Sony Music acquires 26% stake in Infibeam arm

Global music giant Sony Music Entertainment had acquired a strategic 26 per cent stake in Ahmedabad-based Infibeam Digital Entertainment (P) Ltd (Indent) for an undisclosed amount.

A digital platform for large and medium music labels in India and abroad, Indent, is an arm of the Ahmedabad-based e-commerce platform Infibeam. Under the agreement, Infibeam will hold majority stake in Indent while Sony Music will hold a 26 per cent stake.

According to Subramaniam, President India and Middle East, Sony Music Entertainment, the music industry in India is currently valued at around Rs 1000 crore, with Hindi/Bollywood music forming 50 per cent, followed by regional (30 per cent), international (10 per cent) and devotional (5-7 per cent), among others.  “The industry is expected to grow at the rate of 15 per cent,”.

Using the Indent platform, any music label or brand holding rights to content can use the Indent platform to engage customers and monetize by distributing digital as well as physical content under their own brand with payment integrations, Subramaniam added.

Source: http://cablequest.org/news/national-news/item/4851-sony-music-acquires-26-stake-in-infibeam-arm.html
Source: http://cablequest.org/news/national-news/item/4851-sony-music-acquires-26-stake-in-infibeam-arm.html