According to a press release, One Media IP has secured a recoupable advance of USD $1 million as part of the renewed deal.
One Media said in its release on Friday that, “the Advance is recoupable by the Distributor against future sales by the Company”.
It added: “In the event that the requisite income is not met, the Distributor has the right, at its sole option, to accelerate recoupment of the outstanding amount.
One Media and The Orchard have been partners for about 17 years. The Orchard aggregates One Media’s content for distribution to over 202 territories globally, including major digital streaming platforms such as Spotify, Apple Music, Amazon Music, Tidal, and Deezer.
“Having worked with The Orchard since 2006, we have an excellent understanding of its market leading distribution service.”
Michael Infante, One Media
“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 One Media CEO Michael Infante.
One Media is a digital media content provider that specializes in the monetization of music and video IP rights and copyright protection.
“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.”
Michael Infante, One Media
The company is listed on the AIM market of the London Stock Exchange plc, under the symbol ‘OMIP’.
In 2020, One Media said it raised £6.04 million (approx. USD $8 million), which it had planned to use to fund the acquisition of copyrights in performance and writers shares, primarily through its Harmony IP asset release program.
One Media’s Harmony IP program exchanges a portion of music rights income in return for a lump sum payment.
In its recent half-year report for the six months ended April 30, One Media reported a 15% year-over-year jump in revenue to £2.7 million ($3.4m), of which £2.5 million ($3.1m) was generated fromI IP royalties.
EBITDA for the period shrank to £800,000 ($1m) from £1 million ($1.3m), which the company attributed to the allocation of resources to its copyright infringement and digital music audit tool software TCAT.
One Media said its TCAT tool is used by major record labels.
“Over the past six months the TCAT team has introduced several new products, tailored to the digital copyright challenges being experienced by the industry. AI has had much press acclaim and equally has spread elements of concern within the music industry,” said Infante.
“Our commitment to staying ahead of the curve and embodying AI in both our catalogue enhancement and TCAT detection process, as well as using the technology to improve our metadata, has enabled us to differentiate ourselves from competitors and provide our customers with cutting-edge solutions that address their evolving needs,” the executive said in late June.
Earlier this year, The Orchard acquired Above Board, a dance and electronic music distribution and artist/label services company.Music Business Worldwide