Mumbai: Sony/ATV Music Publishing Llc, a music publishing firm formed by Sony Music Global and the family trust of Michael Jackson has formed a strategic joint venture with Sony Music Entertainment India Pvt. Ltd., marking its India entry.
In a media statement issued on Monday, Shridhar Subramaniam, president - Sony India & Middle East said through this joint venture Sony Music Entertainment will represent Sony/ATV’s 750,000 plus global music assets in India and Sony/ATV will represent Sony Music’s musical works internationally.
On Monday, Mint had reported that Sony/ATV music is making India entry through a strategic alliance with Sony Music.
The statement said the joint venture company will ensure proper and timely monitoring, tracking, collection and payment for the use of music they own and manage. As part of its monitoring mechanism, the joint venture company will also ensure corrective as well as punitive action against those using its music without necessary license through collaborative efforts with local law-keeping authorities, it added.
Ashish Pherwani, senior manager, Ernst & Young Pvt Ltd said that the Indian music industry is set to witness huge growth, shifting from physical forms of music
*CD’s etc) to digital music. “Technology & 3G- 4G will only aid that” said Pherwani adding that it seemed like a mutually beneficial deal for both Sony/ATV and Sony Music India.
He said that as Indian audiences see change in lifestyle, technology etc, they will experiment with more of international music. International music is a small but growing segment, said Pherwani.
“We have all heard the bad news “piracy/illegal downloads affecting music companies but I wouldn’t write off the industry just yet,” he said.
Navin Shah joint managing director of EMC Solutions Worldwide , a branded entertainment solutions firm, said that in India, “ 95% of the music was local and Bollywood music, which is why Sony/ATV will find it challenging to find audiences for international music.” But with rapid urbanization happening, international music is becoming bigger.
The tie up will bring best practices from international markets into India. For instance, there “ no reason why it should be restricted to music” it could be merchandising, concerts etc. For instance Universal in UK is known as a brand solutions company. It isn’t just a music company, he said.