UTV launches new-media division
Set to invest $30 mil over next two yearsNEW DELHI - Mumbai-based UTV Software Communications on Monday launched UTV New Media to develop mobile, online and IPTV platforms with $30 million in investment over the next two years.
To kick off the parent company's fifth division, UTVNM spent $3.75 million to buy a 76% stake in IT Nation, a Mumbai-based company that runs various properties such as consumer technology portal techtree.com.
UTV Software Communications' other divisions have interests in film and animation, TV content production, broadcasting and gaming.
UTVNM plans to invest around $30 million over the next two years in various ventures covering the internet, digital music, online technology and online business under which it launched www.utvi.com for the group’s upcoming UTVi Business Channel.
“Our objective is to create a digital entity covering the domains of business, finance and entertainment. This we plan to do in a device agnostic manner… wherever the user has a device to access, we will have content to deliver,” T.N. Prabhu, CEO of UTVNM, said.
UTVNM’s digital music initiative includes 20,000 titles such as the soundtrack to epic blockbuster “Jodhaa Akbar” (produced by UTV Motion Pictures) and recent acquisition “Singh Is King” releasing in August, among regional repertoire. The catalog is being marketed as digital assets such as mobile content to over 65 mobile operators worldwide.