Reliance Industries (RIL) Jio Studios and Adani Group, also reported contenders for Dharma, have not made any statements. WhatsApp messages to senior executives in these firms elicited no response. With ₹1,044 crore in revenues for the year ending March 2023, Dharma is among the top three studios in India. Aditya Chopra's Yash Raj Films, with ₹1,523 crore, and Bhushan Kumar's T-Series, with ₹909 crore (from the film business alone), are the others. Saregama, which recorded ₹803 crore in revenue for the year ending March 2024, derives 84 per cent of its top line and a bulk of its profits from music.
Films drive 70 per cent of that business in India. However, they are increasingly tied to studios like T-Series and Yash Raj Films, which are not selling their music rights. In recent years, streaming and its portable music player Carvaan, launched in 2017, have driven Saregama's revival and growth. In its search for new growth avenues, it acquired digital entertainment firm Pocket Aces last year.
This story is from the October 09, 2024 edition of Business Standard.
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This story is from the October 09, 2024 edition of Business Standard.
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