B2B digital music and radio services company 7digital has acquired rival firm 24-7 from electronics giant MediaMarktSaturn (MMS).
The deal sees MMS, Europe's largest retailer of consumer electronics, become 7digital's biggest shareholder and one of its largest customers.
As a result, 7digital will in future supply MMS’s entertainment digital music service Juke! Together with 7digital, MMS plans to offer additional marketing models for streaming.
Simon Cole (pictured), CEO of 7digital, said: “We’re delighted to welcome MediaMarktSaturn on board as both shareholder and customer. As a result, we will make our services available to more music fans and jointly develop additional marketing concepts. Furthermore, 24-7’s technology will make an outstanding addition to our services.”
Wolfgang Kirsch, COO MediaMarktSaturn Retail Group and CEO MediaMarktSaturn Deutschland, added: “As a leading music retailer in Europe, music streaming will become an increasingly important business for us. As well as offering the six million visitors of our stores and online shops an alternative to physical releases, we can also offer added value to the playback devices we sell and attract new customers.
"Being a shareholder and customer of 7digital will enable us to jointly strengthen our existing offerings and develop new marketing models together.”
24-7 has other significant customers, including Danish telecom operator TDC; 7digital will take over the running of these client services.
7digital completed the acquisition of French digital streaming music provider Snowite last year.
See the latest issue of Music Week for an exclusive interview with Cole about the deal.
