Mumbai: Sony Music Entertainment has bought a strategic stake in Infibeam Digital Entertainment Pvt. Ltd (INDENT), the digital entertainment arm of Infibeam Incorporation Pvt. Ltd, Sony Music said on Tuesday.

According to its statement, Infibeam will hold a majority stake in the company while Sony Music will hold a 26% stake after the completion of transaction. The company did not say how much the stake sale was worth.

“As the digital ecosystem 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," said Shridhar Subramaniam, president, India and the Middle East, Sony Music.

According to a company spokesperson, Sony will commit to investing 100 crore over the next three years in INDENT.

The company offers a platform to large and medium music labels in India and abroad, allowing them to engage with customers and monetize their content, by distributing digital as well as physical content.

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