Published On:May 28 2024
Story Viewed 152 Times

Saregama to Invest ₹1,000 Crore in Music Content Over Next 3 Years

India’s oldest music label, Saregama, plans to invest approximately ₹1,000 crore in music content over the next three years. This significant investment will be funded entirely through internal accruals and qualified institutional placement (QIP) money, according to Saregama India Managing Director Vikram Mehra, who announced the plan during the company’s Q4FY24 results conference call.

The RP Sanjiv Goenka Group company reported a 23.59% year-on-year increase in consolidated net profit, reaching ₹53.90 crore for the fourth quarter of the last financial year. During the same period, the company's revenue from operations rose by 29.16% year-on-year to ₹53.90 crore. On Monday, Saregama’s stock closed at ₹484.20 per share on the BSE, up 1.32% from the previous close, hitting a 52-week high during the day.

Mehra highlighted that the company's annual investment in new music content across Indian languages saw an 80% year-on-year increase during the last fiscal year. “We are investing in tomorrow. We are investing very heavily in newer content, and we are using technology, data analytics, and predictive modeling,” he said.

Currently, Saregama is in a "transitional phase," with new content expenses expected to rise steeply. However, these expenses are anticipated to stabilize over the next 18-24 months, after which content investment will increase "linearly."

Saregama's revenue from paid subscriptions grew over 40% in FY24 compared to FY23. Mehra expressed optimism about the future of the subscription business, projecting significant growth in the next 18-24 months, which is expected to enhance profitability.

HBL





OUR OTHER PRODUCTS & SERVICES: Projects Database | Tenders Database | About Us | Contact Us | Terms of Use | Advertise with Us | Privacy Policy | Disclaimer | Feedback

This site is best viewed with a resolution of 1024x768 (or higher) and supports Microsoft Internet Explorer 4.0 (or higher)
Copyright © 2016-2024

Technology Partner - Pairscript Software