TSX Venture: EMM
VANCOUVER, Nov. 2 /CNW/ - Effective immediately, eMedia Networks entered into a non-exclusive license granting the use of Rumblefish, Inc.'s extensive catalog of commercial music into eMedia's in-store custom music programming. According to the terms of the agreement, eMedia will pay to Rumblefish a prorated share of music revenues derived from music programs utilizing Rumblefish's catalog.
"We believe this agreement to be a crucial and valuable licensing component to market streaming digital music content to subscribers in the United States," said eMedia CEO, Darren Reiter. Estimates suggest the market for background music in the United States to be only 5% saturated with the largest supplier, Muzak Holdings, LLC, currently reporting over $200 million annually in net revenue.
"eMedia needed a hand-picked catalog of expertly screened commercial music that music libraries couldn't provide. We're proud that our catalog is now a part of eMedia's offering to brands, especially as they expand into the very lucrative US market," said Paul Anthony, founder and CEO of Rumblefish. The Rumblefish catalog of artists includes music from several hit artists including George Clinton, Kool & The Gang, The Feelies, The Supersuckers, Art Tatum, Benny Goodman and popular underground artists such as Under Byen, The Procussions, Ohmega Watts, Samsaya, Cex and thousands of others.
About Rumblefish
Rumblefish, Inc. has been a pioneer in the development of strategic sonic branding and licensing services since its founding in 1996. The multidisciplinary agency helps organizations build stronger customer relationships through music. In 2006 Rumblefish launched the first online Music Licensing Store(SM) (MLS) to make licensing music fast, easy and affordable. MLS, which Billboard magazine referred to as "An iTunes for licensing", offers a broad range of popular and underground music for use in television programs, films, Web sites, podcasts and more. Rumblefish clients include NBC-Universal, HBO, Nike, The North Face, adidas Originals, Umpqua Bank, Rawlings, Red Bull, MTV, Mitsubishi and Pabst Blue Ribbon. For more information, visit www.rumblefish.com.
About eMedia Networks
eMedia Networks is a leading supplier of licensed background (or "in store") music played in public spaces. eMedia's client base includes many national retail and restaurant chains including lululemon athletica, Bata Limited, Roots Canada, Le Chateau, Body Shop and International Clothiers. Background music consists of CD quality artist recordings that are played in retail and restaurant establishments and other public venues to enhance and define a client's brand image and as a sales enhancement tool. The Company has annual recurring revenue of about 1.5 million dollars and issued shares totaling 21,610,895.
On behalf of the Board of Directors
Darren Reiter
CEO
Jasvir Athwal
President & CFO
The TSX Venture Exchange (or any other regulatory authority body) has not
reviewed the foregoing and therefore does not accept responsibility for
the adequacy or accuracy of this release.
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Disclaimer: this news release may contain certain "forward-looking"
statements." All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the TSX Venture Exchange and the British Columbia Securities
Commission.
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