Sony Music Entertainment has bought a 26 per cent “strategic stake” in Infibeam Digital Entertainment Pvt. Ltd. (INDENT), a subsidiary of e-commerce company Infibeam, for an undisclosed amount.
Launched in 2013, INDENT offers technology platform to large and medium music labels across the globe that holds rights to content to engage customers and monetise by distributing digital as well as physical content under their own brand with payment integrations.
“Infibeam will hold majority stake in the company and Sony Music will hold a 26 per cent stake post-completion of transaction,” the company said in a statement.
While Infibeam did not disclose the value of the deal, it said INDENT would invest Rs.100 crore, which would be a mix of internal accrual and fund raising, to grow the brand. Last year, Sony Music partnered Sony Xperia Smartphones to launch ‘Sony Music Jive’, a music service that allows consumers to download and stream music from the Sony Music Catalogue of 2 million songs. Jive is powered by INDENT’s music platform.
“As the digital ecosystem keeps evolving, there has been a strong need for an independent technology company that music companies can partner to build innovative services and offerings. Every content owner has aspirations to reach consumers and brands directly, INDENT empowers these labels with a scalable and commerce ready platform,” Shridhar Subramaniam, President, India and Middle East, Sony Music Entertainment, said. With large repository of music content, INDENT will continue developing applications for many large labels and brands. At present, INDENT offers its service to Sony Music and INRECO (The Indian Record Manufacturing Company Ltd).
