LONDON (CelebrityAccess) — UK-based 7digital, one of the country’s first digital music download stores, announced it has reached a settlement with Media Saturn’s Juke music streaming service to dissolve their partnership.
Under the Agreement, 7digital will be released from all outstanding contracts with the Juke for an immediate payment by Juke of €4,000,000.
Furthermore, Juke has agreed to write off all interest payments and £250,000 of the principal amount of the convertible loan note issued to Juke (as announced on 26 October 2018). 7digital will pay the balance of the convertible loan note principal amount, £500,000, from the proceeds of the settlement.
7digital provides music download services for streaming services, record stores, and other music retailers and platforms. First launched in 2004 by Ben Drury and James Kane, the service started as a b2b platform but expanded with a consumer-facing product in 2006.
7Digital’s Clients have included Samsung, Yahoo, Sirius, HMV, T-Mobile, Onkyo, Technics, Panasonic, iam+, the BBC and Spotify before the streamer launched its own download service.