Eros acquires UK's PingTune for music messaging play
Indian movie production house Eros International Plc has acquired UK-based music messaging app PingTune for an undisclosed amount.
"The PingTune acquisition extends ourâ€¦ music offering and is an excellent addition to the ErosNow platform, adding features and functionality that provide our users with a differentiated music experience," Rishika Lulla Singh, CEO of Eros Digital, said in a statement.
Eros Digital is a subsidiary of the US-listed Eros International and owns ErosNow, an online streaming platform for movies, TV shows, music and music videos.
PingTune, run by Tune It Digital Ltd, facilitates social connections between music, artists and their fans. It allows fans to discover, share and listen to music through the app. It also enables artists to create official profiles so that they can deliver content directly to fans.
"Eros' massive audience and existing relationships with artists will allow PingTune to achieve tremendous scale and visibility worldwide," said Henry David Firth, founder and CEO of PingTune.
Founded in 1977, Mumbai-based Eros produces, acquires and distributes Indian language films in multiple formats worldwide. The firm has aggregated rights to more than 2,300 films in its library. It also holds digital-only rights for 700 additional films. Eros International is the first Indian media company to list on the New York Stock Exchange.
Last year, Eros International's Mumbai-listed subsidiary, Eros International Media Ltd, had acquired Chennai-based mobile VAS provider Universal Power Systems Pvt Ltd, which operates under the banner of Techzone, in an all-stock deal.
In the music streaming segment, handset maker Micromax Informatics Ltd said on Wednesday that it has invested an undisclosed amount in Times Internet's music streaming app Gaana. In July, Saavn raised $100 million in Series C funding from existing investor Tiger Global Management and others.