Saregama India witnessed the highest increase in their share price in the past 52 weeks after they announced a licensing deal with short-video sharing app Josh.
Josh is an Indian app created by VerSe Innovation. People using the app can now select from over 1,30,000 songs offered by the Saregama library. Saregama will license the entirety of its music library to Josh as part of the deal. These include music in Indian languages like Punjabi, Bengali, Bhojpuri, Tamil, Telugu, Gujarati, Malayalam, Kannada, and Marathi, among others. The Managing Director of Saregama India said in a statement that their partnership with Josh showcases how people love “evergreen music” irrespective of age.
The company recorded a net profit of Rs.31 revenue in the quarter that ended on December 2020 as compared to Rs.10.48 crore in the same quarter the previous year.