Saregama is one of the Indian media firms focusing on both music and films – and, indeed, music for/from films. Its latest financial results reveal that the business is holding up despite the Covid-19 pandemic’s effects on India’s movie industries.
Saregama’s quarterly revenues were up by 7% year-on-year to 134.6 crore rupees (around $18.5m) even though its music licensing revenues were down by 1% to 114.2 crore rupees ($15.7m).
The company said that with no new films getting released in India for a period, it focused on non-film Hindi and regional language songs over the last 10 months, while buying up music rights for major movies due to come out in the next 6-14 months.
The company also sold 138k more units of its Carvaan digital music player last quarter, which is down from 198k a year before, but represents a bounce back from much lower sales during the pandemic, which hampered sales of the preloaded-music device. New karaoke and kids versions have also helped.