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News |  31 Mar 2014 17:58 |  By RnMTeam

Zee Music plans to acquire music rights of 20 films in FY 2014-15

MUMBAI: Reports that surfaced about a new label company Zee Music Company' (ZMC) - a venture of Zee Entertainment Enterprises Limited (ZEEL), coming into the music space is true. After weeks of speculation, the company announced the launch of the label on 31 March.

ZMC also revealed its plans to acquire the music rights of over 20 major motion pictures in the financial year 2014-15.

ZEEL MD and CEO Punit Goenka said, "ZEEL has always been a leader in the media and entertainment space, be it films or television, and branching out into the music label space gives us an opportunity to widen our business."

ZMC business head and EVP Anurag Bedi said, "It is a great space to be in, as music is something that is consumed universally. The Hindi film industry is currently in its best phase musically and there is a plethora of talent. We had been toying with this idea and finally we have entered this space."

ZMC has already acquired rights to the music of the Akshay Kumar-Sonakshi Sinha starrer 'Holiday' which is jointly produced by Reliance Big Entertainment, Sunshine Pictures and Hari Om Entertainment Company.

It has also partnered with Fox Star Studios and will acquire the music of five of its Hindi releases for the year. This includes the Saif Ali Khan and Riteish Deshmukh starrer 'Humshakals', Hrithik Roshan and Katrina Kaif starrer 'Bang Bang' and one of the most anticipated releases of the year 'Bombay Velvet' starring Ranbir Kapoor and Anushka Sharma.

The company also mentioned its future partnerships with big players like Dharma Productions, Excel Entertainment and other top studios.

Goenka added, "The music industry is a large playing field and there is scope for us to explore the opportunity in this market. Technology has also emerged as a key transformer of the music industry and digital revenues are driving growth in the market. Since we are a content company, it is essential to own intellectual property as content is the king."

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