Saregama India closes deal with Josh app; share price hits 52-week high
Saregama India Limited has announced a music-licensing deal with an Indian-made short-video app called Josh, which is developed by VerSe Innovation.
With the successful carrying out of this deal, Josh users will now be able to access old and new songs from the Saregama library which has over 1,30,000 songs to offer which the users can now use to create innovative content.
Vikram Mehra, the MD (Managing Director) of Saregama India commented, “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.”
With the closing of this deal, Saregama will provide Josh app users with its entire catalogue of songs to create Indian-music inspired content.
Saregama’s catalogue of songs consists of various numbers from several Indian languages like Hindi, Bhojpuri, Bengali, Tamil, Marathi, Telugu, Malayalam, Kannada, Punjabi and Gujarati.
The Saregama Share price listed on NSE, responding to this news, reached its 52-week high today at Rs 1,042, having risen 5% after the market opened today.
Saregama India, in its Q3 results recently, had declared an increase in its net profit at Rs 31.6 crore compared to Rs 10.48 crore during the same period in the previous financial year. Revenue of the company was up 3.4%.