StockMarketWire.com - 7digital will power a forthcoming high resolution streaming service from the founders of HDtracks.

The HDmusicStream service will use MQA technology to deliver studio quality music, while 7digital will handle app development, host the music catalogue on its platform and deliver tracks to consumers.

A statement issued by 7digital said: "Recent announcements by Sony Music Group and Merlin confirm that MQA has secured major and independent label support for its technology.

"Along with Warner Music Group and Universal, who previously revealed partnerships with MQA, those labels will make their music catalogues and new releases available in the hi-res MQA format.

"The HDmusicStream service is expected to launch in H2 2017."

7digital's deputy chief executive Pete Downton, will be appearing at music industry conference Midem in Cannes tomorrow to discuss the next wave in subscription music with representatives from DEG (Digital Entertainment Group), Universal Music Group and Sony Music Entertainment, MQA and Qobuz.

7digital previously announced this contract on an un-named basis within its interim results statement for the six months to 30 June 2016, published on 19 September.

Downton said: "We are excited today to be able to confirm our relationship with HDtracks. The Grammy Award-winning label Chesky Records - from HDtracks founders David and Norman Chesky - has, for many years, set the highest standards in high resolution audio.

"Their pursuit of excellence will soon be available to audiophile music fans in a streaming service for the first time."


At 9:17am: (LON:7DIG) 7digital Group Plc share price was -0.13p at 5.63p



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