Exclusive: Flipkart.com, among India's largest online retail businesses, is entering the digital distribution domain by acquiring Mime360, a Mumbai based business digital content platform company which hosts music streaming for labels like Saregama, Universal Music and Inreco. Mime360 delivers music content to publishers like Gaana.com (Indiatimes), Myusic and iMusti, but it also allows for distribution of video (TV and Films), Games and Music. Last week, Mime360 began informing labels of the acquisition by Flipkart. Confirming the development to MediaNama, Flipkart co-founder Binny Bansal said that that they were talking to Mime360 about powering their digital music launch, and they liked the team and the technology platform that had been built. "We've acquired them for the team, because they're strong in both business and technology. That is coupled with their strong domain knowledge, because they've been been at it for the last two years. They have strong relationships (in the music business). The digital distribution platform that they've built helps us with the time to market." It's a 100% acquisition, and a part-stock, part-cash deal; Bansal declined to comment on the valuation of Mime360. Flipkart will begin with launching digital music distribution, for which the company is in talks with labels, and eventually roll out ebooks and games. Bansal declined to comment on specific plans, since they're still in discussions with potential partners, saying that a concrete plan is not in place. Mime360 has around 11-12 people, and the technology team will eventually shift to Bangalore, while the business team will remain in Mumbai. Sameer Nigam, CEO of…
- Indian Army train birds of prey to take down border-crossing drones November 30, 2022
- Petition in Madras HC Seeks to Restrict Minors from Online Gambling Sites and Apps November 30, 2022
- Online filing of consumer complaints mandatory from April 2023 November 30, 2022
- DPDP Bill, 2022: Experts Say Withholding Public Feedback Is Problematic, Call For Improved Consultations November 30, 2022
- India’s central bank launches pilot of e-Rupee for retail segment: Here’s everything to know November 29, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...