Music streaming specialist One Media PLC’s (LON:OMIP) more than doubled underlying profits in its latest full year as the trend for downstream music gathered pace.
Revenues rose by 14% to £2.33mln, while underlying profit [EBITDA] jumped 121% to £536,000.
Cash balances improve
Michael Infante, chairman and chief executive, said that devices like the Amazon Echo (Alexa) or Google’s Home, are providing a brand new experience in daily audio consumption and are sparking another rapid paradigm shift in subscription-funded listening.
“Album and track downloading is giving way to the subscription-based and advert-funded method of consumer music buying.”
The group’s copyright and content search tool TCAT, also signed its first client during the period and after the year-end won a contract with an international record label.
WATCH: One Media iP 'carving a new niche' and pursuing big opportunities in publishing
Cash balances have improved to just under £0.4mln and further increased post the year-end.
Media titans Michael Grade (ITV) and Ivan Dunleavy (Pinewood) joined the board late last year through an equity subscription at 2.5p.
Today the shares rose 10% to 9.9p.