Global music giant Sony Music Entertainment has bought 26 per cent strategic stake in Infibeam Digital Entertainment.
Indent was launched in 2012 as a technology platform that offers solutions to music labels, brands and smartphone manufacturers to distribute digital and physical content under their own brand name, and allows billing and payment gateways to users. Infibeam will continue to hold a majority stake in the venture.
Going further, Indent will continue to develop applications for large labels and brands with integrated telco billing, original equipment manufacturer bundling and social platforms.
Commenting on the development, Shridhar Subramaniam, president, India and Middle East, Sony Music Entertainment, says, "Indent fills a need gap for all music rights owners. As the digital eco system keeps evolving, there has been a strong need for an independent technology company that music companies can partner with to build innovative services and offerings. Every content owner has aspirations to reach consumers and brands directly. Indent empowers these labels with a scalable and commerce ready platform."
Vishal Mehta, founder and CEO, Infibeam, states, "Indent continues to build state-of-the-art inclusive digital platforms powering music applications installed on millions of mobile phones and high quality experience to music lovers. Indent will enable brands, technology and music on common interface with innovative customer engagement models."
Sony Music is one of the largest and most integrated music companies in India owning digital music content rights with highly sophisticated marketing and distribution channels. Last year, Sony Music partnered with the new range of Sony Xperia smartphones to launch 'Sony Music Jive' - a first of its kind music service that allows consumers to download and stream music from the Sony Music Catalog of two million songs, powered by Indent.