India's Saregama rises after ShareChat, Moj tie-ups

Saregama India

10/09/2020 06:07

** Shares in India's oldest music label Saregama  SARE.NS 
jump as much as 6% after it signs a global licensing deal with
two Indian social media apps
    ** Deal allows users of ShareChat and its short-video
platform Moj to add music to their posts using songs from
Saregama's music archive (https://bit.ly/3m9d1GI)
    ** ShareChat and other apps became more popular after India
banned Chinese-origin TikTok in late June; ShareChat launched
Moj - which now has >50 mln Android smartphone users - soon
after the ban
    ** SARE shares surged 20% in early June when it signed a
similar licensing deal with Facebook  FB.O  that also extended
Saregama's music catalogue to Instagram users  urn:newsml:reuters.com:*:nL4N2DG17Z
    ** The music label's shares - up 1.3% at 0600 GMT - have
climbed 23% YTD

 (Reporting by Sachin Ravikumar)
 ((saisachin.r@tr.com; +91 80 6749 7649; Twitter: @sachinr27))