Music rights firm One Media IP sees profits soar as it cashes in on streaming
Shares in music rights company One Media IP jumped as much as 15 per cent this morning after it reported a huge rise in profits for the full year.
One Media posted a 16 per cent rise in revenue to £2.7m in the year to the end of October, while pre-tax profit soared 63 per cent to £487,000.
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The company, which buys the rights to music tracks and repackages them for sale through digital formats, said its performance was boosted by increased use of streaming platforms.
The firm also placed music in films and TV shows over the year, including Marvel’s Daredevil and new Jim Carrey comedy Kidding.
“2018 demonstrated our determination to bring continued strong progress across the group, within the context of a resurgent music industry that is seeing on-going growth in streaming,” said chief executive Michael Infante.
“Moving forward, we remain focused on acquiring IP content and maximising our digital music and video income via the growing global streaming stores such as Apple Music, Spotify, Amazon, Facebook and Deezer.”
Read more: Music industry revenue grows 10 per cent
The results came as One Media announced the $850,000 (£650,000) acquisition of rights from Tennessee country music songwriter Michael Dulaney.
One Media said it is “well-placed” to cash in on growth in the music industry as it looks to grow its own catalogue of music rights.