Saregama India rose 1.58% to Rs 1,012 after the company announced a music licencing deal with made-in-India, short-video app, Josh by VerSe Innovation.
The users of Josh, a short-video app, can now access old and new songs from the Saregama library with over 1,30,000 songs to create content. As part of this deal, Saregama India will license its entire catalogue to Josh allowing users to create content inspired from its robust music library in diverse Indian languages like Hindi, Bhojpuri, Bengali, Tamil, Marathi, Telugu, Malayalam, Kannada, Punjabi and Gujarati, amongst many others.
Commenting on the partnership, Vikram Mehra, the managing director of Saregama India, has said that: "Our partnership with Josh is another example of how more and more people find evergreen music relevant, with age no-bar. Saregama has music to offer to all generations and age groups across languages. It's great to associate with Josh and see such innovative content getting created."
Over 77 million monthly active users will now be able to explore the Saregama music library on Josh which celebrates the mahagathbandhan of 200+ exclusive top creators, India's biggest music labels, the hottest entertainment format, and formidable user demographics, the press release highlighted. The announcement was made during market hours today, 2 February 2021.
Saregama India's consolidated net profit surged 201.5% to Rs 31.60 crore on a 3.4% increase in net sales to Rs 133.91 crore in Q3 December 2020 over Q3 December 2019.
Saregama India is the country's oldest music label and holds the richest catalogue spanning across genres like film/non- film songs, devotional music, ghazals & indipop in more than 18 languages.
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