about four-fifths of revenue, increased 9% year-on-year.
Profit before tax was little changed at £ 359,117 from £ 399,236 the previous year, while profit before interest, taxes, depreciation and amortization (EBITDA) was also stable at £ 722,761 (2019/20: £ 757,678 .
Gross profit excluding depreciation and amortization rose 5.2% to £ 1.33m from £ 1.26m the previous year.
Despite significant uncertainty caused by COVID-19, the global recorded music market has shown resilience and a recent report predicts that the global market will grow from US $ 20.5 billion to US $ 37 billion in 2030, according to the president of the group. Claire Blunt noted.
The group is confident that with its scalable business model, track record of acquiring assets with recurring revenue streams, it will continue to capitalize on the growth of global streaming and deliver growing shareholder value.
“Streaming has now replaced almost every aspect of downloading and with iTunes shutting down its download store, we are poised to continue delivering our content with our expert team of creative technicians fully experienced in the digital environment for over ‘a decade. Who would have imagined that vinyl would survive downloads? We were doing! We’ve been talking about flow and a changing market for many years now, ”joked Michael Infante, CEO of One Media.
“We have seen our acquisition program through Harmony IP gain traction and be acclaimed by the press and can report that ‘face to face’ meetings with targets have now resumed.
“It’s a refreshing ‘reboot’ and many of us will be happy not to see the ‘kitchens’ and ‘living rooms’ displayed via the online conference. I have become an expert in interior design! he added.