Press release from Newsfile Corp
Destiny Media Announces Global Distribution Contract with Universal Music Group - Video Posted on InvestmentPitch.com
Monday, April 08, 2013
Destiny Media Announces Global Distribution Contract with Universal Music Group - Video Posted on InvestmentPitch.com17:14 EDT Monday, April 08, 2013
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2013) - Destiny Media (TSXV:DSY) (OTCQX:DSNY) has announced a global services contract with the Universal Music Group to provide secure distribution of pre-release music to radio, label staff, and other trusted recipients worldwide. Universal Music Group, the global music leader, with wholly owned operations in 60 territories, owns the most extensive catalogue of music in the industry, consisting of dozens of record labels, including the last 100 years of the world’s most popular artists and their recordings.
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The initial 24 month term includes a guaranteed minimum monthly required usage, and covers transmission of music and music videos by UMG labels, Universal affiliates and Universal licensees. The distribution will be handled by Destiny’s Play MPE® system, an automated service containing patented locking and watermarking technologies, providing secure distribution and marketing of pre-release music and videos to radio and other trusted users.
"It was important for us to standardize on a single agreement with Destiny across all of our territories", says Mark Moroney, VP Production Universal Music Group International. "This new deal provides consistent pricing and terms worldwide, allowing expansion to new countries and recipient types without the need for further negotiation."
Steve Vestergaard, Destiny CEO, says that with the acquisition of EMI, Universal Music Group is expected to represent over 40% of major label transaction volume. "We've been working on building our system for several years, with the goal of increased usage when the new software rolled out. This new agreement clears the way for us to work with the staff at the parent to market to their own regional staff to expand to new territories and recipient types."
Destiny is also launching a new cross platform playerless streaming video format that doesn't require streaming servers. The new format, utilizing the same bandwidth and infrastructure, is designed to reach up to one hundred times as many viewers as other solutions, allowing publishers to deliver video content to internet TV's, smart phones, tablets, e-book readers and computers from a standard web server, without the cost of transcoding.
The shares are trading at $0.80, and with 51.2 million shares outstanding, the company is capitalized at $41 million.
In the U.S., the investor relations is handled by Dave Mossberg of Three Part Advisors, who can be reached at 817-310-0051.
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Barry Morgan, CFO