Indian films and music company Saregama is planning a major investment in the latter part of its business. The Financial Express reported that the company has told analysts it is creating a fund of “up to Rs 750 crore” (that’s around $100m) to invest in music.
“The fund is only for the music business. This is not going to be used for our films or our Carvaan business,” said a spokesperson. Carvaan being Saregama’s line of hardware: music players with catalogues of tracks preloaded for offline listening.
Saregama also said that it expects 25-30% growth for its music activities in the coming years: “a combination of both organic, new content purchases, and some inorganic purchases”.
Earlier this month, Saregama announced its latest quarterly financial results, revealing that its revenues had grown by 12.3% year-on-year. Music accounted for 88.7% of its overall revenue that quarter, although for reporting purposes, Carvaan sales are included in that rather than separated out.
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