Digital entertainment and technology company JetSynthesys, which has launched gaming apps like Sachin Saga Cricket Champions, Sachin Saga VR and 100 MB, billed as a digital destination for all things cricket, plans to infuse Rs 200 crore over the next three years into the Indian entertainment space.
The investment will be mainly directed towards music, Rajan Navani, vice chairman and managing director, told Moneycontrol.
It’s only logical given that JetSynthesys has teamed up with Warner Music Group, reputed to be the world’s third largest music company.
"While it was gaming and E-sports that became the centre stage, we have been silently working on building our grassroot presence in music," Navani said.
The company, which counts ex-cricketer Sachin Tendulkar; Adar Poonawalla, chief of the Serum Institute of India; and Infiosys co-founder Kris Gopalakrishnan among its shareholders, will also invest in digital entertainment and social community platforms.
JetSynthesys, which started Global Music Junction in 2019, is looking to strengthen the entity through its partnership with Warner Music Group.
Global Music Junction was formed to focus on music markets, which are vernacular by nature in India and elsewhere, Navani said.
"Bhojpuri is a huge market and Global Music Junction started acquiring IP (intellectual property) rights to various artistes and talent in the Bhojpuri space. We are 60 percent of the Bhojpuri market in terms of non-film music. Similarly, we are expanding into other markets like Haryana, Orissa and West Bengal," he said.
Digital adoption has been massive in recent years in India, and a lot of music, even in regional languages, these days is being consumed on steam services, or over-the-top platforms (OTTs) and YouTube, Navani noted.
"Global Music Junction has recorded 400 percent year-on-year growth for the last two years. And this partnership (with Warner) will help us strengthen our domestic position and use Warner's global expertise as we crack India," he added.
The pandemic, which has confined residents in many parts of the country indoors and forced them to work from home, has contributed to rapid growth in the home entertainment space.
Global Music Junction has a presence in five to six regional markets and plans to expand to more.
Other content creation
JetSynthesys has also become Warner Music Group’s official India partner on matters related to music label licensing and acquisition, artist management, event management and original content creation across music, short videos and films, along with mobile gaming and E-sports.
“India is one of the strongest emerging markets globally when it comes to entertainment, across formats and verticals. Valued at around Rs 15 billion in 2020, the Indian music industry itself is estimated to reach Rs 23 billion by the end of 2023,” said Perez-Soto Alfonso Javier, president, emerging markets, Warner Music Group.
Jay Mehta, managing director of Warner Music, South Asia, said the company ventured into India last year and has been seeking to reinforce its presence in the market.
"The association with JetSynthesys comes at a rather opportune moment when the Indian music industry, and the entertainment space in general, is on an unprecedented growth spree. The association with JetSynthesys not only helps us bolster the music space in India but also get dynamic high-interest verticals like gaming and E-sports into our fold”, said Mehta.JetSynthesys’s Navani said that through the partnership with Warner Music Group, the company will "see how to take India out to the world."