One Media iP (AIM: OMIP), the digital media content owner which exploits intellectual digital property rights around music, video and copyright technology, announces its Interim Results for the six-month period ended 30 April 2019.
Financial Highlights
- Revenue increased 31.6% to £1,585,687 (30 April 2018: £1,205,262)
- Operating profit increased 23.9% to £284,360 (30 April 2018: £229,437)
- EBITDA increased 18.6% to £404,715 (2018: £341,294)
- Cash balances of £5,184,301 at 30 April 2019 (31 October 2018: £5,576,379)
Operational Highlights
- Receipt of a recoupable advance against future digital earnings of US $1,000,000 (January 2019)
- Acquisition of the music catalogue of Spanish label, Locomotive Records, for US $750,000 (February 2019)
- Acquisition of a composition catalogue from Michael Dulaney, an American country music songwriter, for US $850,000 (April 2019)
- Continued success through synchronisation deals with multiple secured in the first half of the year
- Post-period end acquisitions of composition catalogues from Cole Taylor, an American country music singer-songwriter, for up to US $290,000 and Daniel Bashta, an American contemporary Christian singer and songwriter, for US $725,000
- Invested US $2.6m through the acquisition of 4 catalogues, on a blended acquisition multiple of circa 7x
Ivan Dunleavy, Chairman of OMiP, stated: “The six-months to 30 April 2019 represented the first period on which we can report acquisitions arising from the Company’s enhanced strategy to acquire and own music rights. New music rights contributed £135,448 and like-for-like revenues grew pleasingly by 20.3% in the period.
“With funds available to deploy, One Media is well placed to continue to source and acquire music rights from our growing pipeline of such opportunities.”
Michael Infante, CEO of OMiP, added: “We are pleased to have started 2019 with a succession of rights purchases and to be reporting results in line with market expectations. Committed to scaling the business and strengthening our catalogue of content, we were delighted to identify and complete a number of great value acquisitions in genres that we see as having strong potential for growth, as more people begin to use streaming as their primary method of consuming music around the world. The global recorded music market shows no signs of slowing, reporting growth of 9.7% in 2018, with streaming being the driving force behind this, growing 34% in the same period. one-media