In a major move towards expanding its presence in the Indian music industry, Primary Wave Music has partnered with Times Music, one of the country’s leading record labels and music publishers.
According to reports, Primary Wave has invested a “significant capital” amount in Times Music, which will be used for “catalog investments” in the Indian market. Financial details of the deal have not been disclosed, although The Wall Street Journal has reported that the investment will help form a new joint venture between the two companies valued at over $100 million.
Times Music is regarded as a major music publisher in India, with an iconic catalog of some of India’s best film, pop, regional and spiritual songs, and recordings. The company has benefited from an explosion of digital growth witnessed in streaming in India. The overall Indian music market grew 35% to $319 million in 2022 and is set for further substantial growth in 2023.
Primary Wave aims to assist Times Music in the growth of its regional, film, and non-film music catalogs in global markets. Together, they plan to invest in various catalog opportunities in India, including film, non-film, regional, and other iconic intellectual property (IP), which will then be used to monetize Indian IP in international markets.
Larry Mestel, CEO & Founder of Primary Wave Music, said: “Our partnership with Times Music will enable both companies to continue to push the boundaries of what success looks like in today’s music business, within India and in the international markets.”
David Loiterton, also of Primary Wave, added that “music is becoming more global every day,” and that the partnership “will enable both companies to continue to push the boundaries of what success looks like in today’s music business, within India and in the international markets.”
Of the partnership, Vineet Jain, Managing Director, Times Group said “Times Music’s strategic partnership with Primary Wave is a proud moment for us at the Times Group. As the company progresses to the next phase of its expansion in the broader entertainment space, we look forward to an exciting future ahead with Larry Mestel and his incredible team at Primary Wave.”
This investment in Times Music follows Primary Wave’s recent $2 billion deal with Brookfield, which included the acquisition of a minority stake in Primary Wave and Brookfield investing $1.7 billion into a new “permanent capital vehicle.”
The partnership with Times Music marks a significant step for Primary Wave in its expansion into international markets.