Zee Entertainment Enterprises Limited (ZEEL) has now ventured into the music label space with its latest venture, the Zee Music Company (ZMC) with plans to acquire the music rights of over twenty major motion pictures in the financial year 2014-15.
Zee Music Company has already acquired the rights to the music of the Akshay Kumar and Sonakshi Sinha starrer film Holiday which is jointly produced by Reliance Big Entertainment, Sunshine Pictures and Hari Om Entertainment Company.
Zee Music Company has also partnered with Fox Star Studios and signed the latter for the music of five of its Hindi releases for the year, including the Saif Ali Khan and Riteish Deshmukh starrer Humshakals, Hrithik Roshan and Katrina Kaif starrer Bang Bang and Bombay Velvet that stars Ranbir Kapoor and Anushka Sharma.
Punit Goenka, Managing Director and Chief Executive Office, Zee Entertainment Enterprises Limited said, “Zee Entertainment Enterprises Limited has always been a leader in the media and entertainment space, be it films or television, and branching out into the music label space gives us an opportunity to widen our business. The music industry is a large playing field and there is scope for us to explore the opportunity in this market. Technology has also emerged as a key transformer of the music industry and digital revenues are driving growth in the market. Since we are a content company, it is essential to own intellectual property as content is the king.”
The industry is however currently struggling with transitioning from physical sales to other streams of revenue like selling music libraries in the B2B space, talent management, music based events and even film productions. The B2B sales sector is growing mostly robustly for most companies since platforms like iTunes and Saavn are popular avenues to access music online for download and streaming respectively.
Future partnerships of Zee Music Company include the big players; Dharma Productions, Excel Entertainment and other top studios.
Here’s wishing Zee Music Company all the best!