Saregama to invest ₹750 crore in music business

Saregama, India’s oldest record label owned by the RP- Sanjiv Goenka Group, will invest ₹750 crore in its music business, as reported by the Press Trust of India (PTI). The label plans to achieve a 25-30% growth in the next few years through organic and inorganic routes.

The announcement was made during the launch of Saregama’s new Partner Program for singers and musicians who want to cover, recreate, and remake any song from the label’s catalogue across all languages. There are four categories within the Program – Diamond Plus, Diamond, Gold and Silver.  

“The fund [of up to ₹750 crore] is only for the music business,” said a spokesperson to PTI. “This is not going to be used for our films or our Carvaan business.”

Recently, Saregama has been on a regional music acquisition spree. The latest being the catalogue of Mango Music. The label has completely acquired more than 1,500 songs from 280 Telugu films released over the past two decades. Mango Music has sold both audio (sound recording and publishing rights) and video rights to Saregama.

The label’s Telugu faction also acquired the rights to the music of ‘Shyam Singha Roy’, including the viral song, ‘Pranavalaya’ which has racked up eight million views on YouTube within two weeks. The next big Telugu film album will be the Mahesh Babu-starrer ‘Sarkaru Vaari Paata’.

Earlier this month, the label reported its results for Q3FY21-22, sporting a net profit of ₹43.54 crore, amounting to a 37.78% increase. Its revenue from music was touted at ₹133.33 crore.

“After a long break the company once again started acquiring new film music of Hindi and Tamil films in 2017,” said the company in the report. “During this financial year, we added audio and video rights of 162 new film and non-film songs, for global territory and in perpetuity. The monetisation of these songs started immediately through music streaming platforms, music video licensing, social media platforms, etc”

Visit the Saregama Partner Program for more details.

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