Ecommerce company Infibeam’s digital entertainment subsidiary, Indent has sold a part of its stake to Sony Music Entertainment. Post the deal closure, Sony Music will hold a 26% stake with majority share remaining with the company.
Also, both the companies have plans to infuse an amount of INR 100 crores into Indent over a span of three years to grow the company.
Indent was launched two years back, in partnership with Sony music India, to provide cloud based tech-solutions to help companies build and monetize digital music services. As a part of the deal, Infibeam also offered three new products, viz. Jive HD, Brand redemption stores and Sony Music website.
At present, Indent services are being utilized by brands such as SONY Music, INRECO (The Indian Record Manufacturing Company Ltd), etc. TAs claimed, the company is projecting revenues of USD 3-5 million in the current year.
The team of Indent now plans to launch a technology platform to global music content owners. Any music label or brand holding rights to content can use the Indent platform to engage customers and monetize by distributing digital as well as physical content under their own brand with payment integrations.
The recent deal with Sony comes with a strategic motive to bring in technology innovation in the digital music space.
As said by Sachin Oswal, Head INDENT & COO, Infibeam, music is slowly moving towards digital, which requires a lot of technology innovation to suit the user’s requirements. The technology platform is built with a motive to allow various content owners build websites, applications, monetization models including loyalty programs, subscription, ala-carte downloads, etc.
“The content is already out there but is not been leveraged in a right manner for the online offering. Indent’s technology platform allows content owners to focus on building innovative music offerings for the consumer and reducing the time to market. “, he added.
Commenting on the same, Shridhar Subramaniam President India and Middle East, Sony Music Entertainment said, “As the digital eco system keeps evolving, there has been a strong need for an independent technology company that music companies can partner with to build innovative services and offerings.”
Over the next few years, Indent will also work to bring on board services like branded top 40 applications, Online radio, etc.
Infibeam’s retail platform offers more than one crore retail products and 50 lakh visits per month by Indians online. It deals in categories like Books, Movies, Music, Mobiles, Electronic, wellness & health care and many more. As a part of business offerings Infibeam also provides B2B enterprise platform Buildabazaar, enabling SMEs and retail brands to host their online store.
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