Management Board of IMS S.A. (“Issuer”) announces that on 28 February 2023, its subsidiary Closer Music Sp. z o.o. (“CM”) has signed a significant commercial contract with a well-known international brand for comprehensive music services for the brand’s retail outlets. The contract is significant both in terms of the number of subscription locations and the annual revenue volume generated. By the end of 2024, CM will have provided the service at around 1,800 locations, with the possibility of increasing the number of outlets served to around 4,500 in subsequent years. The contract is for a fixed term of 12 months. The contract is subject to automatic renewal unless either party notifies the other party no later than 90 days prior to the contract term of its intention not to renew the contract. Such renewal will recur after each new contract term.
Apart from the great benefits related to the generated revenue and profit from the contract, in the Issuer’s opinion, the aforementioned contract is also very important due to the fact that a large European player has appreciated the quality of CM’s music content and the professionalism of the services provided. In the opinion of the Management Board of IMS S.A., this will facilitate further entering into large contracts by CM with other international brands.