Saregama has made a deal with Facebook to license its music across different social media platforms of Facebook. Now users will be able to access Saregama music and add it to their posts and stories. Saregama which is India’s oldest music label has signed this deal with Facebook on June 03, 2020.
Saregama has over 1,000,000 songs in its catalog belonging to a variety of genres such as film, devotional, indie pop and ghazal, etc. It offers music in more than 25 languages. With this partnership, the users will be able to add Saregama music in their social profile through music stickers and other creative content.
“We are delighted to announce this deal as it will make Saregama’s Music accessible to millions of users on Facebook. Now people will be able to add songs to their profile from our vast pool of music to enhance their social experience.”
- Vikram Mehra, Managing Director of Saregama India
Soon after the announcement of this deal, Saregama shares went up by 56%. On Friday, June 05, 2020, Saregama shares surged up by 10% despite having a 10% fall in its quarterly profit. Saregama – which has the credit for the first Indian recorded song in 1902 was called Gramophone company of India back then.
“We are proud to partner with Saregama. This deal will bring a wide range of Indian Retro music options to our users in their social media. Music is a great way for self-expression and to bring people closer together. This partnership will enrich the social media experience of our users.”
- Manish Chopra, Director, and Head of Partnerships, Facebook India
Earlier Saregama made a licensing deal with Spotify. This enabled the entire catalog of Saregama music available to Spotify users. Now its users will be able to listen to the all-time Indian Retro hit music from celebrated artists such as Lata Mangeshkar, R.D.Burman, Mohammed Rafi, Talat Mahmood, Manna Dey, Kalyanji-Anandji and Hemant Kumar.
The company’s revenue had a 39% yearly jump from its Film and Television division. However, the next quarter revenue is expected to hit down as no new production was done due to lockdown. This could be the reason that the company is expanding into the digital space by signing deals with Spotify, Facebook, and Instagram.
The shares of Saregama locked in at INR 401 after two days of announcing its partnership with Facebook. The stock zoomed up in two days from its previous value of INR 278. The deal is seen to be working in favor of Saregama. The end benefit for users from this partnership is an added range of classic Indian Retro music in their profiles. This will make social engagement better and more fun.