RP-Sanjiv Goenka Group-owned music label Saregama has acquired a majority stake in digital leisure firm Pocket Aces Photos Pvt Ltd, the corporate mentioned in an announcement. Saregama will purchase 51.8% shares for ₹174 crore with a transparent path to additional purchase one other 41% stake within the subsequent 15 months at pre-agreed multiples. The transaction is an all-cash deal.
This acquisition will additional strengthen Saregama’s strategic ambition to take the management place in new music throughout all Indian languages, the assertion added.
Pocket Aces is a youth-focused digital content material creator and writer, with an IP catalogue of over 3,000 content material items starting from internet collection and sketches to music movies and reels on its channels FilterCopy, Nutshell and Gobble. The corporate’s expertise administration arm, Clout, manages over 100 digital influencers, and its long-form studio, Cube Media, has created internet collection for OTT platforms akin to Netflix, Disney+ Hotstar, and Amazon Prime Video. Pocket Aces’ income from operations stood at ₹104 crore in FY23.
Buying Pocket Aces will add a brand new dimension of IP and a distribution community of over 95 million followers, which Saregama will leverage to additional popularize its music library among the many 18-35 viewers section, the corporate mentioned. It would additionally create synergies throughout the artiste and influencer administration and long-format video creation companies of the 2 corporations, the assertion added.
“This acquisition signifies the confluence of custom and innovation. This partnership with Pocket Aces will add new dimensions to our enterprise as we faucet into the burgeoning younger digital audiences,” Avarna Jain, vice chairperson, Saregama, mentioned within the assertion.
In response to a current Mint report, Saregama is betting huge on stay reveals and concert events to enhance the monetisation alternatives for of its owned mental properties. The music label, which has an unlimited library of Hindi unique songs is planning extra stay musical reveals primarily based on these soundtracks and by buying rights to the flicks these songs had been featured in, to attract up storylines for the reveals.
The corporate can also be planning new variations of Carvaan, its wi-fi audio system. The product has seen success with Carvaan Mini Youngsters, Carvaan Bhagavad Gita and Carvaan Cellular, and is engaged on extra variants to cater to area of interest viewers segments.
The corporate has launched albums of Hindi movie titles akin to Karan Johar’s Rocky Aur Rani Ki Prem Kahaani, and Vicky Kaushal and Sara Ali Khan-starrer Zara Hat Ke Zara Bach Ke, over the previous few months. Within the south, it’s collaborating on initiatives with Suriya, Mammootty and Mohanlal.
On the movie aspect, nevertheless, Yoodlee Movies, the film manufacturing arm of Saregama, is focusing solely on regional cinema, primarily Malayalam and Punjabi, but in addition Tamil and Telugu.
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Up to date: 28 Sep 2023, 08:22 PM IST
Supply: Live Mint