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Warner Music India enters live entertainment with investment in SkillBox
Livemint
ยท
8m ago
Medial
Warner Music India has made a strategic minority investment in SkillBox, the third-largest ticketing and live entertainment company in India. This move marks Warner Music India's entry into the live entertainment business and aims to strengthen its portfolio and expand opportunities for its artists. SkillBox offers ticketing, live brand solutions, and live tech services, and is known for hosting international and domestic concerts. This investment aligns with Warner Music India's vision of providing comprehensive services to artists and capitalizing on the rapid growth of India's live entertainment sector.
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Major record labels are reportedly in licensing talks with AI firms Udio and Suno | TechCrunch
TechCrunch
ยท
1m ago
Medial
Universal Music Group, Warner Music Group, and Sony Music Entertainment are negotiating with AI startups Udio and Suno to license their work, potentially providing a framework for AI companies to pay artists. The talks include labels seeking equity in the startups and aim to resolve ongoing copyright lawsuits. Both parties are attempting to balance control over music use and flexibility for AI experimentation, fostering collaboration rather than legal disputes.
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We want to establish India as a global live entertainment hub: BookMyShowโs Owen Roncon
Business Today
ยท
1y ago
Medial
BookMyShow plans to establish India as a global live entertainment hub by focusing on unique experiences like the recently-concluded Nykaaland festival. The company aims to move beyond music and expand into newer segments like beauty. With upcoming concerts featuring big artists like Ed Sheeran, BookMyShow is set to make even bigger strides in the live entertainment space. The company has a pipeline of events in the works and plans to fill gaps in the market. After the pandemic, live entertainment shows have seen a strong bounce back, with high ticket demand for concerts like Backstreet Boys.
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Zomato Live gears up for strategic growth in new cities
Livemint
ยท
1y ago
Medial
Zomato Live Entertainment, the events vertical of food delivery platform Zomato, plans to expand its presence in new cities and develop new intellectual properties (IPs). The company aims to make a significant double-digit contribution to Zomato's revenue within three years. Zomato Live initially focused on the Zomaland food carnival and music festival, which has expanded to eight cities. The live events industry in India is expected to reach $8 billion by 2028. Zomato Live aims to become India's leading live entertainment company, offering premium experiences and generating revenue through ticketing and sponsorships.
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BookMyShow FY24 revenue jumps 43% on live events growth; online ticketing drives profitability
Economic Times
ยท
7m ago
Medial
BookMyShow, an online entertainment ticketing platform, experienced a 43% YoY increase in scale, driven by significant growth in its live events segment. The company achieved profitability in FY23 and saw its net profit grow further in FY24 due to strong revenue growth. Online ticketing remains the biggest revenue and profit contributor, while the live events segment recorded a loss. BookMyShow faces competition from Zomato, which acquired Paytm's events and ticketing business, and is organizing large-scale music concerts. Operating cash flows decreased due to increased operational expenses, and total expenditure rose by 40%. BookMyShow leads India's entertainment ticketing market with a 75% market share. Uncertainty surrounds a planned investment by PE firm KKR following Zomato's acquisition.
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Music concerts are set to be a โน1,000 crore business in India
CNBC
ยท
10m ago
Medial
India's live music scene is experiencing rapid growth, with music concerts expected to generate โน1,000 crore by 2025, according to an EY report. Concerts with audience sizes of under 2,000 are set to double, and overall, the number of concerts will increase from 8,000 in 2018 to 16,700 in 2025. Major music festivals such as Ziro, NH7 Weekender, and Sunburn continue to attract millions of attendees. Live shows are also boosting related industries like food and beverages and ticketing. International artists, including the Backstreet Boys and Deep Purple, are increasingly performing in India, signaling the country's growing importance in the global music scene. The future looks bright for live music in India.
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Lollapalooza India is on track to break even next year: Bookmyshow
Livemint
ยท
1y ago
Medial
The Indian edition of Lollapalooza music festival is expected to reach a break-even point by next year, according to Owen Roncon, Live Entertainment chief at BookMyShow. Roncon stated that the event's brand popularity has been unprecedented and is increasing, leading to plans for bigger and better brand partnerships. Lollapalooza made its debut in India in 2019 and has become the first Asian country to host the festival. BookMyShow aims to reduce ticket prices through increased brand support and is focusing on co-producing events to make live shows a growth engine for the company.
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India's live entertainment industry hits high note with global acts, Gen Z demand
Economic Times
ยท
1m ago
Medial
India's live entertainment sector is booming due to increasing large-scale music and comedy events, a growing middle class, and Gen Z's evolving preferences. Global acts are increasingly performing in India as both domestic and international artists attract audiences in both metropolitan and smaller cities. The industry, valued at ?12,000 crore, is projected to surpass ?20,000 crore by 2027. Digital advancements and economic growth are further driving this demand for immersive experiences, reflecting significant potential in the sector.
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India is blocking TikTok's owner from offering music streaming as the company looks to build a Spotify competitor
Business Insider
ยท
1y ago
Medial
TikTok's parent company, ByteDance, is closing down its music-streaming app Resso in India after the government ordered its removal from app stores. This comes as TikTok launches a separate music app in five countries. Despite being banned in India since 2020, TikTok has continued to grow globally, surpassing 1 billion users. While TikTok Music expands to compete with Spotify and Apple Music, there are currently no plans to launch it in the US. The shuttering of Resso coincides with TikTok's efforts to expand its influence in the music industry through live events and artist services.
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Bessemer, Jhunjhunwala-backed Hungama raising fresh funding
VCCircle
ยท
1y ago
Medial
Bessemer Venture Partners and Rakesh Jhunjhunwala's investment firm-backed Hungama Digital Media Entertainment is in the process of raising new funding. The Mumbai-based company, founded in 1999, is a publisher and distributor of music and video titles.
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Warner Bros Discovery to launch Max streaming service in Europe before Olympics
Reuters
ยท
1y ago
Medial
Warner Bros Discovery has announced that it will launch its Max streaming service in Europe on May 21, just before the Olympic Games in Paris. The platform will offer a range of content, including HBO Max's scripted entertainment, Discovery's reality shows, and Eurosport's television network. The pricing details for the new launches will be announced later, and the service will initially be available in the Nordics, Iberia, and Central and Eastern Europe, with further launches in Poland, the Netherlands, France, and Belgium. The platform will also stream every live event from the 2024 Summer Olympics in Paris.
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