Sony/ATV forms exclusive JV with Sony Music for India foray

Music publishing firm Sony/ATV today said it has formed an exclusive joint venture with Sony Music Entertainment for foraying into the Indian market.

Under the agreement, Sony/ATV will exploit and manage Sony Music India's publishing works overseas, while Sony Music India will manage Sony/ATV's International works across four countries -- India, Sri Lanka, Bangladesh and Nepal, Sony/ATV said in a statement.

Through the 50:50 JV, Sony Music Entertainment India aims to develop the song writing business in the country by increasing awareness of these rights among the numerous stakeholders in the industry, it added.

"In India, the publishing industry is at a nascent stage and we are very excited to have entered into a JV with our sister concern Sony ATV to develop this business," Sony Music Entertainment President (India and Middle East) Shridhar Subramaniam said.

Through this joint venture, the company will represent their 750,000 plus global assets in India and Sony ATV will represent Sony Music Indias' musical works Internationally, he added.

"There is a huge opportunity in India and we believe in the span of three years it will constitute a third of the music industry in value," Subramaniam said.

Sony/ATV India is currently in the process of signing various Indian artistes (both new and established). It already administers over 2,000 of Sony Music India's Indian works - from Bollywood, Tamil and non-film across international markets.

Headquartered in New York City, Sony/ATV Music Publishing has 32 offices in 23 countries.

Besides working with established artistes, Sony-ATV India operations will focus on identifying new and talented songwriters and composers to bring them on-board.