LONDON (Alliance News) - One Media IP Group PLC Wednesday said it has acquired the revenues and profits that are generated by Lumi Entertainment Ltd's catalogue of rights in a USD75,000 deal.
In a statement, the company said the catalogue is currently generating a "modest level of income via its distributor".
It said it will recompile the catalogue with its own 170,000-track catalogue to gain "further traction" within the digital audio market.
One Media IP said the catalogue contains thousands of recordings performed by various artists and a variety of instrumental light music and classical content from over the last 50 years.
"As part of our policy of consolidation within our market, this acquisition of Lumi's revenue stream is a perfect fit. The catalogue is well known to us and has been exploited digitally since 2011 by Lumi. It has already achieved digital income revenues over the last few years, which allowed us better to assess its potential within the One Media model," Michael Infante, chief executive and chairman, said in a statement.
"We are constantly looking for income yielding content within our digital arena to enhance our own catalogue of rights income and increase shareholder value," Infante added.
One Media IP also disclosed that it will publish its preliminary results for the year ended October 31, 2013 on February 19.
One Media IP shares were Wednesday quoted at 15.00 pence, up 0.75 pence, or 5.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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