The music arm of Saregama bought in 92% of the company’s quarterly revenues which grew 45% year-over-year to ₹32.3 crore. The operational revenue of Saregama grew by 60% year-on-year to ₹150 crores from ₹93.7 crores in Q3-FY18. The growth was driven by a 68% jump in the company’s music business revenues to ₹138.5 crore from ₹82.3 crore from the previous year.
Saregama India Ltd., an RP Sanjiv Goenka Group Company, is India’s oldest music label, youngest film studio and a multi-language TV content producer. Over the years, the company has expanded its business from audio to home video, publishing, digital, events, films production and distribution and audiovisuals. Saregama has a music library of 1.2 lakh songs, covers 18 languages spread across eight music categories – Bollywood, regional films, ghazals, devotional classical, Indian pop and kids music.
Saregama’s over the top streams, which are playbacks of music licensed to OTT services like JioSaavn, Gaana, or Wynk Music, crossed the 1bn mark in the last quarter. The OTT streams have jumped in the current quarter to 1045 mn streams, a 55% YoY increase from 670 mn streams in Q3-FY18.
The YouTube views on the company’s channel has doubled year-over-year from 365 mn views to 784 mn views in the current quarter alone. It’s worth noting that YouTube views are not far behind OTT streams, in fact, YouTube views stood at 914 mn last quarter, when OTT streams had crossed the 1 bn mark.
Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. Carvaan is a perfect blend of digital technology and a retro form factor, in less than a year from its launch, it is now Saregama’s flagship product.
After launching Carvaan in 2017, the company has recorded a sell of over 1 mn units. The company has projected a sale of 9 mn units in FY19. During Diwali in 2018, the company sold 297,000 units, a 30% jump in sales over the preceding quarter. The company has also added nearly 4,000 dealers for the device, and has 19,600 dealers in all. The music segment includes licensing of Saregama’s 120,000 songs (across 18 languages) to streaming services, radio, TV, and YouTube streaming, outside of WAP mobile services like caller ring tones.
Saregama’s pocket-sized Carvaan Mini 2.0, spun-off from the original Carvaan, was launched in September 2018. Other variations include Carvaan Gold and Carvaan Premium. Besides the standard versions, the product was introduced for the Bengali, Marathi, and Tamil music-listening population. The company has announced another Carvaan product lined up – Carvaan GO, which will hit the market soon.
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