VANCOUVER, Jan. 6, 2015 /PRNewswire/ - Destiny Media Technologies, Inc. (TSXV: DSY) (OTCQX: DSNY), today announced that effective January 1, 2016, it has renewed its agreement with Universal Music Group (UMG) to provide secured digital media content through its Play MPE®'s global distribution service.
"We are very happy to announce that we have extended our agreement with UMG," said Fred Vandenberg, CFO of Destiny Media Technologies. "The renewal is a two-year license agreement in which Destiny is guaranteed to generate at least the same amount of revenue annually with UMG as in the previous year but with an escalator clause which increases the revenue commitment to Destiny in year two if certain activity thresholds are met."
"We look forward to maintaining and growing our relationship with UMG and feel that the renewal of this contract is an important step as we continue to position the company for growth and profitability in the years to come," added Steve Vestergaard, CEO of Destiny Media Technologies.
About Destiny Media Technologies, Inc.
Destiny Media Technologies (DSY.V) (DSNY) provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream® and Play MPE®. Clipstream® (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. With Clipstream®, there is no player to configure or install, videos never go obsolete, and there are up to 90% cost savings from caching. Play MPE® (www.plaympe.com) provides a standardized method to securely and cost effectively distribute pre-release music to radio stations and other music industry professionals, before it is ready for sale. More information can be found at www.dsny.com.
About Universal Music Group
Universal Music Group is the world's leading music company with wholly owned record operations or licensees in 77 countries. Its businesses also include Universal Music Publishing Group, the industry's leading global music publishing operation.
Universal Music Group's record labels include A&M/Octone, Decca, Deutsche Grammophon, Disa, Emarcy, Fonovisa, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, Machete Music, MCA Nashville, Mercury Nashville, Mercury Records, Philips, Polydor Records, Universal Motown Republic Group, Universal Music Latino, Universal Records South, and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which includes the last 100 years of the world's most popular artists and their recordings. UMG's catalog is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes eLabs, its new media and technologies division; Bravado, its merchandising company; Twenty-First Artists, its full service management division; and Helter Skelter, its live music agency.
Universal Music Group is a unit of Vivendi, a global media and communications company.
SOURCE Destiny Media Technologies, Inc.