|
Shares of Saregama India Ltd shot up 20% on the
deal.
The music company, which did not disclose the financial details
of the deal, said Facebook and Instagram users can now add music
from Saregama's catalogue of more than 100,000 songs spanning 25
languages to their posts and "stories".
The Kolkata-based company, which sold vinyls and cassettes under
household name HMV for decades, is India's oldest music label
and released the country's first ever studio-recorded song in
1902.
Its catalogues include popular albums and singles from some of
the country's most successful artists, including Bollywood
singing legends Lata Mangeshkar and Kishore Kumar.
The deal will "allow people on our platforms, globally, to use
their favorite retro Indian music to further enrich their
content," said Facebook India's director and head of
partnerships, Manish Chopra, in a statement.
Saregama's deal with Facebook follows its licensing deal with
Swedish music streaming service Spotify, announced earlier this
month.
Shares in Saregama surged to 334.65 rupees in Mumbai before
hitting a so-called "upper limit" in morning trading.
(Reporting by Sachin Ravikumar; Editing by Vinay Dwivedi)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
