Acquisition of Rights
5 October 2021
One Media iP Group Plc
("One Media" or the "Company")
Acquisition of Mike Bennett Productions catalogue income royalties
One Media iP Group Plc (AIM: OMIP), the digital music rights acquirer, publisher and distributor, is pleased to announce that it has acquired for a modest consideration the percentage of the licensor's royalty share of the income in the Mike Bennett Productions catalogue of rights, which contains the income derived from over 6,000 recordings supplied by Mike Bennett and his respective partners.
In the 'third of a kind' buy-out of royalties deal, following the 5658 Ltd (RNS 18th August 2021) and 21 Vision (RNS 10th February 2021) this year, whereby the Company has acquired 'upstream' royalties to long term content providers, who under the Harmony IP initiative have released income that would have been earned over the life of copyright.
Mike Bennett Productions has been a long-term licensor to One Media and its income has grown in line with the music industry's predicted growth. The deal sees the percentage amount that One Media was paying to Mike Bennett in royalty fees being now retained by the One Media group. Whilst not adding to turnover, the retention of royalties payable, will flow to the bottom line in cost savings.
The Harmony IP initiative has a policy of buying out percentages of income streams whether they be Artist, Label or Publishing derived. This income stream has been robust and continues to grow and has been acquired well within the Directors' published 'multiple' buying criteria.
The recordings features many 'backing tracks' and 'karaoke songs' together with some live albums or re-recordings performed by the Rubettes, the Stranglers, Wee Papa Girl Rappers and Wishbone Ash.
Harmony IP allows music rights holders advanced access to the future earnings of their intellectual property by purchasing a portion of their rights upfront. www.harmonyip.com/
The acquisition is in line with management's expectations and the Company's business plan.
Michael Infante, CEO of One Media iP said: "Mike Bennett (an industry musicologist and producer) has had a long association with One Media and has produced many of the company's audio/visual books that featured Rik Mayal, Bobby Davro and Anita Harris. The latest recordings for One Media produced by Mike was his work with Neville Staples of the Specials performing the John Lennon hit 'Imagine' in a Ska style. His talents extended to creating the reimagined rewriting of Edgar Allen Poe in 'PoZest' (a stage show featuring Dr & the Medics/Clive Jackson) distributed by One Media. Mike's work on Glamnesia (an A to Z on Glam Rock of the 70's) is set to become a definitive audio encyclopedia/documentary on the changing styles of music across that decade."
The person who arranged the release of this information is Michael Infante, Chief Executive Officer of the Company.
One Media iP Group Plc
Michael Infante - CEO
Alice Dyson - COO
Claire Blunt - Chairman
+44 (0)175 378 5500
+44 (0)175 378 5501
Cairn Financial Advisers LLP (Nominated Adviser)
+44 (0)20 7213 0880
Cenkos Securities plc (Broker)
Michael Johnson (Sales)
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About One Media iP Group Plc
One Media is a digital music rights acquirer, publisher and distributor. The Group specialises in purchasing and monetising intellectual property rights with proven, repeat income streams. One Media adds value to its content by maximising its availability in over 600 digital stores globally, including Apple Music, YouTube, Amazon and Spotify.
One Media's music is also widely used for synchronisation in film and TV whilst its video content is primarily viewed on YouTube where One Media operates over 20 YouTube channels as a certified partner. Additionally its www.tcat.media copyright infringement and digital music audit tool software TCAT, is used daily with major record labels and the world leading digital international distributor. Men & Motors its branded car channel is now available via YouTube www.youtube.com/channel/UCNLiybn_9jgQaV0NZlSRwCg
One Media is listed on the London Stock Exchange on the AIM index, under the symbol 'OMIP'.