Sony Music Inks a Joint Venture Label In India — Introducing Big Bang Music

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Sony Music has announced a new strategic joint venture label with entertainment management company KWAN. The joint venture is called Big Bang Music, and it is a 50/50 partnership that aims to leverage Sony’s big label access and promotional prowess. KWAN’s artist management and talent relationships will round out the A&R offering that this new label plans to deliver.

The partnership is focused on developing a new roster of pop stars for India, which is a growing market for the music industry. Sony Music says the label will focus on content for digital platforms and experiences for fans who are digital natives. The label will be led by Gaurav Wadhwa, who has extensive experience working with talent across brands like Pepsi, Red Bull, and MTV.

The joint venture is a strategic move for Sony Music, which is under pressure to extend its reach after a flat 2018 fiscal year (ending March 31st, 2019). Sony’s recorded music revenue dropped 8.6% compared to the previous period, despite seemingly robust streaming revenues. At the time, Sony attributed declining sales to changes in accounting and declining physical sales.

On the publishing side, Sony/ATV Music Publishing saw higher sales and growth thanks to the acquisition of EMI Music Publishing. Sony administers more than 2.45 million tracks and combined with EMI’s publishing rights, now manages 4.53 million tracks.

Sony is bringing its non-Japanese recorded music and publishing under one label, Sony Music Group. Q2 financials showed Sony’s music business grew by 11% after its soggy Q1 2019 report. 27% of that growth can be attributed to streaming platforms. Indeed, streaming revenue pushed Sony’s recorded music revenues over $1 billion to achieve that growth. Daily streaming revenues are around $6.8 million, less than Universal’s daily streaming average of greater than $10 million.

The music industry in India is expected to grow significantly over the next few years, and Sony Music is positioning itself to take advantage of this growth. Big Bang Music could become a major player in India’s music industry, and it will be interesting to see how the label develops over the coming months and years.

The joint venture will focus on non-film music artists, which is a deviation from the standard Bollywood-centric market in India. This could be an opportunity for Big Bang Music to differentiate itself in the market and attract artists who are looking for a new platform to showcase their talents.

Bollywood singing sensation Shalmali and hip-hop star Naezy have already joined Big Bang Music’s roster, which is a promising start for the new label. Vijay Subramaniam, CEO and co-founder of KWAN, says the joint venture will give artists a strong platform while leveraging Sony’s marketing expertise.

The joint venture between Sony Music and KWAN is a significant development for India’s music industry. The music industry in India is growing rapidly, and there is a demand for new talent and content. Big Bang Music could help to meet this demand by developing a new roster of pop stars for India’s digital natives.

In conclusion, Sony Music’s joint venture with KWAN to launch Big Bang Music is a strategic move to tap into India’s growing music industry and to help Sony Music extend its reach in the country. The partnership is focused on developing a new roster of pop stars for India, which is a growing market for the music industry. Big Bang Music could become a major player in India’s music industry, and it will be interesting to see how the label develops over the coming months and years.