India’s Oldest Music Label Saregama India Ltd. is all set to acquire a 51.8% Stake in entertainment company Pocket Aces For ₹174 crores and plans to buy another 41% in the next 15 months. Previously known as The Gramophone Company Of India Private Limited, Saregama has made this decision as a way to attract younger audiences through the platform of Pocket Aces.
Pocket Aces is an Indian digital media company founded in 2013 by Ashwin Suresh. It has a big library with more than 3000 content ranging from web series to sketches and music videos to reels. Its revenue for FY 22-23 was ₹104 crores.
In a statement, the vice chairperson of Saregama, Avarna Jain Said,” This acquisition signifies the confluence of tradition and innovation. This partnership with Pocket Aces will add new dimensions to our business as we tap into the burgeoning young digital audiences ”.
This acquisition will bring Saregama one step closer to its dream of becoming the leading music label in different languages across India. Saregama is also planning on having more live concerts based on the music they already have rights to. The company is also planning on releasing a new portable speaker after the success of its previous offerings like Carvaan Mini Kids, Carvaan Bhagavad Gita, and Carvaan Mobile.
Saregama is one of the biggest and oldest Music labels or music distributing companies in India and this decision to acquire Pocket Aces allows the company to further expand their music and production among the young generation. Many companies acquire other companies to open their market to new audience, and this is what Saregama intend to do.
