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Business News Digital
eMusic President becomes 7digital Chair
By Chris Cooke | Published on Wednesday 17 July 2019
Struggling B2B digital music and radio production company 7digital has appointed a new Chair in the form of Tamir Koch. He is currently President of eMusic and recently committed to put in some of the money 7digital says it needs to avoid falling into administration.
7digital confirmed last month that it was now at risk of heading into administration after shareholders voted against proposals to issue new shares in order to raise funds. The company said at the time that it “currently believes that it still needs to raise additional funds of at least £4.5 million by 31 Jul 2019”.
Confirming his appointment as non-executive Chair, Koch said yesterday that he was confident in 7digital’s future, despite its recent financial problems. He also reckons that the B2B digital music firm can play a role in the big blockchain venture he has been spearheading over at eMusic.
Said Koch: “I envision blockchain as the way to align metadata within the industry, organise direct royalty payments, and create all-new economic models between fans and artists. I aim for 7digital to be at the forefront of those developments”.
He added that he was sure 7digital’s immediate financial issues could be overcome in the short term. “Our vision is clear”, he concluded, “to establish 7digital as a business-to-business leader that will use emerging technologies to allow customers access to the largest catalogue, provide the industry with an efficient tracking and payment system, and give artists worldwide distribution and full control of their music”.
Also appointed as a non-executive director to 7digital’s board is David Lazarus. Confirming both appointments, 7digital’s new CEO John Aalbers said: “We are very pleased to welcome both Tamir and David to the board. They each bring valuable experience that will help the company work towards delivering on 7digital’s vision and executing our new company strategy”.
