One Media iP has reported a 30% increase in revenue to £3.5 million in its results for the 12-month period ending October 31, 2019.
The music rights owner and digital media distributor delivered double digit growth in revenues, operating profit and EBITDA, and expanded and diversified its music library with five catalogue acquisitions totalling $6.9m.
EBITDA increased 39% to £1,076,724 (2018: £773,701) and operating profit increased 38% to £878,914 (2018: £638,758). New music rights contributed £515,530 and organic revenues grew by 23.4%.
Acquisitions included the Locomotive Records catalogue ($750,000), the publishing and songwriter’s rights of Michael Dulaney ($850,000), the songwriter’s share of Cole Taylor songs ($260,000), the publishing and songwriter’s rights of God’s Not Dead by Daniel Bashta ($725,000) and the publishing and master rights of Philip Wesley ($4.25m).
Non-executive chair Claire Blunt said: "The group achieved strong financial results in 2019, delivering double digit growth in revenues, operating profit and EBITDA, and made considerable progress in delivering on its strategy by expanding and diversifying its music library, with five catalogue acquisitions. These acquisitions were completed between February 2019 and September 2019 and the Board is very pleased with their post-acquisition performance. New music rights contributed £515,530 and organic revenues grew by 23.4% in the period.
"Having demonstrated its ability to successfully execute these types of transactions, the group has now decided to focus on enhancing the value of its existing catalogue and on leveraging its in-house technical capabilities to build additional value and profitable revenue streams for the business. Having already made an impressive start to 2020 and with a solid pipeline of opportunities ahead, the group will continue to focus on growth and will look to maximise its potential in 2020."
Following the recent Covid-19 developments, the group is confident that business will continue as normal, subject to ongoing market dynamics
One Media IP
Addressing the coronavirus outbreak, Blunt added: "The group is confident that business will continue as normal, subject to ongoing market dynamics, and that our services will continue uninterrupted with our team working remotely. The safety and well-being of our employees is paramount and we will adhere to government and Public Health England guidance at all times. The business is now successfully operating remote working and sharing regular communications whilst liaising with customers and suppliers to ensure business continuity."
CEO Michael Infante (pictured) said: "Whilst the company has demonstrated its ability to execute transactions, One Media has recently begun to reassess its longer-term strategy and debt position and how best to capitalise on the rapidly evolving music streaming market. The Board remains unanimous in its view that One Media’s global business environment has changed, and therefore it should adapt the company’s business model to embrace and maximise the opportunities available, to protect and grow shareholder value.
"Enhancing the value of our existing catalogue remains core to our business."