Saregama India has posted a net profit of Rs 4.95 crore in the quarter ended December 31, 2012, a substantial 75.5% increase from Rs 2.82 crore profit reported in the same quarter last year. The company reported total revenues of Rs 51.43 crore, up 29.3% from Rs 39.78 crore from the same quarter last year.
While the revenue from the Music segment was Rs 36.83 crore for the quarter, witnessing a profit of Rs 11.42 crore. the revenue from Films and Television serials was Rs 14.61 crore for the quarter, witnessing Rs 1.28 crore loss. The company hasn’t revealed any operational details for this quarter.
In November 2012, Saregama appointed Surya Mantha, former Web18 CEO and VC with Omidyar Network, as its Managing Director. Although the appointment wasn’t confirmed at the time, Mantha’s LinkedIn profile suggests that he has been Saregama’s managing director since January 2013.
Saregama had partnered Timbre Media to relaunch Worldspace Radio on mobile, Internet and the DTH platform in July 2011. As part of the agreement, the company would act as the content provider and distributor for the radio stations and Timbre Media would handle the music programming of these station. Saregama was also expected to pick up 10% stake in Timbre Media as part of the agreement.
Timbre Media had silently launched its services on Vodafone network under the moniker Vodafone WorldSpace Radio in March 2012 and offered 10 music channels dedicated to different genres of Indian music including the Bollywood channel Farishta, Ghazal channel Falak, Bengali channel Sonar, Gujarati channel Umang, Marathi channel Surabhi, Punjabi channel Tunak, Kannada channel Sparsha, Tamil channel Thenisai, Telugu channel Spandana and the Malayalam channel Madhuri.
It had also extended the service to Airtel DTH platform in October 2012. Airtel DTH offered 12 channels including devotional and kids channels through its iMusicSpace service for Rs 35 per month. Among the channels offered include Magikbox – Kids, Shraddha – Devotional, Farishta- Retro Hindi, Falak- Ghazals, Sonar- Bengali, Umang- Gujarati, Surabhi- Marathi, Tunak- Punjabi, Thenisai- Tamil, Madhuri- Malayalam, Sparsha- Kannada and Spandana- Telugu.