LONDON (ShareCast) - (ShareCast News) - Digital media content provider One Media iP announced its final results for the year to 31 October on Thursday, with revenue slipping to £2.05m from £2.52m.
The AIM-traded firm said its EBITDA plunged to £0.24m from £0.67m, while operating profit plummeted to £0.03m from £0.45m.,

Cash balances stood at £0.34m at 31 October, compared to £0.82m a year earlier, and dividends paid during the year totalled £0.1m, in line with 2015.

The first dividend was paid on 20 November 2015 at 0.071p per share and the second was on 22 July 2016 at 0.071p per share.

"Our continued fall in turnover and profitability continues to challenge the group," said chairman and CEO Michael Infante.

"Brexit and the sterling drop have not helped us in the year under review.

"We are improving the way we market the group's new activities which have broadened over the last year, all of which are more clearly defined on the company's new web sites."

Infante said that, as the company's Technical Copyright Analysis Tool (TCAT) developed One Media would become "much more" than an audio-visual content business.

"We intend this technology to meet the changes that we have outlined over the last year by becoming a supplier of 'data intel' to the music industry.

"The shifting audio market continues to take its toll on our audio content sales but as the shift in monetising our music from downloading to streaming gains further traction we anticipate a levelling and repositioning looking ahead."

The uplift in the company's video viewing on YouTube was progressing, Infante said, and its channel management was encouraging with approximately two billion minutes of video being viewed from its 25 YouTube channels since 2013.

"Streaming in both video and audio is now the dominant force with 'subscription' and 'ad-funded' revenue models.

"We have entered a different world of music sales, which continues to challenge our previous monetisation model.

"My confidence however is high, as this shift comes as no surprise to the group, as stated previously."

Infante explained that streaming delivered a continued revenue source on every 'play' of the group's content.

"In other words, we generate revenue every time a consumer listens to our music.

"With the growth of digital stores like Spotify and Apple Music opening new territories globally, this will be good for us in the long term.

"Previously, when a track was downloaded we received a 'one off' payment, with streaming we receive payment every time the recording is played, effectively a digital pension."

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