### **Company Overview** Saregama India Ltd is India’s oldest and one of the most integrated entertainment companies, founded in 1902 as The Gramophone Company of India under the iconic HMV brand. Today, it has transformed from a legacy music label into a **digital-first, pure-play content company**, capitalizing on the global surge in digital content consumption. With a strategic focus on **creating, owning, and monetizing intellectual property (IP)** across music, films, digital series, live events, and artist ecosystems, Saregama is uniquely positioned as India’s only entertainment company offering IP across **audio, video, physical, digital, and experiential platforms**, with monetization via licensing, advertising, retail, and direct-to-consumer (D2C) models. Saregama is a part of the diversified RPSG Group, which operates across utilities, specialty chemicals, BPS, retail, and IPL (Lucknow Super Giants). Saregama, however, stands out as the group’s entertainment powerhouse with a rich legacy and modern digital evolution. --- ### **Core Business Model & Strategic Pillars** Saregama’s growth strategy is anchored in **four key pillars**: 1. **Monetize Existing IP** – Leverage one of the largest libraries of Indian music and video content. 2. **Create New IP** – Aggressively invest in new music, films, and digital content. 3. **Build Artist Ecosystems** – Through artist management and talent development. 4. **Create Live, Experiential IP** – Scale live events as a high-margin complement to digital assets. The company avoids work-for-hire models to maintain **ownership and long-term control** over content, ensuring recurring and sustainable monetization. --- ### **IP Portfolio & Content Ecosystem** Saregama owns and manages a vast, diversified intellectual property portfolio across multiple media types and languages: - **Music:** - **170,000+ songs** including film, non-film, devotional, classical (Hindustani, Carnatic), ghazals, folk, and Sufi music. - Covers **18+ Indian languages**, including Hindi, Tamil, Telugu, Bhojpuri, Gujarati, Punjabi, Malayalam, Kannada, Bengali, Marathi, and emerging languages like Haryanvi and Chhattisgarhi. - Acquired **over 22 regional music labels** in recent years, including 6,500 tracks from NAV Records to strengthen Haryanvi and Punjabi presence. - Collaborates with top artists like Diljit Dosanjh, Arijit Singh, Divine, BPraak, Pawan Singh, and Khesari Lal. - **Video Content:** - Produces **theatrical films**, **digital series**, and **TV serials** through subsidiaries: - **Yoodlee Films** – Regional and youth-centric films released on OTT and theatrical platforms. - **Pocket Aces** (acquired stake in 2023) – A digital-first content house known for **Dice Media** (premium web series) and **FilterCopy** (viral short videos). - **Clout** – India’s largest influencer and talent management arm, managing **over 230 influencers** across social media with a **combined digital reach of over 350 million followers**. - **6,000+ hours of TV serials**, mainly in South Indian languages (especially Tamil via Sun TV). - Flagship series include *Ilakkiya*, *Iniya*, *Roja*, and *Chandralekha*. - **South TV YouTube Channel** – Achieved **2.3 billion views in FY2024–25**, indicating strong digital resurgence of regional content. - **Digital Footprint:** - Over **400 million internet users** across YouTube, Instagram, and Facebook. - YouTube channels have **149 million subscribers** and generated **517 billion views** in 2024–25. - **FilterCopy** and **Dice Media** contribute **40+ million subscribers and 3.6 billion video views**, primarily from Gen Z and youth audiences. --- ### **Monetization Streams** Saregama generates revenue through **three primary channels**: #### 1. **Content Licensing (Primary Revenue Driver)** - **Music Licensing**: Per-stream royalties from streaming platforms (Spotify, Gaana, JioSaavn, etc.) and synchronization licensing to films, ads, and platforms (Netflix, Amazon Prime, ZEE5, MX Player). - Music licensing and artiste management contributed **52% of total revenue** in 2024–25. - Fixed-fee licensing agreements with video platforms provide **stable, predictable revenue**. - **Video Licensing**: Films and series