US-based Create Music Group on Wednesday said it has acquired Nirvana Digital, one of the largest YouTube Enterprise partners in India as part of its $50 million (around Rs 373 crore) investment in India and broader region in Asia over the next few years.
The company, however, did not disclose the value of the deal.
The acquisition of the Mumbai-based firm marks Create Music Group's foray into the Indian market and will strengthen Nirvana Digital's offerings to a larger and wider audience, worldwide, the company said in a statement.
''This is the first of a planned $50 million investment Create Music Group is making in India and the broader region in Asia over the next few years,'' it said.
As part of the acquisition, Nirvana Digital co-founders Manu Kaushish and Pinakin Thakkar have been named President, Create Music Group India and Chief Operating Officer, Create Music Group India, respectively, the statement added.
Create Founder and CEO, Jonathan Strauss said, ''India is without a doubt one of the most exciting growth territories in the global music and media market.''
Stating that the company has been looking for the right way to build our business in India for some time now, he said, ''After being introduced to the Nirvana Digital's co-founders and seeing the parallels between our two companies, we felt the right move was to acquire them and supercharge our entry into India with one of its most forward-thinking new media companies.''
Nirvana Digital serves over 20 billion minutes of video each month and has a subscriber base north of 200 million. It provides monetisation, distribution and rights management services to artists, labels, film and television and other content owners, including one of the largest spiritual organisations in the world - The Art of Living, Rap/Hip Hop superstar - Bohemia and Regional Music Powerhouses - Vats Records and Team Films, the statement said.
Create Music Group said the market potential for online music and media in India is staggering with more than 50 per cent of India's 1.3 billion population under the age of 25 and more than 94 per cent of online consumers in India listen to music. ''As wireless coverage and data consumption becomes more prevalent, those metrics are set to grow even more,'' it added.
Nirvana Digital Co-Founder Manu Kaushish said, ''Create's relationships, technology and capital will help us fuel growth for Indian artists and record labels who will gain access to a global distribution and monetisation on major platforms, including iTunes, Spotify, Amazon Music as well as Indian platforms like JioSaavn and Gaana.''
This deal opens the doors for Create's US clients to access India's market of nearly 700 million young people and bring Create's globally recognized brands, including Flighthouse, which is the most followed creator channel on TikTok, to India, Nirvana Digital Co-Founder Pinakin Thakkar added.
(With inputs from PTI)