2006 Young Gun confident despite demise of shareholder HMV

Impact of 7digital’s shareholder collapse reduced by deal with new investors last year

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7digital, founded by 2006 Young Gun Ben Drury claims the fall of shareholder HMV will have “no material impact” on the business.

The digital music and content technology platform sold a 50% share in 2009 to entertainment retail group HMV, which went into administration earlier this week.

However, prior to the company's collapse Drury signed a $10m deal with a strategic media partner, which saw HMV reduced to a minority shareholder.

The digital music firm, which is now partnered with tech firms including Toshiba, Samsung, RIM and HTC is now looking to continue expanding throughout 2013.

Drury commented: “Since HMV became a shareholder, 7digital has progressed to become a truly global digital music platform.

“The new investment enables us to continue the expansion of our business into new markets, meeting demand for high quality, integrated music applications and services.”

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