One Media Digital media saw a 17% year-on-year revenue uplift with underlying earnings (EBITDA) increasing 9% to £1.8mln, according to the music rights and copyright protection company’s 2022 financial results.
Operating profits declined from £1.1mln to £900,000 resulting in an earnings-per-share distribution of 0.2p compared to 0.24p in 2021, partially due to group-level investments into its anti-piracy software subsidiary TCAT.
The group also allocated £1.2mln into new rights of artists including José Carreras, Jo Jo Adams, Irish Tenor Trio and Alexander O'Neal.
Cash resources saw a 15% reduction to £2.2mln due to these ongoing investments, while refinancing costs in relation to a lending facility with Coutts & Co. were also noted on the balance sheet.
Operational highlights for the year included ongoing active management of around 240,000 recordings, including synchronisation placements on Netflix series Bridgerton and the Hulu/Disney+ series Only Murders in the Building.
Chief executive Michael Infante called the results a “testament to the underlying strength of our incredible catalogue and the care and expertise of the One Media team, who are stewards of the music we own”.
One Media has a positive outlook for the music industry, noting Goldman Sachs (NYSE:GS)’ raising of its 2023 global music forecasts and predicting a 12% compound annual growth rate.
One Media also declared a final dividend of 0.055p per share with an ex-dividend date of April 6.