Saregama acquired a majority stake in digital entertainment company Pocket Aces Pictures Private Limited. The company acquired 51.8 pc stake for Rs 174 crore, with a clear path to acquire another 41 pc stake over the next 15 months at pre-agreed multiples. The transaction took place in an all-cash deal. The acquisition will further strengthen Saregama’s strategic ambition to take a leadership position in new music.
Pocket Aces Pictures has direct access to over 95 million digital-first customers across Instagram, and YouTube. The digital content creator and publisher boasts of an IP catalogue of over 3000 content pieces ranging across web series, sketches, music videos and reels on its channels FilterCopy, Nutshell and Gobble, and releases over 30 new pieces of content every day.
The company’s talent management arm, Clout, manages over 100 digital influencers, and its long-form studio, Dice Media, has created web series across OTT platforms such as Netflix, Hotstar, and Amazon.
Avarna Jain, Vice Chairperson, Saregama, said, “This acquisition signifies the confluence of tradition and innovation. While we have always been leaders in the realm of music and media, this partnership with Pocket Aces will add new dimensions to our business as we tap into the burgeoning young digital audiences.”
Pocket Aces’ revenue from operations was Rs 104 crore in FY23. Revenue has grown 34 pc CAGR over the last four years.
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