One Media IP Group PLC (LON:OMIP) saw its shares jump on Tuesday after the digital media content company saw strong streaming demand boost its full-year results.
For the year ended 31 October 2018, the AIM-listed company reported a 44% increase in underlying earnings (EBITDA) £773,071, up from £535,678 a year earlier, as revenue grew by 16% to £2.7mln from £2.3mln.
READ: Streaming group One Media slumps as it raises £7mln at a big discount
The group attributed the strong growth to improved customer demand on streaming platforms, as well as revenue distributions from digital platforms.
At its year-end, One Media said its cash balance stood at £5.6mln, up from just £335,664 the year before.
The company, which during the year appointed Michael Grade and Ivan Dunleavy to its board, said it is "well placed to benefit from growth in the music industry and growing its own catalogue of music rights.”
It added: “We have a strong pipeline of opportunities and the Board looks to the future with confidence.”
Acquisitions continue
Michael Infante, CEO of One Media IP commented: “Moving forward, we remain focused on acquiring IP content and maximising our digital music and video income via the growing global streaming stores such as Apple Music, Spotify, Amazon, Facebook and Deezer.”
In a separate announcement today, One Media also announced that it has acquired certain rights relating to the composition and writers share of the income in the Michael Dulaney catalogue of songs, an American country music songwriter from Nashville, Tennessee, for a total consideration of US$850,000, in cash.
The catalogue comprises 93 of Dulaney’s songs, including some of his major successes such as ‘Fly Over States’ ‘Tattoos on This Town’ and ‘Night Train’ recorded by Jason Aldean, plus ‘Way You Love Me’ by Faith Hill.