One Media iP Group "looking forward to 2024 with complete enthusiasm"
London, UK
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December 21, 2023 07:52 AM Eastern Standard Time
One Media iP Group PLC (AIM:OMIP) CEO Michael Infante speaks to Thomas Warner from Proactive after the digital music rights acquirer, publisher and distributor released a trading update for the six months to 31 October 2023. Infante starts with an overview of the firm's financial performance, highlighting a 5% increase in gross revenues and a significant 10% rise in net revenues.
This growth reflects the company's successful margin extraction from its core business, aligning with directors' expectations. Infante also highlights strategic acquisitions, particularly smaller deals, that continue to fuel the company's progress. A key focus of the discussion was One Media's anti-piracy platform, TCAT.
Infante clarified that TCAT will eventually operate separately from One Media and says that the reverse engineering of AI within TCAT is yielding up certain competitive advantages. Infante also touched on TCAT's financial performance, noting a £180,000 turnover in the first half of the year, with expectations to double by year-end.
He emphasises the importance of profit over turnover, quoting "profit is sanity, turnover vanity," and expressing enthusiasm for 2024. Regarding challenges, Infante acknowledged the need for improved communication and regular updates to the market. He also discussed the strategic need to spin off TCAT when the right time comes.
Concluding the interview, Infante expressed confidence in the upcoming year and extended season's greetings, emphasising One Media iP Group's continued commitment to growth and innovation in the music industry.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
