The company has joined forces with Times Music, a division of the Times of India Group and a major player in the Indian recording industry.
Primary Wave will invest what it calls “significant capital” and give resources for “catalog investments” in the market as part of the agreement.
Primary Wave’s investment in Times Music “will help form a new joint venture valued at over $100m,” according to a Wall Street Journal report that did not disclose financial parameters of the arrangement.
Primary Wave additionally intends to hasten the expansion of Times Music’s regional, film, and non-film music libraries throughout international markets.
Primary Wave and Times Music have announced that they will collaborate on an initiative to monetize Indian intellectual property (IP) in international markets, with the goal of investing in catalog potential in the Indian market.
Primary Wave claims that Times Music is “ready to make significant investment in Bollywood and South Indian cinema music, as well as iconic Indian catalogs” as a result of the explosive rise of digital streaming in India.
Six months after Primary Wave’s $2 billion transaction with banking giant Brookfield was announced, the news of the investment in Times Music was announced.
As part of the agreement, Brookfield invested $1.7 billion into a new “permanent capital vehicle” and also acquired a minority ownership in Primary Wave.
The relationship between Primary Wave and Times Music, the former claims, will help the latter expand into new foreign markets.
Also, according to Primary Wave, they will help Times Music with A&R, branding, synch, film & TV, and digital marketing opportunities in the United States, Europe, and other global markets for their artists, recordings, and songs.
Times Music was established in 1998, and its catalog features music from Bollywood, indie, pop, rock, regional, spiritual, and other non-film genres.
N. Subramanian and Theja Kolla of the Times of India Group worked closely with Primary Wave’s Chief Operating Officer, Ramon Villa, and General Counsel, Amy Ortner, to establish the new relationship.
“Times Music’s strategic partnership with Primary Wave is a proud moment for us at the Times Group,” stated Vineet Jain, Managing Director of the Times Group.
“We look forward to an exciting future ahead with Larry Mestel and his incredible team at Primary Wave as the company moves into the next phase of its expansion in the broader entertainment space.”
Times Music COO Mandar Thakur remarked, “Music is synonymous with India, and Times Music has built an incredible catalog with amazing global potential.”
His next words were, “Our partnership with Primary Wave will enable us to further accelerate our catalogue acquisition, acquire new music, and reach audiences around the world.”
“We are looking forward to working with Mandar and his entire Times Music team who are among the best in the rapidly growing Indian music business,” stated Larry Mestel, CEO & Founder, Primary Wave Music.
We are proud to be their partners in India because of the remarkable company they have developed through their ingenuity, perseverance, and marketing prowess.
David Loiterton of Primary Wave Music remarked, “Music is becoming more global every day.”
Together with Times Music, we will continue to challenge conventional wisdom about what it means to be successful in the modern music industry in India and beyond.The Global Music Industry