Whalesbook
Times Music Accelerates Strategy
Times Music is speeding up its strategy to buy valuable regional music rights with the purchase of Catrack Entertainment. This is the company's third major music catalog buy, following ARC Musicq and Symphony Recording Co. It highlights a focused approach to acquire music assets in India's varied music industry. Partnering with global music expert Primary Wave Music, Times Music uses substantial funding to become a reliable buyer of older music catalogs. The joint venture, valued at over $100 million, is looking for well-known Indian music rights. Catrack's 1990s Punjabi music catalog is a key example. This strategy matches trends where intellectual property value is a major factor in company mergers and acquisitions. EY expects strong deal activity in India's media and entertainment sector in 2026, favoring mid-sized, specialized assets.
Unlocking Value from Punjabi Music
The deal adds a culturally rich Punjabi music catalog from the genre's commercial beginnings in the 1990s to Times Music's collection. This older music, featuring artists like Babbu Maan and Malkit Singh, has significant potential to make money. This can be done through increased play on streaming services, licensing for movies and streaming shows, collaborations with brands, and by creating new versions for younger listeners. The Punjabi music market itself has grown strongly, becoming a global business where live concerts became a main revenue source in 2025. Times Music plans to increase the recognition of this catalog by introducing it to new audiences worldwide. This goal is supported by its partnership with Primary Wave, which is known for increasing the reach of famous music rights.
Market Growth and Rival Strategies
Times Music is active in India's dynamic music market, which is expected to reach ₹37 billion by 2026, growing at an annual rate of 14.7%. Digital revenue already makes up 87% of the total music market, thanks to widespread streaming and social media use. In this changing market, rivals like Saregama are also buying music content. Saregama is investing ₹1,000 crore over three years to acquire new music in various Indian languages and has recently purchased significant regional catalogs. While T-Series, India's biggest music label, saw its revenue fall in the 2023-2024 financial year, international companies like Universal Music India and Warner Music India are reporting strong growth, seeing India as a vital market. Times Music's plan to buy established regional music collections helps it benefit from the rising demand for local language content. Regional music streaming, for example, grew at a 14% annual rate between FY20-23. Overall, India's media and entertainment sector grew 9% in 2025, reaching ₹2.78 trillion, showing that there is much potential for acquiring music rights.
Challenges and Risks Ahead
However, challenges remain. While many deals occurred in India's media and entertainment sector, the total value of these deals dropped in 2025 because large acquisitions were absent. This suggests potential difficulties in achieving significant growth through acquisitions. Times Music's success will depend on how well it can make money from older music rights in a fast-changing digital world where public tastes can change rapidly. Relying too much on older catalogs might mean missing new trends or artists. Competition from active companies like Saregama also makes acquiring top music assets a race. Additionally, the market faces regulatory hurdles, shown by the failed Sony-Zee merger, which pointed to risks in how companies are managed. While The Times Group had revenue of ₹73.94 billion ($780 million) in 2022, its private status means less public financial review compared to listed rivals like Saregama, which had a stock market value of about ₹6,738.69 crore in early 2024. Successfully combining and promoting different regional music catalogs will be key to getting the most value from these purchases.
Outlook for Times Music's Strategy
Times Music's active strategy of buying music rights, supported by Primary Wave's global network and funding, puts it in a good position to gain from the ongoing growth of Indian music online and globally. Focusing on valuable regional music collections fits major market trends and suggests ongoing investment in buying content and making money from music rights. As India's music market grows and global interest in its various music styles increases, Times Music's acquisition plan is set to bring good returns, as long as it can manage integration challenges and changing listener tastes. The partnership with Primary Wave should help find new catalog opportunities and reach more international markets with acquired music.