Music label Saregama India reported a 73.4 per cent jump in consolidated net profit at Rs 27.33 crore for June quarter, helped by increased consumption of content on digital media
Saregama on Tuesday announced a global music licensing deal with short format video platform Triller
Priced at Rs 19,990, the Saregama Carvaan Karaoke is aimed at the niche market of people with interest in music. For others, it might seem leaning on the expensive side
Q3 results point to the trend; consolidation will continue, say analysts
The company said the fast growing digitisation-of-India, buoyed by the present Covid-19 situation, is the key driver of change in content consumption habits
Revenue from music stood at Rs 91.74 crore during the quarter under review, while that from films/television serials was at Rs 16.45 crore
IDBI Bank has rallied 89% during the week. It has become the sixth most valued listed lender, surpassing Bandhan Bank, YES Bank and IndusInd Bank in market capitalisation ranking.
Saregama owns the largest music archives in India
Saregama had announced a partnership with music streaming service Spotify last month
Saregama is India's oldest music label with a music catalogue of over 100,000 songs across different genres, including film songs, devotional music, ghazals and indipop in more than 25 languages
In 2017 Saregama launched Carvaan, a device with 5,000 old songs loaded in. It became a huge hit selling over two million units so far and rejuvenating India's oldest music company
What has encouraged the company to move to a higher gear is the potential of the Indian market
The stock has fallen below its previous low of Rs 462 touched on October 9, 2018, on the BSE in intra-day trade
Priced at Rs 3,990 and packed with 3000+ songs, the Carvaan Go promises a lot. Weighing less than 100g the device can be charged fully in just 2-3 hours and then it runs for around 6-7 hours
It's an elegant, compact piece with a quasi-vintage feel that you can take along with you in a carry bag. It's got great sound and is very user-friendly. But the pre-collection could have been better
Through its digital brand film, Saregama is trying to convince young buyers to consider Carvaan as a gifting option for 40-plus listeners
The music and content producer refocuses on digital, eyes a growing market for streaming services