Web browser Supplier Opera announced a strategic investment of $30 million (Approximately Rs. 219 crores) into US-based music and entertainment company – StarMaker – to accelerate growth and Research shared opportunities for both the Businesses, an official Announcement said on Tuesday.
Having an engaged user base in India, Indonesia and the Middle East, StarMaker lets users capture and discuss their own music videos, allowing them to collaborate, connect and follow other musicians and musicians on social networking platform.
Included in the bargain, Opera has gained an ownership stake of 19.35 percent in StarMaker along with an choice to increase its ownership to 51% in the second half 2020, the company said in a statement.
“StarMaker matches our current content platform’Opera News’ and we are very eager to put money into the company,” said Frode Jacobsen, Chief Financial Officer, Opera.
After the investment, Yahui Zhou, Chairman and CEO of Opera would continue to maintain 65.78 percent of the outstanding equity interests in StarMaker.
Opera’s Board of Directors acquired a valuation analysis from an independent third-party investment bank prior to the approval of the transaction, the business added.