Saregama and Facebook strike global licensing deals; stock jumps 20%

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.

Jun 03, 2020 04:06 IST India Infoline News Service

Saregama announced a global deal with Facebook, to license its music for video and other social experiences across Facebook & Instagram.

Reacting on this news, shares of Saregama hit an upper circuit at Rs333.95 on the BSE. The stock ended at Rs333.95, up by Rs55.65 or 20% from its previous closing of Rs278.30 on the BSE.

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.

Commenting on the partnership Vikram Mehra, Managing Director of Saregama India said “We are pleased with this partnership as now millions of Facebook users will be able to add music from our vast catalogue to stories and videos they create and share.”

Manish Chopra, Director and Head of Partnerships, Facebook India added, “At Facebook, we believe music is an integral part of self-expression and bringing people closer together and creating memories that last. We are very proud to partner with Saregama that will allow people on our platforms, globally, to use their favourite retro Indian music to further enrich their content on our platforms.”

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