Zee launches music co, acquires blockbuster content

01 Apr,2014

By A Correspondent

 

Zee Entertainment Enterprises Limited (ZEEL) has announced its foray into the music label space with its latest venture, ‘Zee Music Company’ (ZMC). The ZMC has plans to acquire the music rights of over 20 major motion pictures in the financial year 2014-15.

 

Punit Goenka

Introducing the label, Punit Goenka, MD and CEO, Zee Entertainment Enterprises Limited stated “The music industry is a large playing field and there is scope for us to explore the opportunity in this market. Technology has also emerged as a key transformer of the music industry and digital revenues are driving growth in the market. Since we are a content company, it is essential to own intellectual property as content is the king.”

 

Said Anurag Bedi, Business Head and EVP, Zee Music Company (ZMC): It’s a great space to be in, as music is something that is consumed universally. The Hindi film industry is currently in its best phase musically and there is a plethora of talent. We had been toying with this idea and finally we have entered this space.”

 

Anurag Bedi

Talking about the acquisitions, Mr Bedia said: “We are thrilled at having acquired the rights to the music of the Akshay Kumar-Sonakshi Sinha starrer ‘Holiday’ which is jointly produced by Reliance Big Entertainment, Sunshine Pictures and Hari Om Entertainment Company.”

 

“We have also partnered with Fox Star Studios and signed the latter for the music of 5 of its Hindi releases for the year, including the Saif Ali Khan and Riteish Deshmukh starrer ‘Humshakals’, Hrithik Roshan and Katrina Kaif starrer ‘Bang Bang’ and one of the most anticipated releases of the year ‘Bombay Velvet’ starring Ranbir Kapoor and Anushka Sharma”; Mr Bedi added.

 

The music industry in India currently stands at a staggering figure of Rs 960 crore and projected figures for 2014 are Rs 1010 crore. The industry is expected to only grow over the years and reach Rs 1780 crore in 2018. Zee Music Company intends partnering with big players like Dharma Productions, Excel Entertainment and other top studios, a communiqué added.

 

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