Management Board of IMS S.A. (“Issuer”) announces that on 11 May 2023, its subsidiary Closer Music Sp. z o.o. (the “Company”, “Closer Music”), which deals in the construction and commercialisation of its own music libraries, signed an Agreement on Collective Management of Copyrights (the “Agreement”) and an Additional Agreement to the Agreement (the “Agreement”) with the Authors’ Association ZAiKS (ZAiKS). Closer Music and ZAiKS agreed on the principles of cooperation relating to commercial music (licensed by ZAiKS) and DML (Direct Music Licensing – music licensed directly by Closer Music), as well as the principles determining ZAiKS’ settlements with Closer Music in respect of copyrights for works owned by Closer Music for the years 2020 – 2022 as well as those relating to 2023 and subsequent years.
The signed Agreement and Covenant are a very important step in the development of Closer Music and will also have a significant impact on the implementation of the strategy and development prospects of the entire IMS Group. The Issuer estimates that Closer Music’s net profit from the settlement for the years 2020 – 2022, which will be included in the 2023 report, will exceed 20% of the IMS Group’s consolidated net profit for the 2022 financial year. In the following periods, the Issuer expects even higher revenues and profits due to the growth of Closer Music’s repertoire in playlists, the increase in the number of commercial locations and the planned expansion of the cooperation with ZAiKS worldwide.