RP-Sanjiv Goenka led music label Saregama wil be acquiring major stakes of 51.8 % in a digital entertainment company Pocket Aces Pictures Pvt Ltd. The shares amount to a total of Rs 174 crores. The transaction is reported to be an all cash deal. Not just that, in the coming 15 months the music label would acquire another 41 % stakes at pre-agreed multiples.
This business move is a masterstroke at strengthening Saregama’s ambition to take leadership over all new music in Indian languages. Considering pocket aces is youth-focused digital platform that caters to the audience with over 3000 content pieces, its channels include Filtercopy, Nutshell, Dice Media, and Gobble.
This acquisition gives Saregama the leverage to popularize its music library amongst a younger audience between age groups of 18 to 35. While Saregama envisions to grow its brand through focusing more in live shows and concerts, they are also planning to launch new versions of Carvaan. They also plan to associate with films on a Pan-India level.
