Kolkata: Saregama, the company with the largest repertoire of Indian music, plans to invest around Rs 1,000 crore in music content over the next three years. It is now heavily investing in content.
Saregama India MD Vikram Mehra, speaking during the company’s Q4FY24 results conference call, said: “An investment of Rs 1,000 crore in music that we will be making in the next three years will be funded completely through internal accruals and QIP (qualified institutional placement) money.”
The RP Sanjiv Goenka Group company has reported a 23.6% year-on-year jump in its consolidated net profit of Rs 53.9 crore for the fourth quarter of the last financial year.The company said it was currently in a “transitional phase”, where its new content expenses would go up steeply. It was expected to stabilise over a period of 18-24 months. After that, the content investment would rise “linearly”, it said.
For Saregama, the amount of money it made from paid subscription during FY24 grew over 40% compared to FY23. “Our only agenda is to monetise what we own today and what we procured yesterday in terms of intellectual properties (IP),” Mehra said.