DesiHits, a portal specializing in fusion entertainment targeted at the South Asian community, has signed up with Sony (NYSE: SNE) BMG, co-founder and CEO Anjula Acharia-Bath told ContentSutra. In November, the company had announced that it has tied up with Warner Music Group (NYSE: WMG). Acharia-Bath said the company was also in talks with Universal Music. For DesiHits, these deals mean that the portal will have access to the roster of artists of the labels and can produce fusion content targetted at the south asian diaspora. Revenues from these productions will be equally split between DesiHits and the record labels.
DesiHits had raised a total of $6 million in venture capital funding from Draper Fisher Juvertson, Trident Capital and DE Shaw in two separate rounds. Acharia-Bath also told us that producer Jimmy Iovine, who heads up Interscope Records (now part of Universal Music) has come onboard as a strategic investor with an undisclosed amount of investment. Now the founders hold a little under 40% stake in the company, with the investors and employees holding the rest.
Acharia-Bath said DesiHits is now working with rapper T.I. and The Pussycat Dolls. Between Universal and Warner, DesiHits will potentially have access to artists such as Rihanna, Kanye West, Jay-Z, 50 Cent, M.I.A., Linkin Park and REM.