It has been an extremely eventful year for Twitter backed Indian social media startup ShareChat. From securing a whopping $40 Mn in a Series E funding round to acquiring popular meme sharing app ‘Memer’, the Indian startup has been on an upward trajectory through the course of this year. However, the year obviously not over yet and so is ShareChat’s impressive portfolio enhancement. The platform has today announced an agreement with Times Music, one of India’s largest music labels, to license the label’s music catalogue for both ShareChat and its short video app Moj. Not many can call this year successful, but there still are few.
The deal is also set to involve the music catalogue of leading Punjabi music label Speed Records, a company that holds the largest market share in the Punjabi music scene and has delivered some of the largest hits in recent times.
Time Music has forever been deemed as an elite player in the Indian music scene and possesses an exhaustive library of iconic music from in and around the music sphere, including Bollywood, Indie, Rock, Pop, Spiritual and a plethora of other genres. This collaboration will allow ShareChat and it’s subsidiary short video app Moj’s 240 million-strong user base to access the vast library of the music giant.
The potential of this deal and what it means for the company has been realised by the Indian upstart’s Director– Berges Y. Malu, who said, “As an Indian social media platform with the largest set of active users, top tier talent and the most exhaustive music library, we are excited with Times Music joining us to elevate the social experiences of our community of users. Our partnership with Times Music is one such step to bolster our music library and give wings to our creator’s creativity.”
With security concerns and political tensions escalating in India, the market is ripe for the taking, and an Indian alternative for all our social media needs might just be able to attract a lot of clout. And ShareChat with its impressive user base and an expanding portfolio surely looks to be the one to keep an eye out for, as the company expects to come out as a successful Indian social media endeavour.