Acquisitions in the Indian Music Industry
Acquisitions in India have become a dynamic area of focus for the global music business.
Recent transactions include investments from Warner Music in live entertainment and a ticketing platform for Skillbox, along with the purchase of the artist management and live events company Positive Electronic Field.
Universal Music India (UMI) has also recently secured a controlling interest in Indian Music and Entertainment Company TM Ventures, while Sony Music has acquired a significant catalog in India from Eros Field.
Meanwhile, Believe Media has acquired what is known as the “Panjab Energy” catalog from the Indian music label White Hill as of January 2024.
One of the most significant transactions in the Indian market took place in April 2023, when Primary Wave made strategic investments in Times Music, an Indian recording label and music publisher that is a subsidiary of the Media Giant of India Group.
Primary Wave stated that it invested “substantial capital in the company,” which will facilitate further investments in the catalog.
Wall Street Journal reported that Primary Wave’s investment in Times Music will help establish a new joint venture valued at over $100 million.
Now, the venture has acquired two notable regional Indian music labels, Symphony Recording Co. and Arc Musicq, with more transactions likely on the horizon.
According to music analyst David Lotherton, “This is just the beginning; we anticipate a lot more investments in legendary Indian music.”
“This is just the beginning; we anticipate a lot more investments in legendary Indian music.”
David Lotherton, Primary Wave
Strategic Growth in Indian Music
Commenting on Primary Wave’s partnership with Times Music and its investments in India, Lotherton, President of Primary Wave, Indo & Asia Pacific, said: “Our growth at Primary Wave will stem from developing markets like India, where there are extensive libraries of legendary music that resonate with local consumers.”
In Brazil, another key developing market in the global music industry, Primary Wave entered into a partnership with the NAS NUVENS catalog (NNC) in February last year.
This deal, according to Bloomberg reports at that time, saw Primary Wave acquiring a 50% stake in NNC, valued at $100 million.
Primary Wave has stated today that both Symphony Recording Co. and Arc Musicq are “exciting additions to the Times Music empire.”
Established as a retail music store in 1983, Symphony Recording Co. is known as the “undisputed leader in Tamil spiritual and religious music” in the market today.
“These acquisitions by Times Music represent a significant milestone in the company’s growth and the ongoing expansion of Times Group in the broader entertainment landscape.”
Vineet Jain, Times Group
Housing what is considered the largest catalog in the genre, Symphony boasts 350 audio tracks and 100 videos, collaborating with celebrated artists in the Indian music space, including Dr. Balamurali Krishna, Dr. SP Balasubrahmanam, and Chitra.
Moreover, Symphony’s religious songs contribute significantly to the YouTube label’s revenue, which has doubled over the last four years, with six channels amassing 2 billion views.
Arc Musicq, on the other hand, has been distributed by Times Music since 2017 and is considered the “leading music label of Kannada” in the market.
Founded in 1985, the label has played an instrumental role in popularizing Indian folk music and soundtracks across cinema. Four channels under this label have garnered a combined audience of 2 billion views, with YouTube revenues quadrupling over the past three years.
“These acquisitions of Times Music are a crucial milestone in the company’s growth path and the ongoing expansion of Times Group in a wider entertainment space,” said Vineet Jain, the managing director of Times Group.
Mandar Takur, CEO of Times Music, stated: “Times Music has many exciting premium partnerships, and we are proud to be collaborating with Symphony Music & Arc Musicq catalogs to enhance our global appeal.”
News of Primary Wave’s investment in Times Music surfaced six months after the company struck a $2 billion deal with financial giant Brookfield.
This transaction involved the acquisition of a minority stake in Primary Wave, with Brookfield investing $1.7 billion into a new “permanent capital” initiative.
Recent reports indicate that Primary Wave is nearing an agreement to acquire a substantial stake in the musical catalog of “Claus Big,” along with a name and likeness right, for a deal estimated between $100 million and $150 million.
