Facebook Inc has a global licensing deal with Saregama India Ltd, one of India’s largest music companies. More than 100 years old Saregama company of India has sold 20% of its shares to Facebook. Financial details of the deal have not yet been released by the music company. After this deal, Facebook and Instagram users will be able to enjoy more than 1 lakh songs and videos from Saregama’s catalog. Apart from this, users will be able to use Saregama’s music for videos, stories, stickers, and other creative content on Facebook and Instagram. At the same time, users can also add songs to their Facebook profile. The collection of these video and audio songs will be in 25 ways. A large collection of Bollywood songs will be present in it. Also, many types of songs will be available to the users including devotional songs, Ghazals, and Indipop.
The Kolkata based company has been selling types of vinyl and Cassettes for decades under the household name HMV. It is a very old music label company in India. It recorded the first studio song in the country in 1902. Saregama’s catalog includes single songs with the country’s most successful artist’s famous album. It stars Bollywood legend Lata Mangeshkar and Kishore Kumar. Facebook India director and head of partnership Manish Chopra said it would be a global deal. Meaning Facebook and Instagram users will be able to enjoy Global Favorite Retro Indian Music
Saregama’s deal with Facebook follows its licensing deal with Swedish music streaming service Spotify (SPOT.N), which was announced earlier this month. After this deal, Saregama’s stock recorded a strong increase with Rs 334.65 this morning. This was the upper limit of morning trading. Let us know that a few days ago Facebook had partnered with Jio and now the company has announced a partnership with Saregama.
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