One Media iP reports exceptional set of interim results29 June 2020 - Press release
One Media is delighted to report that in its interim results for the six-month period ended 30 April 2020, the Group increased its revenue by 28% to £2,032,598 while its operating profit grew 98% to £563,257. EBITDA for the period increased 93% to £757,678 and its cash balances at the end of the period stood at over a million at £1,076,134.
The Company made significant progress in the first half of the year by continuing to enhance the value of its existing catalogue and leveraging its in-house capabilities to grow and protect shareholder value.
Responding to interest from major players across the music industry, One Media continues to examine possibilities to scale its proprietary anti-piracy technology, TCAT, by sourcing third party interest and possible partner initiatives for wider implementation across the sector.
Encouraging progress has also been made towards launching the Group's unique intellectual property (IP) equity release programme, Harmony IP. The platform, which looks to grant music rights holders with advanced access to the future earnings of their IP by purchasing a portion of their rights upfront, has received good levels of early interest from artists and the Group is working to take these discussions forward. Harmony IP will enable One Media to diversify its portfolio and acquire music rights with recurring income streams at favourable multiples.
Michael Infante, CEO of One Media iP, commented
"As the world adjusts to life under COVID-19, we continue to observe changing habits in both music consumption and genres being streamed as a result of the dramatic changes to people's daily routines. Coinciding with this, we have also seen an uplift in streaming of children's, classical and ambient music, all of which favour One Media's diverse catalogue.
"I am very pleased with our staff's fortitude in decamping from our offices at Pinewood Film studios and working efficiently on a remote basis, which is a tribute to both our technology and team effort. This 'new normal' lends itself to our continuing operations and we have successfully proven our robust business model in the first six months of 2020."
Please see the full announcement here