Sunday, 18 May 2014

Sony Music buys stake in INDENT

Sony Music Entertainment Buys Strategic Stake
In Infibeam Digital and Entertainment Pvt Ltd (INDENT)

To focus on distribution of Music and Videos across devices & channels
New Delhi: 13th May 2014: 
Infibeam Incorporation Pvt ltd (Infibeam) and global music giant Sony Music Entertainment have announced a definitive agreement, where in Sony Music has bought strategic stake in Infibeam Digital Entertainment (P) Ltd (INDENT).  Under this agreement, Infibeam will hold majority stake in the Company and Sony Music will hold a 26% stake post completion of transaction.  Indent with its clear strategic focus will offer an attractive platform to large and medium music labels in India and  International.  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.
Commenting on the same, Shridhar Subramaniam President India and Middle East, Sony Music Entertainment said,"Indent fills a need gap for all Music rights owners. As the digital eco system keeps evolving, there has been a strong need for an independent technology company that music companies can partner with to build innovative services and offerings. Every content owner has aspirations to reach consumers and brands directly, Indent empowers these labels with a scalable and
commerce ready platform."
On this occasion Vishal Mehta, Founder & CEO Infibeam shared that "INDENT continues to build state-of-the-art inclusive digital platforms powering music applications installed on millions of mobile phones and high quality experience to music lovers.  Indent will enable brands, technology and music on common interface with
innovative customer engagement models".
Sony Music is one of the largest and most integrated music companies in India owning digital music content rights with highly sophisticated marketing and distribution channels. Last year, Sony Music partnered with the new range of Sony Xperia Smartphones to launch 'Sony Music Jive' -  a first of its kind music service that allows consumers to
download and stream music from the Sony Music Catalog of 2 million songs, which was powered by INDENT. Post the successful launch of the Jive application on the Xperia smartphones in India, the same application was launched in Indonesia, North Africa and Middle East markets.  The service was also extended to Sony VIAO laptops in 2013.

With large repository of music content, INDENT will continue developing applications for many large labels and brands with integrated Telco billing, OEM bundling and Social platforms. Currently, INDENT offers its service to SONY Music, INRECO (The Indian Record Manufacturing Company Ltd), to name a few.  Indent is projecting revenues of $3-5mm in current year.
About Sony Music:
Sony Music Entertainment is a global recorded music company with a current roster that includes a broad array of both local artists and international superstars. The company boasts a vast catalog that comprises some of the most important recordings in history. It is home to premier record labels representing music from every genre and artists like Elvis Presley, Michael Jackson, Santana,  Beyonce , Britney Spears, Ke$ha, Avril Lavigne, Shakira, Kings of Leon, Hurts, Foo Fighters, Pink , The Script to name a few.
A wholly owned subsidiary of SONY MUSIC ENTERTAINMENT, SONY MUSIC ENTERTAINMENT INDIA, boasts of an extensive catalogue that comprises of some of the most legendary recordings in history and is home to renowned and celebrated artists and several iconic Bollywood Film soundtracks.
For publishing, Sony Music India has a tie up with Sony/ATV wherein Sony/ATV exploits and manages Sony Music India’s publishing works overseas, likewise, Sony Music India manages Sony/ATV’s International works across four countries - India, Sri Lanka, Bangladesh and Nepal.
In 2013, Sony Music Entertainment India and Warner Music Group announced a strategic licence deal for Sony Music to represent Warner Music's legendary recording artists' releases and labels in India, Sri Lanka and the other SAARC countries.

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