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