7digital Group signs contract with Triller

AIM-listed digital music and radio services platform 7digital Group has signed a contract with AI-powered music video platform Triller to provide access to music and manage label reporting.

The agreement with Triller - which has more than 29 million users across 14 countries and five continents - covers an initial 18-month period and will contribute to 7digital revenues from this year.

Chief executive officer Simon Cole said: "We are delighted to be announcing this deal with Triller. 7digital is expert at providing access to music for innovative platforms of this type, having previously partnered in 2016 with musical.ly, another fast-growing social media platform based around video and music with a strong international footprint. Triller's product represents one of the ways in which audiences now consume and share content online, creating a new revenue stream within digital music and significant potential for growth."

Mike Lu, the CEO of Triller, said: "This relationship between Triller and 7digital gives video content creators and Triller influencers even greater opportunity to share their talents and make their mark on the social media world using the latest chart-topping hits. 7digital's prominent presence in countries outside of the US will help to further increase Triller's global footprint."

Last month, Triller announced a new monetisation model that helps influencers raise money from fans, brands and music labels for purpose-driven goals. It raised a $4.5m seed round in May 2016 and a $5m Series A funding round in February 2018, with plans to expand its AI technology and develop the brand as a talent discovery platform.

At 1015 BST, the shares were up 10.3% to 5.10p.