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Saregama net profit triples year over year, bolstered by licensing revenue growth

Key Takeaways Music licensing revenue has grown to record heights, and is likely to keep growing, as it is directly proportionate to growth in adoption of digital music services and streaming video platforms that license music. However, revenue overall has yet to recover to pre-COVID levels. Carvaan device sales have bounced back since the pandemic, when their sales reduced due to store closures, and have grown 70% QoQ to 138,000 units being sold. Film releases have been muted during the pandemic, depressing at least one source of music revenue. Old and new music both contribute heftily to licensing revenue, with the two decades since the turn of the millennium accounting for 34% of income. An increase in royalties from music and sales in its Carvaan music players helped Saregama's net profit triple year-over-year to ₹31.6 crore, even as overall revenue…

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