Saregama: co-creating value in an uncontested market of streaming music

Learning outcomes After thorough reading of this case, student will be able to understand and analyze the complexity of the Indian music market, the meaning of value propositions to Indian consumers and competitors’ formidable challenges. This case will help students: Case overview/synopsis A high-level strategic management meeting of Saregama India Ltd., held in May 2025, concluded that although the firm recorded growth in revenue and profit during 2024–2025, it faced significant challenges on the financial front because of intense competition, shifting consumer preferences, legal considerations, technological disruptions, piracy and monetization issues. Led by Ms Avarna Jain, Vice Chairperson since 2022, Saregama had started implementing strategic changes across five dimensions since 2024: upgrading music content, diversifying across media channels, digital expansion and licensing growth, attracting younger consumers and integration of AI technology. The leadership of Saregama recognized that in the technology-driven flat world of streaming music, sustaining competitive advantage was increasingly difficult. The process of co-creating value with consumers is no longer a linear chain. To profitably thrive, the firm needed to explore avenues for creating an uncontested market space. Historically, the music player Carvaan – a retro style device preloaded with 5,000 classic songs – had alleviated the financial pressures by successfully capturing a previously untapped segment: the non-customer segment of 35 years and above who were not actively using streaming services. The leadership team was confident that the initiatives started in 2024 would create once again an uncontested market space for Saregama, but how could Saregama delay the degeneration of the space so created? What does the firm do to stay ahead of the competition? Complexity academic level This case study can be used for postgraduate MBA students, other graduate-level management programs and undergraduate-level students. Subject code CSS11: Strategy