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One Media report full year results



One Media iP Group Plc
("One Media", "the Company" or the "Group")
 
Audited results for the year ended 31 October 2024
 
One Media iP focused on music rights investment
 
One Media iP (AIM: OMIP), the digital music rights acquirer, publisher and distributor, announces its audited results for the year ended 31 October 2024. Following the sale of TCAT Limited, the results provided are on a continuing basis.
 
Post period sale of non-core assets
  • On 27 November 2024, post year end, the Company announced that it had entered into an agreement with Round Group Limited ("Round") to dispose of its entire interest in the capital of TCAT Limited ("TCAT"), its technology subsidiary, in exchange for a shareholding in Round. 
 
Financial highlights (continuing operations)
  • 10% increase in EBITDA to £2.0 million (2023 as restated: £1.8 million), demonstrating robust cost management.
  • Total revenue decreased by 3% and net revenue (after distribution charges, royalties, and other costs) decreased by 3% to £4.9 million (2023 as restated: £5.0 million) and £3.3 million (2023 as restated: £3.4 million) respectively.
  • Operating profit of £1.1 million (2023 as restated: £1.1 million), reflecting financial discipline throughout the year.
  • Earnings per share of 0.26p (2023 as restated: 0.26p) reinforcing shareholder value.
  • IFRS NAV per share of 6p (2023: 7p), showing resilience despite market challenges.
  • £0.25 million invested in music/video license renewals and smaller content acquisitions.
  • Debt decreased by £0.4 million to £1.1 million (2023: £1.5 million) with continuation of payments in line with refinancing terms, further reducing Coutts debt facility.
  • Year end cash balance of £0.4 million (2023: £1.2 million), reflecting proactive capital allocation.
  • Post year end, the Company entered into an agreement to sell its entire interest in the capital of TCAT, in exchange for a shareholding in Round.
  
Operational and portfolio highlights
  • Continued focus on active management of music copyrights portfolio to maximise income potential of rights under ownership, while ensuring cost efficiencies.
  • Changes in Amazon Music's pricing and market strategies adversely affected streaming revenue, but impact managed within the financial year.
  • Airbnb Christmas Advert featured Point Classics' 'The Nutcracker Suite, Op. 71a: IIb. Dance of the Sugar Plum Fairy'.
  • Point Classics placements in major productions:
    • The Old Man (FX, streaming on Hulu/Disney+) – String Quartet No. 13 in A minor "Rosamunde".
    • Harold and the Purple Crayon (live-action/animated film) – Für Elise.
    • The Great North (Fox, streaming on Hulu) – Requiem KV 626 – Kyrie.
    • American Fiction (Amazon Prime US, UK cinemas) – Milano Quartet No. 4 in E Flat Major – Allegro Brillante.
    • The Walking Dead: Dead City (AMC) – The Magic Flute – Dies Bildnis ist bezaubernd schön.
  • Successful relaunch of The Great British Channel on YouTube, which has rapidly grown to surpass 100,000 subscribers, captivating audiences with engaging historical colour footage of World War II and compelling cultural documentaries. This expansion contributed to a total subscriber base of over 770,000 across the Group's 23 YouTube channels.
  • Entertain Me acquisition, completed in November 2023, continues to perform well and delivering multiples in line with expectations.
  • Experimental launch of a new record label, 'The Carolean', to take advantage of the significant uplift in vinyl record sales, where a 7.1% CAGR is projected from 2024-2032.
 
Positive outlook underpinned by supportive backdrop and newly streamlined Group
  • Continued management focus on sustainable growth, profitability and market adaptation.
  • While the long-term impact of AI on the music industry remains uncertain, potential benefits include increased discoverability of catalogues.
  • In March 2025, MIDiA Research reported 6.5% growth in global recorded music revenues in 2024 to $36.2 billion, compared to 7.1% in 2022, meaning the market is now more than double (124.5%) the size it was in 2015.
  • According to MIDiA, streaming revenue growth slowed in 2024, increasing by 6.2% year on year to $22.2 billion, compared to a 10.3% growth rate in 2023.
  • Goldman Sachs' 2024 "Music in the Air" report projected a compound annual growth rate (CAGR) of 7.6% for the global music market from 2024 to 2030, anticipating revenues to reach $163.7 billion by 2030, up from $98.3 billion in 2023.
 
Michael Infante, CEO of One Media iP, said: "In 2024, our overriding strategic focus was on realigning the business with our core mission and expertise of music rights investment and management. Following the successful divestment of our technology subsidiary TCAT, which had required significant cash allocation to ensure its success while under our control, our attention is now fully fixed on ensuring the sustainable growth of our music rights portfolio and maximising its income potential. With the economic environment stabilising and the continued positive outlook for the music industry, we are looking forward to 2025 with renewed energy."
 
This announcement contains inside information for the purposes of UK Market Abuse Regulation. The person who arranged the release of this information is Michael Infante, Chief Executive Officer of the Company.

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