Saregama Acquires Majority Stake in Pocket Aces for Digital Entertainment Push
Saregama, India’s most prominent music label has taken a significant step into the world of digital entertainment by acquiring a majority stake of 51.82% in the digital entertainment startup, Pocket Aces. The deal, valued at approximately $20 million, also includes an additional investment of $1.8 million from Saregama into Pocket Aces. Further investment terms will be determined based on certain performance metrics.
Pocket Aces specializes in creating short-form video content targeted at the young Indian audience, producing more than 30 new pieces of content daily. Over recent years, the company has gained substantial popularity for its comedic shows that tackle real-world issues, resonating strongly with viewers.
In addition to its original content, Pocket Aces has licensed intellectual properties (IPs), such as the popular show “Little Things,” to platforms like Netflix, and has shared content with platforms including Jio, MX Player, Vistara, and Qatar Airways. The company manages a digital talent pool of over 100 individuals and boasts impressive statistics, with 50 million weekly viewers and 700 million monthly views, as per information available on its website.
Saregama’s move to acquire a majority stake in Pocket Aces aligns with its strategy to diversify its video catalog. Saregama is already a prolific producer of over 300 video songs every quarter and has ventured into various new categories, such as the Carvaan jukebox business, in the past decade. It has also invested in low-budget South Indian movies and TV series for on-demand video streaming platforms in recent years.
“Acquiring Pocket Aces will add on a whole new dimension of IP and a distribution network of over 95 million followers, which Saregama will leverage to further popularize its music library among the 18-35 audience segment. It will also create synergies across the artist & influencer management and long-format video creation businesses of the two companies,” Saregama said in the stock exchange filing.
Saregama is India’s oldest music label and a leading media and entertainment company with a diversified portfolio, including film production and TV content. It is known for its innovative initiatives, such as Saregama Carvaan and Yoodlee Films.
All information researched from various platforms for factual reporting purposes only.
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