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7digital snaps up French music provider to expand international streaming lineup

Digital music provider 7digital has announced the acquisition of French streaming firm Snowite SAS as it looks to increase its streaming profile.

The London-based firm, which hosts content from the likes of BBC and Global Radio, has reached an agreement to pay off the insolvent Snowite’s €1.7m (£1.3m) debts that it owes to creditors over the next 8 years.

The move sees 7digital capitalise on Snowite’s French-speaking clients and contracts, which include partnerships with Universal, McDonald’s and Societe Generale, and is predicted to boost turnover this year to at least £1.2m.

It marks further international expansion by the digital music streaming business, after it posted a £7.9m loss last year, driven primarily by a stagnation in its download services.

Simon Cole, CEO of 7digital, said: “We are delighted to welcome Snowite to the Group. With major French customers in the retail, mobile entertainment and media sectors and a strong sales pipeline in French-speaking markets, Snowite will accelerate 7digital’s international expansion while strengthening our relationships with French music labels and publishers.

“Snowite’s platform and technology should also benefit our development roadmap and allow the Company to make cost savings in planned future platform investment.”

The deal will see the Snowite SAS brand fully incorporated into 7digital, with all new activity occuring under the 7digital umbrella.

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