Mumbai: Believe, one of the leading digital music companies, strengthens its leadership in the fast-growing Indian market with the acquisition of Think Music, one of the leading in South India based music labels
Since entering the market in 2013, Believe India has become one of the leading players of the Indian digital music market with offices in 7 regions and 171 employees through organic growth and acquisitions. The Group now operates the full range of solutions from TuneCore to Artist Services to develop local independent artistsin one of the world’s fastest-growing recorded music market (expected to become a top 10 market globally by 2027).
Believe has been an early mover into the original soundtrack market, India’s largest digital music market segment, providing digital go-to-market solutions to Bollywood music labels. One of the key milestones of Believe’s strategy was the acquisition of Venusin 2019 (renamed Ishtar in 2021)which encompasses one of the largest catalog of original Bollywood soundtrack in Hindi. With the acquisition of Think Music, Believe is further strengthening its position in South India by acquiring a highly reputed brand and one of the leading independent companies for original soundtracks in Tamil language in a market showing strong growth momentum.
Think Music is a popular music label in South India. Founded in 2007, Think Music is known for owning for perpetuity a dynamic catalogue consisting of popular film, non-film and independent soundtracks including some of the biggest and marquee albums of Tamil Cinema. In addition to acquiring and distributing soundtracks, Think Music is also a pioneer in promoting and introducing young talent to the music industry, having successfully launched over 40 debut composers, most of whom have gone on to make a big mark for themselves including Santhosh Narayanan, Ghibran and HiphopTamizha to name a few.
Think Music and Believe have been commercial partners on a subset of the company’s catalog. This staged acquisition will allow Think Music to accelerate the growth and monetization of its whole catalogue by leveraging Believe’s digital-first approach, back catalogue optimization know-how and technological expertise. Think Music will also be able to leverage Believe’s financial support to expand further its soundtrack acquisition strategy.
The combination of Think Music’s YouTube channel (one of the most popular YouTube Tamil music channels with 11 million subscribers) and Believe’s owned YouTube channels will provide artists with an unparalleled launchpad to an audience of more than 60 million YouTube subscribers, a reach of about 25% of YouTube’s monthly active users in India.
In addition, Think Music will benefit from Believe’s innovative technologies and expertise to drive video audience development and monetization in short-form video format. Believe was the first global company to sign a deal with Tik Tok and an early beta tester of YouTube shorts in India before its international roll-out.
The acquisition of Think Music reinforces Believe attractivity to local artists in India by adding new capabilities to the development platform and expanding its local coverage. It is now organized to help South Indian artists to diversify monetization sources and grow their audiences at every stage of their career.
The current management team at Think Music led by Swaroop Reddy, will remain in place,and continue building the catalogue under Think Music Label while overseeing the backend integration so as to realize the full potential of the partnership.
“We are very excited to extend our relationship with Believe. Believe’s wide array of innovative, digital-first solutions combined with Think Music’s relentless focus on providing the best platform to film, non-film and independent artists soundtracks, will create significant value for all stakeholders.” said Swaroop Reddy, Founder of Think Music.
“I am delighted to associate Believe with Think Music the leading South Indian film soundtrack label, founded and run by Swaroop Reddy and Kiran Reddy, two talented entrepreneurs with a high reputation in the local music and movie industry. I am confident that we will work together to accelerate Think Music digital growth and provides artistswith shared expertise and innovation”, said Vivek Raina, Managing Director of Believe India.