ASX ANNOUNCEMENT – FOR IMMEDIATE RELEASE – 11 DECEMBER 2007
ENTERS AGREEMENT WITH SANITY, VIRGIN AND HMV
Digital media, entertainment and advertising company, Swish Group announces that its subsidiary Swish AmpHead has entered into a distribution agreement with leading Australasian entertainment retailers Sanity, Virgin and HMV to distribute part of Swish AmpHead’s significant physical CD music catalogue through their Australia wide retail networks.
The agreement with Sanity, Virgin and HMV is the second major distribution deal by Swish AmpHead for the distribution of physical product since the move into CD distribution was announced in June this year. The Sanity, Virgin and HMV agreement also comes after Swish AmpHead in October announced a significant extension of its relationship with USA-based independent music distributor The Orchard, the world's largest distributor of independent music.
Swish Group is delighted to have reached agreement with the Sanity, Virgin and HMV groups said the Company’s Managing Director, Mr Cary Stynes. “Swish AmpHead is continuing to sign new Australian bands each week and under this agreement we will now be able to distribute CDs to Sanity, Virgin and HMV as well as distributing new tracks through our extensive existing online digital channels,” Mr Stynes said.
Swish AmpHead through its association with The Orchard has access to an enormous range of music from over 77 countries, incorporating a catalogue of more than one million music titles from 20,000 artists and 6,000 labels.
The physical distribution music deal with Sanity, Virgin and HMV complements the existing Swish AmpHead online digital music distribution business which has been experiencing significant quarter on quarter growth from its clients including I-tunes, Telstra Bigpond, Vodafone, Ericsson and most other major online music sites.
Digital music is the high growth sector of the Australian music market with digital downloads now accounting for approximately 10% of the total music market, according the latest sales data. Downloads of individual tracks rose 61% in the first half of 2007, according to the Australian Recording Industry Association. Downloads of entire albums jumped 150% to more than 380,000 over the same period in this multi-million dollar market. Global sales of digital music are estimated to reach US$3bn this year, according to the IFPI.
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About Swish Group:
The Swish Group (ASX codes: SWG, SWGO) businesses include one of Australia’s largest digital signage networks, Australia’s largest wholesaler of independent digital music, a comprehensive film and television production business, Australia’s largest Indian Bollywood film distribution business and a significant telecommunications sales and marketing business. The company is listed on the Australian Stock Exchange with a market capitalisation of approx. $8.0 million
Websites : www.swishgroup.com.au , www.ampheadmusic.com , www.blackcatfilms.com.au , www.mgdistribution.com.au
For further information contact:
Cary P Stynes Managing Director
T : +613 9820 1966
M: +61 412 111 821
ASX ANNOUNCE V5 SANITYVIRGINHMV 11122007.DOC MAH/MAH