Facebook signs global licensing deal with Indian music label Saregama
Published On: Thursday, June 4, 2020 | By: Team KnowMyStock
Shares of Saregama India were locked in upper circuit for the second straight day, up 20 per cent at Rs 401 on the BSE on Thursday after the company announced that Facebook has entered into a global deal with Saregama, one of India’s oldest and largest music labels, to license its music for video and other social experiences across its eponymous service and Instagram. Saregama India shares have surged over 45 per cent since Monday’s close of Rs 275.25 per share. “This partnership will allow users to choose from a wide variety of music to add to their social experiences such as videos, stories via music stickers and other creative content. People will also be able to add songs to their Facebook Profile,” Saregama said in a press release. Formerly known as 'The Gramophone Company of India Ltd', Saregama owns the largest music archives in India, one of the biggest in the world. With today’s rally in the stock, the market capitalisation of Saregama India stands at Rs 698.26 crore.
The board of directors of Saregama India is scheduled to meet on Friday, June 5, 2020 to consider and approve audited financial results of the Company for the quarter and financial year ended March 31, 2020 and recommendation of dividend, if any.
Source: Money Control, Business India, Financial Express
Tags: saregama facebook deal music uppercircuit
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