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Lifestyle chains no longer hear rhythm in retail music

After the RP-Sanjiv Goenka Group pulled the plug on its retail music business, other entertainment and lifestyle stores such as Crossword and Planet M, too, aren't banking on music and films to drive revenues. Instead, they are focusing on categories such as books, toys and telecom products. For instance, Videocon Group-owned Planet M's share of music in its revenue has fallen from 40 per cent a few years ago to 25 per cent. The chain expects this to fall to 10 per cent by next year, said chief executive Sanjay Karwa. "Music retailing is seeing a lot of challenges from ...