Entertainment channels seem to be riding the music wave. Sony Entertainment Television (SET) started the trend by synergising with group company Sony Music, and recently, Zee has also decided to increase its focus on music by hardselling Zee Records.
Internationally too, the top media companies like AOL-Time Warner, Vivendi and Universal have acquired music companies and have almost a 40 per cent share of the music market. These companies have diversified into various areas of the entertainment business and managed to leverage the benefits across various segments.
The Arthur Andersen study on the music industry has also pointed out the increased cross-media presence of music companies. ``Globally, music companies are conglomerates having several media segments,'' said the study.
Zee Records has already released 25 titles across various genres including film music, non-film music, religious and regional music. And music is expected to be the driver in the next few years.
Zee had been making substantial investments in the music business and has already recorded a turnover of Rs 12 crore in the first seven months.
The overall Indian music market has been estimated at about Rs 1,250 crore with new Hindi music having a dominant share of the pie. The two companies are planning to increase their focus on this segment.
According to the industry analysts, another advantage that both Sony and Zee have is that they are into film production as well. SET had announced its intention of producing six-seven films in the next few months. Zee, too, tasted success with one of this year's big hits Gadar Ek Prem Katha whose music was sold by Zee Records while Sony has also announced plans to getting into Hindi films.
However, both the channels are quick to point out that they would continue to work with other music companies as well and will not work exclusively for their own labels.