Percept Live business will include all the intellectual properties 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 Ltd. include Sunburn, Fight Nights, Bollywood Live, Lost Music Festival, Fan Football Championship, Champions of the World, and Windsong Music Festival.
Manuj Agarwal has been appointed CEO of Percept Live and will be responsible for providing strategic direction to Percept's IP business. Prior to coming back to Percept, Agarwal 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 illustrious career in the entertainment and media industry, Agarwal has also worked with Zee TV and the Walt Disney Group, India.
Commenting on his appointment, Manuj Agarwal, CEO, Percept Live said: "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. 50 crore has already been raised will be used in creating innovative IPs with global appeal as well as scaling up existing IPs.
Commenting on the restructuring, Ajay Upadhyay, COO, Percept Ltd. said that "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 B2B business, our asset business is a B2C 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."
Commenting on the launch of the venture, Shailendra Singh, Joint Managing Director, Percept Ltd. said: "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 of 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."
Talking about Sunburn, one of Percept Ltd.'s most prominent IP, Karan Singh, CEO, Sunburn said: "The plans for Sunburn are very aggressive and international is a big part of the same. Sunburn, this financial year, has 40 per cent turnover projected from international markets and we already have Singapore, Colombo, Jakarata confirmed and discussions on with Mexico." Sunburn is Asia's biggest electronic dance music festival and has completed five years.