DSNY 8-K
Destiny Media Technologies Inc (DSNY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CURRENT REPORT
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Item 8.01 Other Events
On May 20, 2022, Destiny Media Technologies Inc. (the "Company") renewed and extended its Online Content Distribution Services Agreement (the "Agreement") with Universal Music Group Recording Services, Inc. ("Universal Music"). After numerous local subsidiaries of Universal Music entered into similar agreements starting in 2003, Universal Music consolidated its global use of the Company's Play MPE® platform under this Agreement in 2013.
The Agreement extends coverage until March 31, 2024 and includes a 10% increase in monthly service fees commencing April 1, 2022 through to March 31, 2023 ("Year 1 Fees") and up to an additional 2.5% increase over Year 1 Fees for the period April 1, 2023 through March 31, 2024 if certain usage targets are met. The Agreement can be terminated at March 31, 2023 by either party provided notice is given by December 31, 2022.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DESTINY MEDIA TECHNOLOGIES INC. | ||
| Date: May 24, 2022 | ||
| By: |
/s/ FRED VANDENBERG |
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| FRED VANDENBERG Chief Executive Officer, President and Secretary |
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