PRIMARY WAVE MUSIC ANNOUNCES STRATEGIC INVESTMENT AND PARTNERSHIP WITH LEADING INDIAN MUSIC COMPANY TIMES MUSIC
Primary Wave Music, the world’s leading independent publisher of iconic and legendary music in the world, announced today their partnership with leading Indian record label and music publisher, Times Music. Times Music is a subsidiary of the Times of India Group, which includes interests in newspaper, magazines, radio, television, streaming music, digital platforms, events and out of home marketing.
Terms of the deal will see Primary Wave invest significant capital in the company and provide resources for further Indian catalog investments and help accelerate the company’s growth of its regional, film, and non-film music catalogs in global markets. Times Music is regarded as a local major in India, with an iconic catalog of some of India’s best film, pop, regional and spiritual songs, and recordings.
The company has benefited from an explosion of digital growth in streaming in India. The overall Indian music market grew 35% to $319 million in 2022 and is set for further substantial growth in 2023. Times Music is now primed to make significant investment in Bollywood and South Indian cinema music, as well as iconic Indian catalogs.
Primary Wave’s partnership with Times Music is another step in its expansion into international markets, continuing to capture explosive growth for its artists, songwriters, and management clients. This exciting new partnership will provide Primary Wave, its roster of artists, and catalog of music, an opportunity to be introduced to a significant new global market across all platforms from streaming to live performances and more.
Core to the partnership is both companies’ belief in the increasing globalization of music. Primary Wave will assist the Times Music team in finding opportunities in the U.S., Europe, and other global markets in A&R, branding, synch, film & TV, and digital marketing for Times Music’s catalog of iconic artists, recordings, and songs. Together Primary Wave and Times Music will also invest in catalog opportunities in the Indian market including film, non-film, regional and other iconic IP, that will then form part of its push to monetize Indian IP in the international markets.
Of the partnership, Vineet Jain, Managing Director, Times Group said “Times Music’s strategic partnership with Primary Wave is a proud moment for us at the Times Group. As the company progresses to the next phase of its expansion in the broader entertainment space, we look forward to an exciting future ahead with Larry Mestel and his incredible team at Primary Wave.”
“Music is synonymous with India and Times Music has built an incredible catalogue with amazing global potential,” added Mandar Thakur, COO, Times Music. He goes on, “Our partnership with Primary Wave will enable us to further accelerate our catalogue acquisition, acquire new music and reach worldwide audiences.”
“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,” says Larry Mestel, CEO & Founder, Primary Wave Music. He continued, “They have built an extraordinary company utilizing their creativity, tenacity and tremendous marketing skills, and we are honored to be their partners in India.”
Primary Wave Music’s David Loiterton adds, “Music is becoming more global every day. Our partnership with Times Music will enable both companies to continue to push the boundaries of what success looks like in today’s music business, within India and in the international markets.”
Times Music, a subsidiary of The Times of India Group, is one of India’s leading record labels and music publishers.
Times Music is home to an iconic music library that represents Bollywood, Indie, Pop, Rock, Regional, Spiritual & other non-film music genres. All Film music OSTs including Bollywood and South repertoire are released under the Junglee Music sub-label. All the cutting-edge, next-generation independent music releases are released under the newly launched sub-label and artist platform- ffs.
Since its inception in 1998, Times Music has been working with a broad array of leading artists and songwriters, domestic and global film studios, and additionally, a major player in the Punjabi and South-Indian music markets. Times Music has an exclusive global distribution partnership with Speed Records, the leading Punjabi music label.
Ramon Villa, Chief Operating Officer of Primary Wave and Amy Ortner, General Counsel, working closely with N. Subramanian and Theja Kolla of the Times of India Group, negotiated the new partnership.