Saregama is known as India’s oldest music label with more than 100,000 songs since its inception. Recently, the label signed a contract with Facebook and Instagram: the two most popular social media giants of today; and has hence, raised its share prices up by 56%!
What is Saregama?
The music label started off its journey in the year 1902 when it was known as the Gramophone company of India. Earlier this year, the label saw a price drop of 19% in January. Ever since the license got made with regard to Facebook and Instagram on 3rd June 2020, the share price surged by 10 per cent easily. We’re guessing it’s the post lockdown effect which is working in favour of the label!
Facebook and Instagram users will now be able to add songs from Saregama’s vast collection on their feed and creations. Saregama is a Kolkata based music label, and has so far signed deals with Spotify, Instagram and Facebook! Now that it’s got a digital push for generating revenue, the label can compensate on the losses faced because of the coronavirus lockdown.
One of its flagship products known as ‘Caravan radio’ saw a loss in production since the sales went to an all-time low at the beginning of March. With offline sources of growth having taken a halt, the online deal will definitely suit the label well in its future endeavours!
Source: Business Insider