are sold through **pre-licensed output deals** to OTT platforms, reducing financial risk. #### 2. **Direct-to-Consumer (D2C) & Retail** - **Carvaan** – Flagship retro-styled digital audio device preloaded with **5,000 curated songs**, sold across e-commerce and modern trade. - Transitioned from **retail-led to e-commerce-led model**, improving margins and aligning with digital trends. - Sold **4.3 lakh units** in FY24–25, generating ₹837 million. - Evolving into a **platform** with advertising and subscription features (e.g., podcasts). #### 3. **Brand Partnerships & Live Events** - **Branded Content & Sponsorships**: Short-form videos, web series, and music content co-developed with brands like L’Oréal and Maruti. - **Live Events** – Fast-growing segment; generated **₹2,852 million in FY24–25**, now the **second-largest revenue vertical** after music. - Includes concerts (e.g., **Dil Luminati Tour**), music festivals, stand-up comedy, and IP-driven shows like **Yeh Shaam Mastani** and **Disco Dancer – The Musical**. - Operates on a **lean, low-capital, high-IRR model**, with short lock-in and advance ticketing revenues. --- ### **Verticals & Key Subsidiaries** | **Vertical** | **Key Initiatives** | **Performance Highlights** | |-------------|---------------------|----------------------------| | **Music IP & Licensing** | Acquisitions, non-film music, AI-led curation, re-versions (e.g., Acoustic, Lofi). | - 52% of total revenue<br>- 10 songs with 100M+ YouTube views<br>- *Stree 2* soundtrack: 3.1B streams | | **Films & Digital Series** | Productions under Yoodlee, Dice Media, FilterCopy. Pre-licensing model minimizes risk. | - ₹1,920 million revenue<br>- *Dilruba* (Telugu), *High Heels*, *Agra Affairs* | | **Artist Management** | Through Saregama Talent and Clout. Revenue-sharing model with 230+ managed talents. | Monetized via live events, weddings, brand deals. Includes Tony Kakkar, Dr. Kumar Vishwas. | | **Live Events** | Artist-led concerts + original IP shows. Expansion into Tier 2/3 cities, international diaspora. | - 44 shows in FY24–25<br>- 625,000+ attendees<br>- Diljit Dosanjh tour: 375,000+ attendance | | **Retail (Carvaan)** | Transitioned to e-commerce; new variants like Carvaan Sleep, Plug & Play. | Revenue: ₹837 million; mid-single-digit EBITDA margins expected. | --- ### **Strategic Moves & Investments** - **Acquisition of Pocket Aces (90.37% stake)**: A transformative move to capture youth audiences via digital-first content, influencer marketing, and creator economy synergies. - **₹10,000 Crore Content Investment Plan** (FY24–FY27): Aimed at expanding music and video libraries. Over ₹5,250 crore already deployed. - **AI & Data-Driven Strategy**: - Uses **predictive AI** to evaluate music performance, optimize pricing, and guide acquisitions. - **Generative AI** initiatives underway for content creation using proprietary music library. - AI models trained on **380+ billion annual song usage data points**. - **Global Expansion Plans**: Live events targeting Indian diaspora in UAE, Australia, US, and UK. --- ### **Recent Performance & Growth Trajectory** - **Total Revenue**: ₹6,104 million in FY24–25 (**+12% YoY**). - **Music Licensing & Artist Management**: ₹5,441 million (68% segment share before diversification). - **Video Business**: Targeting **25% CAGR over 5 years** with pre-licensed, low-cost format strategy. - **Live Events**: Now a **scalable, strategic business** with high IRR and future potential to become a standalone high-margin arm. - **Adjusted EBITDA Guidance**: 32–33%. --- ### **Competitive Advantages** - **First-Mover in Regional & Vernacular Content** – Strong in Telugu, Tamil, Bhojpuri, Punjabi, now expanding into Haryanvi, Odia, Chhattisgarhi. - **Integrated IP Engine**: Only company in India with **end-to-end ownership** from creation to monetization. - **Technology & AI** – Proprietary tools for analytics, IP protection, content discovery, and rights management. - **Decentralized Decision Making** – Regional experts empowered with data and AI to act quickly on local trends. - **Brand Heritage Meets Youth Relevance** – Bridges nostalgia (Lata Mangeshkar, Kishore Kumar) with modern artists, hip-hop, and social trends.