Zee Entertainment Enterprises (ZEE) has forayed into the music label space with its latest venture, `Zee Music Company' (ZMC). The ZMC has plans to acquire the music rights of over 20 major motion pictures in the financial year 2014-15.

Introducing the label, Punit Goenka, CEO, Zee Entertainment Enterprises said, ``The music industry is a large playing field and there is scope for us to explore the opportunity in this market. Technology has also emerged as a key transformer of the music industry and digital revenues are driving growth in the market. Since we are a content company, it is essential to own intellectual property.''

Anurag Bedi, Business Head, ZMC said, ``It is a great space to be in, as music is something that is consumed universally. The Hindi film industry is currently in its best phase musically, and there is a plethora of talent. We had been toying with this idea and finally we have entered this space.''

The company has acquired the rights to the music of the Akshay Kumar-Sonakshi Sinha starrer `Holiday', which is jointly produced by Reliance Big Entertainment, Sunshine Pictures and Hari Om Entertainment Company.

The company has also partnered with Fox Star Studios and signed the latter for the music of five of its Hindi releases for the year, including the Saif Ali Khan and Riteish Deshmukh starrer `Humshakals', Hrithik Roshan and Katrina Kaif starrer `Bang Bang' and of `Bombay Velvet' starring Ranbir Kapoor and Anushka Sharma.

Future partnerships of Zee Music Company include the big players - Dharma Productions, Excel Entertainment and other top studios.

The music industry in India currently stands at Rs 960 crore and projected figures for 2014 are Rs 1,010 crore. The industry is expected to grow over the years and reach Rs 1,780 crore by 2018.

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