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Business News (more headlines) 06-25-2017

7digital Acquires European Competitor 24-7

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MediaMarktSaturn hands over the activities of its B2B music subsidiary 24-7 to 7digital. In return, MediaMarktSaturn will become the biggest individual shareholder of the company, and at the same time an important customer of 7digital and thus is strengthening its digital music business in the field of streaming. As a result, 7digital will in future supply MediaMarktSaturn's entertainment digital music service Juke! Together with 7digital, MediaMarktSaturn plans to offer additional marketing models for streaming. 7digital is the market leader in B2B digital music services, offering both the technical infrastructure and the global music rights necessary to operate music streaming and radio services.

Wolfgang Kirsch, COO MediaMarktSaturn Retail Group and CEO MediaMarktSaturn Deutschland, declared: "As a leading music retailer in Europe, music streaming will become an increasingly important business for us. As well as offering the 6 million visitors of our stores and online shops an alternative to physical releases, we can also offer added value to the playback devices we sell and attract new customers. Being a shareholder and customer of 7digital will enable us to jointly strengthen our existing offerings and develop new marketing models together."

Simon Cole, CEO of 7digital, commented: "We're delighted to welcome MediaMarktSaturn on board as both shareholder and customer. As a result, we will make our services available to more music fans and jointly develop additional marketing concepts. Furthermore, 24-7's technology will make an outstanding addition to our services."

MediaMarktSaturn's streaming service Juke! makes digital music available to subscribers via devices such as iPhones and Android smartphones as well as smart TVs and music systems. Juke! was recently declared the best provider in its field by German consumer association Stiftung Warentest. Apart from music, customers can also use Juke! to access films, books and computer games.

24-7 has other significant customers, including Danish telecom operator TDC; 7digital will take over the running of these client services.

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