Saregama jumped 2.63% to Rs 1747.40 on BSE after the company announced a global music licensing deal with a short format video platform, Triller.As part of the deal, Saregama will license its entire catalogue to Triller allowing users to create innovative content using the robust music library of over 1,30,000 songs in diverse Indian languages like Hindi, Bhojpuri, Bengali, Tamil, Marathi, Telugu, Malayalam, Kannada, Punjabi and Gujarati, among others.
Bobby Sarnevesht, Chairman and co-owner of Triller added, Saregama represents the rich diversity of Indian music and we are excited to enter into this important partnership to ensure music publishers are fairly compensated for the legacy they have built over the years. This new agreement reiterates our commitment to supporting publishers in South Asia and around the world as we grow the Triller platform.
Saregama India owns the largest music archives in India and one of the biggest in the world. The ownership of nearly 50% of all the music ever recorded in India also makes Saregama the most authoritative repository of the country's musical heritage.
On a consolidated basis, the company reported a 210% jump in net profit to Rs 31.58 crore on a 3.4% rise in net sales to Rs 133.91 crore in Q3 FY21 over Q3 FY20.
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