Saregama India
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Profits
2014-18
Udit Mukherjee, Saregama on a song with Carvaan musical device, May 17, 2018: The Times of India
From: Udit Mukherjee, Saregama on a song with Carvaan musical device, May 17, 2018: The Times of India
Saregama India, after hitting rock bottom in the latter half of the last decade owing to the onslaught of downloaded songs, has staged a comeback this year by riding on Carvaan, a pre-loaded retro-looking musical device. With this, the decades-old offline music company — which belongs to the RPSanjiv Goenka (RP-SG) Group and owns the largest repertoire of Indian music — has not only used technology intelligently to get a new lease of life, but also reported the highest ever annual profit in its history.
Saregama India — earlier known as HMV, the oldest entertainment company in the country (from the Gramophone Company days) and once synonymous with popular Bollywood songs — in fiscal 2017-18 netted about Rs 30 crore in profit from a revenue of nearly Rs 350 crore. The profit was just Rs 1.5 crore a decade back.
In the last few years, too, its profit margin was languishing at a single-digit level. In 2016-17, Saregama had reported Rs 6.2 crore, while in 2014-15, it became Rs 6.8 crore. Boosted by the huge popularity of the retro-looking device that can store up to 5,000 songs, the company is now hoping to do even better this fiscal.
RP-SG Group chairman Sanjiv Goenka told TOI that Carvaan has revolutionised the Indian music industry once again.
“This (Carvaan) is the biggest disruption in the music industry now after the arrival of downloads and internet music in the last decade. It is technologically driven but yet easy to use,” he added.
