MUMBAI: Continuing its trend of signing big deals and agreements this year, Sony Music Entertainment has now entered an agreement with Infibeam Incorporation Pvt ltd (Infibeam). The label has bought strategic stake in Infibeam Digital Entertainment Ltd (INDENT).
Under this agreement, Sony Music will hold a 26 per cent stake post completion of transaction, and Infibeam will hold majority stake. INDENT will continue developing applications for many large labels and brands with integrated Telco billing, OEM bundling and social platforms. INDENT is projecting revenues of $3-5million in the current year.
Sony Music Entertainment India and Middle East president Shridhar Subramaniam 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.”
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Infibeam founder and CEO Vishal Mehta said, “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”.
Last year, Sony Music partnered with Sony Xperia Smartphones to launch ‘Sony Music Jive’ – that allows consumers to download and stream music from the Sony Music Catalog of two million songs, which was also powered by INDENT.
