Sony Music Entertainment has purchased a 26% stake in Infibeam Digital Entertainment (INDENT) in what sources say is a multi-million dollar deal. India based Infibeam offers platform for music labels and brands to build music streaming and download services across mobile and web platforms.
"Indent fills a need gap for all music rights owners. As the digital eco system keeps evolving, there has been a strong need for an independent technology company that music companies can partner with to build innovative services and offerings," said Shridhar Subramaniam, President of India and the Middle East for Sony Music Entertainment.
Infibeam has plans to launch in more Middle Wast and African countries over the next six months,