7digital inks music platform-as-a-service contract with Triller
Digital music solutions group 7digital has signed a new contract with Triller as part of an effort to power the world's fastest-growing social music video app with its music platform-as-a-service offering.
7digital said on Wednesday that it would provide Triller, an AI-powered app that allows users to choose their favourite music to create auto-edited, professional-quality videos, with access to its global catalogue of more than 80.0m tracks by licensing its API for music sampling and full-length audio streaming.
In addition, the AIM-listed group will also provide the client with back-end support for tracking usage and reporting to labels including Sony, Universal Music Group, Merlin and Warner Music Group.
7digital's new agreement was for an initial minimum term of 18 months and commenced immediately, with the company receiving both a monthly licensing fee and usage-based payments to capture Triller's future growth.
Chief executive Paul Langworthy said: "Our new contract with Triller is further evidence of 7digital's commitment to lead the B2B market by supporting the fastest growing and most innovative forms of music consumption.
"Using our music platform and catalogue to serve the content needs of a global audience and manage the intricacy of rights and royalties, Triller can focus on building the experiences that are defining the future of music culture for fans, labels and artists."
As of 0910 BST, 7digital shares had shot up 31.62% to 0.77p.