



Saregama-Bhansali deal: How Bollywood is learning to separate art, ownership and risk
₹325 crore, allows Bhansali Productions Pvt. Ltd to retain full intellectual property rights over its films while giving Saregama exclusive music rights to all its future films.Experts see this development paving the way for more institutional funding in Indian cinema at a time when OTT platforms are tightening content spends and global capital is looking for disciplined exposure to Indian storytelling.This model also aligns India closer to global studio-platform economics—separating high-margin IP ownership from high-risk production, and accelerating the sector’s institutional maturity.“For Saregama, the transaction is fundamentally a music play rather than a film bet.
By investing in Bhansali Productions, Saregama secures exclusive music rights to all future films under a pre-agreed pricing framework, ensuring a steady pipeline of premium content while eliminating competitive bidding and cost volatility,” said Alay Razvi, managing partner, Accord Juris.For Bhansali Productions, retaining film IP preserves creative control, valuation upside, and flexibility to negotiate theatrical, OTT, and international distribution independently.The structure injects patient capital without surrendering ownership of films, which remain the highest-value asset. In effect, each party monetises its core strength—Saregama compounds scalable music IP, while Bhansali maximises film economics—without cross-contaminating risk.The structure echoes last year’s investment by Adar Poonawalla in Dharma Productions.
This is a welcome trend as long as institutional funding does not begin to impact creative choices, according to Ameet Datta, founder, ADP Law Offices. “Corporatizing creative choices might not work out well,” he said.“For Saregama, the
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