Why Spotify music distributor Saregama's stock went out of tune today?

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Why Spotify music distributor Saregama's stock went out of tune today? - Business Standard

Quick Summary:

On Tuesday, during market hours, Saregama India logged a consoliated net profit at Rs 44.9 crore, down 6.6 per cent from Rs 48.

The company generates revenue through licensing its music to films, TV shows, advertisements, and streaming platforms, along with earnings from its innovative digital products.

Saregama India Limited is a subsidiary of the RP-Sanjiv Goenka Group and is one of India’s oldest and most renowned music and entertainment companies, with a legacy that dates back to 1901.