Percept launches global entertainment venture
July 23, 2012
Source: MM Network
Percept Limited has announced an investment plan of INR 200 crores into it's newly launched global entertainment venture Percept Live. This announcement comes on the back of a complete restructuring of its businesses.
On the restructuring Mr. Ajay Upadhyay, Chief Operating Officer, Percept Ltd, said, "the restructuring is a strategic decision which was taken over the last year. We have always been in the "EMC - Entertainment, Media and (marketing) Communication" space. However in each of these areas we had both a "service" business and an "asset" business. Along with the varying business focus of the service businesses and the asset businesses, they have completely different capital and resource needs. And last but not the least while the services business is a B-2-B business, our asset business is a B-2-C business. It is these imperatives that have led us to restructure our business into two verticals which are "Marketing Communication Services" and the "Filmed, Live Entertainment & Digital Asset" business."
Percept Live business will include all the IPs created and owned by the Percept Group, including IPs in the Live Entertainment, Sports, Celebrity Management, Digital and Media space. Some of the renowned IPs currently owned by Percept Limited includes Sunburn, Fight Nights, Bollywood Live, Lost Music Festival, Fan Football Championship, Champions of the World & Windsong Music Festival.
Commented Mr. Shailendra Singh, Joint Managing Director, Percept Limited, "We have been in the 'Ideas' business for the past 28 years and have been instrumental in creating many legendary 'Intellectual Properties' in the past for our clients. The launch of a dedicated 'Intellectual Properties' vertical is but a further extension to our existing knowledge and expertise in the Entertainment, Media and Communications domain and is in keeping with the growth plans of Percept in the coming years. Our vision is to convert path breaking innovative ideas into Assets in order to create long term value for Brand Percept as well as our Clients and Investors."
Manuj Agarwal has been appointed Chief Executive Officer (CEO) of Percept Live and will be responsible for providing strategic direction to Percept’s IP business.
Prior to coming back to Percept, Manuj was CEO Television at Balaji Telefilms Ltd. He had originally joined the Percept Group in the capacity of COO, PDM in 2002 and in his llustrious career in the Entertainment and Media industry, Manuj has also worked with Zee TV and the Walt Disney Group, India.
Said Mr. Manuj Agarwal, CEO, Percept Live, "I am delighted to take on this new and challenging role. this new initiative is designed to consolidate our efforts in the area of IP creation and management, and will ensure that we take ownership of our ideas and convert them into Assets that would benefit our Clients and Percept in the long run." The investment of Rs.200 crore, of which Rs.50cr has already been raised will be used in creating innovative IP's with global appeal as well as scaling up existing IP's.
Elaborating on some of the IPs currently owned by Percept Limited : Sunburn – Asia's biggest and most desired electronic dance music festival, has completed 5 years and in its 6th year the brand is going truly global with Sunburn already finalized for SL, Singapore, Jakarta & dubai besides a big domestic calendar. Fight Nights - India's first ever indoor boxing bouts between leading Indian and International boxers, Bollywood Live – the first ever multi-city Bollywood Dance Music Festival, Champions of the World - bringing together under one roof celebrated super-icons in the arena of Sports, Cinema, Business, Entertainment & Entrepreneurship, Lost - a music festival extravaganza featuring International and domestic talent across various live music genres such as Pop, Rock, Dubstep, House, Reggae, Metal and R&B - Lost will be India’s largest Live Music Festival.
Said Mr. Karan Singh, CEO, Sunburn, "The plans for Sunburn are very aggressive and international is a big part of the same. Sunburn this financial year has 40% turnover projected from International markets and we already have Singapore, Colombo, Jakarata confirmed and discussions on with Mexico."
Elaborated Mr. Shailendra Singh, Joint Managing Director, Percept Limited, "The restructuring and launch of Percept's Intellectual Properties vertical is in keeping with the evolving and dynamic changes and growth in the Entertainment & Media Industry and would enable Percept to bring greater focus, synergy, efficiencies and diversity in its service offerings. As India's economy and business continue to thrive and expand rapidly, its communication needs are becoming more sophisticated. This new structure along with our committed capital investment of INR 200 crores in Year 1 of operations will offer our stakeholders a wider range of innovative properties in the entertainment domain, scale up the existing IPs, and cater to the diverse and evolving needs of our clients and consumers in the future."