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.

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