Sony Music Entertainment Buys Strategic Stake

14 May,2014

By A Correspondent

 

Infibeam Incorporation Pvt ltd (Infibeam) and global music giant Sony Music Entertainment have announced a definitive agreement, where in Sony Music has bought strategic stake in Infibeam Digital Entertainment (P) Ltd (INDENT). Under the agreement, Infibeam will hold majority stake in the Company and Sony Music will hold a 26 per cent stake post completion of transaction.

 

INDENT with its clear strategic focus will offer an attractive platform to large and medium music labels in India and International. Any music label or brand holding rights to content can use the Indent platform to engage customers and monetize by distributing digital as well as physical content under their own brand with payment integrations.

 

Commenting on the agreement, Shridhar Subramaniam President India and Middle East, Sony Music Entertainment said, “INDENT fills a need gap for all Music rights owners. As the digital eco system keeps evolving, there has been a strong need for an independent technology company that music companies can partner with to build innovative services and offerings. Every content owner has aspirations to reach consumers and brands directly, Indent empowers these labels with a scalable and commerce ready platform.”

 

Vishal Mehta, Founder & CEO Infibeam shared, “INDENT continues to build state-of-the-art inclusive digital platforms powering music applications installed on millions of mobile phones and high quality experience to music lovers.  Indent will enable brands, technology and music on common interface with innovative customer engagement models.”

 

With large repository of music content, INDENT will continue developing applications for many large labels and brands with integrated Telco billing, OEM bundling and social platforms. Currently, INDENT offers its service to SONY Music, INRECO (The Indian Record Manufacturing Company Ltd), to name a few.

 

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