Corporate Presentation

Saregama Reinforces Digital IP Strategy with 180,000+ Song Catalogue, 650 Million Audience and Multi-Platform Growth

NSE

SAREGAMA

BSE

532163

Saregama India Limited unveiled its latest corporate presentation, highlighting its transformation into a digital intellectual property (IP) company.
The company emphasized its expanding music catalogue, growing digital audience, diversified content businesses and long-term monetisation strategy built around perpetual ownership of content rights across music, films, television, digital series and live entertainment.

PRICE-SENSITIVE TRIGGER

Event: Saregama released its Corporate Presentation outlining its business model, investment thesis, digital content strategy and long-term growth opportunities.

Type: Corporate Presentation

Impact: Positive

Immediate Effect: The presentation reinforces Saregama’s focus on building long-duration intellectual property assets, expanding digital monetisation and leveraging India’s growing content consumption ecosystem for sustained earnings growth.

Metrics:

Key Financial Metrics:

FY26 Revenue from Operations: ₹9,846 million
FY26 Adjusted EBITDA: ₹4,047 million
Adjusted EBITDA Margin: 41%
Operational PBT: ₹2,926 million
FY26 Music Content Investment: ₹1,399 million
FY26 Music & Video Revenue: ₹9,846 million (excluding one-off live event base)

Highlight:

Saregama achieved its highest-ever adjusted EBITDA of ₹4,047 million during FY26 while maintaining a 41% EBITDA margin, supported by the scalable economics of its digital content IP portfolio.

What Happened ?

Saregama presented its long-term business strategy centered on acquiring, owning and monetising intellectual property across multiple digital platforms. The company believes perpetual ownership of music rights enables recurring revenue generation over several decades through streaming, licensing, social media, broadcasting, films and emerging AI-driven applications.

Management also highlighted continued expansion into video production, live entertainment, artist management and premium consumer products while leveraging its large owned digital audience to enhance content monetisation.

key details

Business Overview:

Owns 180,000+ songs with perpetual global rights.
Digital audience exceeds 650 million subscribers and followers.
Presence across 14+ Indian languages.
Portfolio includes 70+ films, 55+ digital series and 10,000+ hours of television content.
Operations span Music, Video, Live Events and Artist Management.

Competitive Strength:

India’s largest multi-language music catalogue.
Strong ownership of legacy and contemporary music IP.
Large owned audience reduces dependence on third-party customer acquisition.
Multiple monetisation channels improve revenue diversification.
Long asset life creates recurring royalty income over decades.

Revenue Model:

Business Mix
- Music: 83%
- Video: 11%
- Live Events: 6%

Revenue Sources
- Digital platforms: 67%
- Brand partnerships: 19%
- Direct customers: 14%

Revenue is diversified across streaming platforms, social media, television broadcasters, OTT platforms, retail channels and brand collaborations.

Music Business:

Saregama monetises its catalogue through multiple channels including:

Audio streaming platforms
Video streaming and YouTube
Social media licensing
Film and OTT synchronisation rights
Television broadcasting
Brand partnerships
Public performance licensing

The company’s owned YouTube music subscriber base has expanded from 44 million in FY21 to 206 million in FY26, demonstrating strong digital audience growth.

Content Strategy:

Management outlined several long-term growth initiatives:

Acquire 25–30% of newly released Indian music.
Expand catalogue acquisitions.
Invest in leading regional language artists.
Strengthen partnerships through Bhansali Productions.
Deploy AI and proprietary analytics for content selection.
Improve marketing efficiency using predictive data models.
Expand premium products including Carvaan and Vinyl.
Increase monetisation through live experiences and branded merchandise.

Industry Opportunity:

Management expects favourable industry trends to support long-term growth:

Rising smartphone adoption.
Increasing digital content consumption.
Growth in paid music subscriptions.
Expansion of digital advertising.
Higher OTT penetration.
Strong demand for regional language content.
Growth in live entertainment and creator economy.

The presentation also highlighted India’s relatively low paid music subscription penetration compared with developed markets, indicating significant long-term monetisation potential.

Digital & AI Strategy:

Saregama plans to integrate artificial intelligence and data analytics throughout its content lifecycle.

Initiatives include:

Predictive AI models for content acquisition.
AI-powered catalogue refresh.
Proprietary consumer analytics.
Performance marketing.
Cross-platform audience monetisation.
Better discovery of legacy content.

Note

Management believes combining AI with its extensive owned catalogue and large digital audience can improve content discovery, marketing efficiency and long-term monetisation while preserving the value of its intellectual property.

Risk Analysis

Summary:

Although Saregama benefits from recurring royalty income and a diversified content portfolio, future performance remains linked to digital platform economics, consumer preferences and content investment returns.

Key Risks:

Dependence on digital streaming platform monetisation.
Intense competition for premium music rights.
Changes in royalty-sharing arrangements.
Slower growth in paid subscription adoption.
Execution risk in expanding live events and artist management businesses.
Technology and AI adoption risks within the media industry.

Worst Case:

Lower digital advertising growth, weaker subscription expansion or reduced returns on new content investments could affect future revenue growth and profitability.

Risk Level: Medium

Company Commentary

Saregama aims to own intellectual property in perpetuity and monetise it across every emerging digital format.
New music investments typically recover capital within approximately five years while generating earnings for several decades thereafter.
The company continues expanding its presence across music, video, live entertainment and creator management.
Management remains focused on disciplined capital allocation, AI-driven content decisions and long-term shareholder value creation.
India’s digital content ecosystem continues providing structural growth opportunities for the company’s IP-driven business model.

Official Exchange Filing: Saregama India Limited

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