The companies did not quote an amount for the transaction. Infibeam said it will invest Rs 100 crore into INDENT over the next three years.
INDENT is a technology platform for music labels, brands and smartphone manufacturers holding rights to content. They can monetize content by distributing the digital and physical content under their own brand name, and allows billing and payment gateways to users. When INDENT launched in 2012, it has partnered with Sony Music Entertainment to offer their services together.
According to the report, INDENT will continue to develop applications for many large labels and brands with integrated telco billing, original equipment manufacturer bundling and social platforms. Medianama has contacted Infibeam to find out what applications they have developed, and for whom.
The music business is a tricky market to be in today – the mobile ecosystem is evolving and music consumption models are changing. To deal with this, music businesses should come out with models that work for the artists too. While Dhingana and Flyte shut down, OML, Hungama, Saavn and Gaana are dealing with the new challenges. Telcos like Vodafone are also providing music streaming and downloading services.
Earlier in April, Sony Music Entertainment India had signed a strategic worldwide deal to manage the digital assets (except YouTube) of all Bollywood releases from Zee Entertainment Enterprises Ltd’s recently launched music label Zee Music Company. Last year, Saregama had also inked a worldwide licensing agreement to license its physical business to the Home Entertainment Services division of Sony DADC (Sony Digital Audio Disc Corporation) in order to focus on digital music sales