OMIP secures US$250k advance from partner

One Media iP (AIM: OMIP), the digital music rights acquirer, publisher and distributor which specialises in the active monetisation of music and video intellectual property rights, announces that, further to the announcement of 1 September 2023, The Orchard, its music distribution company (the "Distributor"), has provided a further advance to One Media of US$250,000 (the "Advance"), which has been received by the Company.

The Advance, which was successfully negotiated at a favourable currency exchange rate delivering optimum value for the Company, is recoupable by the Distributor against future sales by the Company. The Advance will be used to expand activities in the normal course of business.

The Distributor aggregates One Media's content to over 240 territories globally, including to the major Digital Service Providers (DSP) such as Spotify, Apple Music and Amazon Music, Tidal and Deezer and is responsible for collecting monies in a variety of currencies globally for the Company. It performs a crucial role in the monetisation of the rights in One Media's portfolio.

Michael Infante, CEO of One Media said: "This advance from The Orchard reflects the strength of our near 20 year strategic partnership and the value that is derived from our collaborative efforts to grow and monetise One Media's diverse portfolio of evergreen music rights. It also contributes to our current priority of rebuilding the Company's cash reserves with our renewed focus on our core business of digital copyrights."