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(Sharecast News) - Digital media content specialist One Media iP Group announced the renewal of its partnership with its music distribution company on Friday.
The AIM-traded firm said the updated agreement included a $1m recoupable advance that would be immediately used by One Media to enhance its catalogue enrichment efforts.
It said the recoupable advance would be offset by the distributor against future sales generated by One Media.
Should One Media fail to meet the requisite income to recoup the advance, the distributor reserved the right to accelerate the recoupment of the remaining balance at its sole discretion.
The music distribution company served as a critical partner for One Media, the board explained, aggregating its content to more than 202 global territories.
That included distribution to major digital service providers such as Spotify, Apple Music, Amazon Music, Tidal, and Deezer.
The distributor was also responsible for collecting revenues in various global currencies on behalf of One Media.
"Having worked with the Orchard since 2006, we have an excellent understanding of its market leading distribution service," said One Media chief executive officer Michael Infante.
"Ensuring that our music is widely accessible to fans on digital platforms is critical to growing streaming numbers, which translate into revenues for One Media."
At 1205 BST, shares in One Media iP Group were flat at 5.5p.
Reporting by Josh White for Sharecast.com.
