Saregama jumped 2.63% to Rs 1747.40 on BSE after the company announced a global music licensing deal with a short format video platform, Triller.
As part of the deal, Saregama will license its entire catalogue to Triller allowing users to create innovative content using the robust music library of over 1,30,000 songs in diverse Indian languages like Hindi, Bhojpuri, Bengali, Tamil, Marathi, Telugu, Malayalam, Kannada, Punjabi and Gujarati, among others.Bobby Sarnevesht, Chairman and co-owner of Triller added, Saregama represents the rich diversity of Indian music and we are excited to enter into this important partnership to ensure music publishers are fairly compensated for the legacy they have built over the years. This new agreement reiterates our commitment to supporting publishers in South Asia and around the world as we grow the Triller platform.
Saregama India owns the largest music archives in India and one of the biggest in the world. The ownership of nearly 50% of all the music ever recorded in India also makes Saregama the most authoritative repository of the country's musical heritage.
On a consolidated basis, the company reported a 210% jump in net profit to Rs 31.58 crore on a 3.4% rise in net sales to Rs 133.91 crore in Q3 FY21 over Q3 FY20.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU