Music rights firm One Media boosts profit after acquisition spree
Music rights company One Media today posted a sharp rise in revenue and profit for the full year after snapping up a string of new catalogues.
The Aim-listed firm reported revenue of £3.5m in the year to the end of October, up 30 per cent on 2018. Pre-tax profit rose 11 per cent to £547,222.
One Media, which focuses on nostalgic tracks from artists including Ike and Tina Turner, was boosted by a string of acquisitions over the year totalling $6.9m (£4.8m).
This included the entire catalogue of Spanish indie label Locomotive Records, as well as hits from country music singer Cole Taylor and pianist Philip Wesley.
Sign up to City PM’s Midday Update newsletter, delivered to your inbox every lunchtime
One Media, which has cashed in on the rise of streaming, generates revenue by recompiling its music tracks and videos for sale and by licensing its library of content for use in TV shows, films and adverts.
The company said it had also made progress with its proprietary copyright technology, which allows record labels, publishers and law firms to search digital stores such as Apple Music and Spotify to check for piracy.
One Media said it did not expect to suffer a negative impact from the coronavirus outbreak.
“We have a robust recurring income model that lends itself to remote working and our major partners have the same,” said chief executive and founder Michael Infante.
“Whilst none of us can predict whether digital music consumption will be affected, all our business operations continue to operate.”