Music entertainment company Warner Music India has bought minority stakes in Global Music Junction (GMJ), a music and entertainment subsidiary of digital entertainment and technology company JetSynthesys.
Warner Music has acquired 26 percent stake in GMJ and secured a seat on Global Music Junction's board, said people close to the development. The acquisition of the minority stake was not disclosed in the official statement.
The two firms had struck a distribution deal in 2021. With the latest development, Warner Music India expects to become the largest player in the central Indian music market.
JetSynthesys with its music entertainment arm has been penetrating the Indian vernacular music market. GMJ in its portfolio has content available in Bhojpuri, Haryanvi, Oriya, Kannada, Gujarati, among others. The company has over 250 million subscribers, and it serves more than 100 billion minutes of entertainment annually in more than 130,000 pieces of audio-visual music content.
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JetSynthesys is backed by Kris Gopalakrishnan, Adar Poonawalla, Sachin Tendulkar, and the offices of the promoters of Thermax, Triveni Group, Yohan Poonawalla Group, and DSP Group.
Through gaming and esports, JetSynthesys has able to target the Gen Z consumer base across markets including smaller cities. The company is betting on the overlap of this audience with its music audience for newer opportunities in the Indian market.
"Warner Music's investment in Global Music Junction and its continued collaboration with us will fast track the increasing expansion of India's regional music industry. With our combined collective vision and understanding of audience preferences, we aim to strengthen the ecosystem by meeting the growing fan demand in the music and entertainment space. We are looking forward to more successful outcomes from our longstanding collaboration," said Rajan Navani, CEO and founder of JetSynthesys.
With Warner Music India's extensive roster of global artists and its longstanding commitment to India, coupled with decades of rich experience in the music industry, GMJ is looking to gain invaluable insights and resources, the JetSynthesys subsidiary said.
Warner's involvement will facilitate the introduction of new global best practices to JetSynthesys' Global Music Junction, enhancing its operational efficiency and strategic direction the company added.
“Our partnership continues to have a significant presence in the places in the Indian market which are growing most rapidly, and so enables us to be the fastest expanding music company. GMJ is a leading player in five language markets in central India and works with some of the biggest names in Indian music and showbusiness. This is a critical moment in our expansion across the country as we seek to position Warner Music India as the number one choice for all discerning artists and labels,” said Jay Mehta, Managing Director of Warner Music India.
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