One Media iP Group PLC (AIM:OMIP) said it has received a US$1 million recoupable advance as it renewed its partnership with its music distribution company.
The distributor, The Orchard, supplies the digital media content provider's music to the likes of Spotify, Apple Music, Amazon Music, Tidal and Deezer across over 202 territories globally, and collects all monies for the company.
One Media added that it will draw down the advance immediately and use it "to enhance catalogue enrichment".
Orchard can recoup the advance against future sales by the company, and if these do not reach the requisite level then it has the right to "accelerate recoupment" of the outstanding amount.
One Media chief executive Michael Infante said: "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."