Saregama India share price hits 52-week high on licensing deal with short-video app Josh

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The company in the quarter ended December 2020 has posted a net profit at Rs 31.6 crore against Rs 10.48 crore in the same quarter last fiscal.

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Saregama India touched 52-week high of Rs 1,042, rising 5 percent intraday on February 2 after the company entered into music licensing deal with Josh.

The company has announced a music licensing deal with made-in-India, short-video app, Josh by VerSe Innovation.

Users of Josh can now access old and new songs from the Saregama library with over 1,30,000 songs to create innovative content, as per the company release.

As part of this deal, Saregama will license its entire catalogue to Josh allowing users to create content inspired from its robust music library in diverse Indian languages like Hindi, Bhojpuri, Bengali, Tamil, Marathi, Telugu, Malayalam, Kannada, Punjabi and Gujarati, amongst many others, it added.

“Our partnership with Josh is another example of how more and more people find evergreen music relevant, with age no-bar. Saregama has music to offer to all generations and age groups across languages. It’s great to associate with Josh and see such innovative content getting created,” said Vikram Mehra, Managing Director of Saregama India.

The company in the quarter ended December 2020 has posted a net profit at Rs 31.6 crore against Rs 10.48 crore in the same quarter last fiscal. Revenue of the company was up 3.4% at Rs 134 crore versus Rs 129.45 crore.

saregama

At 11:28 hrs Saregama India was quoting at Rs 1,003.90, up Rs 13.05, or 1.32 percent on the BSE.