Newly proposed directors of One Media invest £375,000 in firm

Digital media content provider One Media announced on Monday that Lord Michael Grade and Ivan Dunleavy had made an equity investment in the company totalling £375,000 gross ahead of their proposed appointment as non-executive directors.

Grade, formerly of Channel 4, BBC and ITV, said "I firmly believe the music industry has turned a corner – led by streaming services, which are seen as the basis of future growth by content owners."

"Our investment is a gesture of our firm commitment and a demonstration of our belief in One Media’s future prospects," added Ivan Dunleavy.

"With music streaming set to grow, not only will this company benefit from sales of its portfolio of digital content, it is also able to provide a vital service to copyright owners through its in-house developed proprietary software, TCAT, which tracks and monitors where their music is made available for sale," Dunleavy noted.

The global music streaming market generates roughly $4.6bn per year and analysts at Goldman Sachs predicted that figure would grow to as much as $28bn by 2030.

Michael Infante, chairman and chief executive of One Media, said, "I am delighted to welcome Ivan Dunleavy and Lord Grade as investors into One Media. I am also excited by the wealth of experience that this will bring to the Company following their proposed appointment as non-executive directors."

As of 1200 GMT, shares had grown 29.41% to 5.50p.