One Media iP Group PLC (AIM:OMIP) saw an uptick in revenue last year as investment into its technical copyright analysis tool (TCAT) continued.
Total revenue climbed 5% to £5.4 million over the year to October, the digital media content owner and manager reported on Monday.
This was driven by organic growth and active portfolio management, with pre-tax earnings down by a fifth at £1.4 million.
Net revenues, relating to distribution charges, royalty and other costs, were up 5% at £3.5 million.
Operating profit dipped from £0.9 million to £0.5 million following investment into the TCAT system, which aims to automate the process of monitoring digital music releases.
“The founding principle of deriving profitable income from music copyrights continues to be our prime focus,” chief executive Michael Infante said.
“Given our ongoing investment program into TCAT [...] we have continued to grow our revenues from music rights, delivering a robust set of results despite the challenging conditions presented during 2023.”
Some £2.1 million was invested over the year, the company added, leaving cash on hand at £1.2 million, with a final dividend of 0.055p being recommended.
“The trajectory for the music industry remains positive and music rights as an asset class continue to prove their resilience,” Infante said.