The company has struck a partnership with prominent Indian record label and music publisher, Times Music, a subsidiary of media giant, Times of India Group.
The deal will see Primary Wave invest what it says is “significant capital” in the company and provide resources for “catalog investments” in the market.
Financial terms of the deal were not disclosed, but The Wall Street Journalreports that Primary Wave’s investment in Times Music ‘will help form a new joint venture valued at over $100m’.
Primary Wave also plans to help accelerate Times Music’s growth of its regional, film, and non-film music catalogs in global markets.
Together Primary Wave and Times Music say that they will invest in catalog opportunities in the Indian market including film, non-film, regional and other iconic IP, that will then form part of a push to monetize Indian IP in the international markets.
Primary Wave says that Times Music has benefited from an explosion of digital growth in streaming in India and that the company is now “primed to make significant investment in Bollywood and South Indian cinema music, as well as iconic Indian catalogs”.
News of the investment in Times Music comes six months after Primary Wave struck a $2 billion deal with financial giant Brookfield.
That deal included the acquisition of a minority stake in Primary Wave and Brookfield investing $1.7 billion into a new “permanent capital vehicle”.
Primary Wave says that its partnership with Times Music is a step in its own expansion into international markets.
Primary Wave also says it will assist the Times Music team in finding opportunities in the US, Europe, and other global markets in A&R, branding, synch, film & TV, and digital marketing for Times Music’s catalog of artists, recordings, and songs.
Founded in 1998, Times Music’s library represents Bollywood, Indie, Pop, Rock, Regional, Spiritual & other non-film music genres.
Ramon Villa, Chief Operating Officer of Primary Wave and Amy Ortner, General Counsel of Primary Wave, working closely with N. Subramanian and Theja Kolla of the Times of India Group, negotiated the new partnership.
“Times Music’s strategic partnership with Primary Wave is a proud moment for us at the Times Group.”
Vineet Jain, Times Group
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.
Mandar Thakur, Times Music
“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.”
Larry Mestel, Primary Wave Music
Larry Mestel, CEO & Founder, Primary Wave Music, said: “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.
“They have built an extraordinary company utilizing their creativity, tenacity and tremendous marketing skills, and we are honored to be their partners in India.”
“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.”
Primary Wave Music
Primary Wave Music’s David Loiterton added, “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.”Music Business Worldwide
