JetSynthesys to invest Rs 200 Cr in Indian entertainment sector; inks exclusive strategic partnership with Warner Music
The multinational entertainment and record label conglomerate Warner Music Group and, the new-age digital and entertainment company, have come together to announce an exclusive strategic partnership.
With this association, JetSynthesys becomes WMG’s official India partner for all things related to music label licensing and acquisition, artist management, event management, original content creation across music, short videos and films, along with mobile gaming and esports.
Additionally, JetSynthesys, which has a global foray in gaming, digital entertainment, and interest-based social community platforms, will invest Rs 200 crores into the Indian entertainment sector over the next three years to further strengthen its foothold in the space.
Speaking about the development, Perez-Soto Alfonso Javier, President of Emerging Markets, Warner Music Group, said in a press note, “India is one of the strongest emerging markets globally when it comes to entertainment, across formats and verticals. Valued at around Rs 15 billion in 2020, the Indian music industry itself is estimated to reach Rs 23 billion by the end of 2023 according to recent industry reports.
He added, "JetSynthesys has shown remarkable growth in the last few years, especially in gaming, esports, and digital products and platforms. They have a keen understanding of the Indian market, also bringing incredible creativity and technical proficiency to the table, and we couldn’t have asked for a better partner to strengthen our foray into the country.”
JetSynthesys is known for its global publishing partnerships with the likes of WWE, Square Enix, Hollywood film Passengers, and Floyd Mayweather.
Rajan Navani, Founder and CEO, JetSynthesys adds, "Indians have entertainment engraved into their DNA and enjoy it across various formats and avenues. In fact, India tends to be one of the most promising markets for entertainment consumption, given the massive potential of a large audience at play."
Speaking to YourStory, he said, "Through the partnership with Warner Music Group, we aim to align our synergies to further strengthen the Indian entertainment ecosystem, bolster the music space, and also upscale dynamic high-interest verticals like gaming and esports."
He added through capital infusion and this partnership, they aim to build the ecosystem further, strengthen existing forms of entertainment, and also create newer formats.
Contributing to the growth of the proliferating industry, with the Rs 200 crore investment in Indian entertainment sector, JetSynthesys aims to bring more choices into the mix and take existing avenues to the next level. Rajan believes the Indian entertainment industry has witnessed a complete overhaul in the past few years and has skyrocketed even further after the black swan event of the COVID-19 pandemic.
There was a dramatic shift in consumer behaviour and preferences and any entertainment-focused company had to double down on its content game. Entertainment rapidly moved into the digital realm, and there was no dearth of choices available within a month since the lockdown.
“Warner Music Group made its official foray into India last year and we’ve been working on building our presence in the country since then. The association with JetSynthesys comes at a rather opportune moment when the Indian music industry, and the entertainment space in general, is on an unprecedented growth spree. As one of the top three names in the music entertainment space globally, WMG is always on the lookout for innovating and growing the space further. The association with JetSynthesys not only helps us bolster the music space in India but also get dynamic high-interest verticals like gaming and esports into our fold”, said Jay Mehta, Managing Director, Warner Music, South Asia.
Post acquiring Nautilus Mobile and therefore, Real Cricket, JetSynthesys is also one of the top skill-based cricket gaming franchises in the world, with over 120 million downloads and 1.2 crore+ monthly active users. In addition to developing cutting edge and popular games in-house, JetSynthesys is the co-founder of one of India’s most successful e-sports companies, Nodwin Gaming.
To build esports at the grassroots level, JetSynthesys recently acquired Chennai-based Skyesports to form Jet Skyesports Gaming Pvt Ltd.
Commenting on the development, Rajkumar Singh, CEO, Global Music Junction Pvt Ltd (JetSynthesys’ digital entertainment venture and one of the leading vernacular music labels in the country), said, “The Indian entertainment industry has always been a bustling space and the pandemic has offered it a further shot in the arm. Through this association and capital infusion, we aim to build the ecosystem further, strengthen existing forms of entertainment, and also create newer formats."
Rajan believes storytelling has become more interesting with passionate content creators and studios coming forth more so than ever to cater to the rising demand for unique content. New audiences from beyond metros came into the fold, highlighting the massive opportunity of a grassroots play. Entertainment companies have begun rethinking their strategies and followed the route of creating superior and hyper-personalised stories that were relatable to the audience at large.