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Ola Play launched for in-cab entertainment that includes Sony LIV
BENGALURU: Ola, Indian mobile app for transportation, launched a global first in Bengaluru today. The cab aggregator announced the immediate availability of ‘Ola Play’ for its ‘Ola Select’ customers in the National Capital Region, Mumbai and Bengaluru to be followed by a national rollout by March 2017 in 50,000 vehicles across all the cities in India that Ola operates in. For Ola Prime users Ola Play services will be offered without any additional cost over and above the cab ride cost informed Ola co-founder and CEO Bhavish Aggarwal. Use what you want…
Besides offering the highly personalised experience for users during their rides, Ola Play allows various partners like Apple Music, Sony LIV, Audio Compass and Fynd to build experiences for users. And yes, one can control the air-conditioning and the radio with Ola Play.
Aggarwal said, “I believe that this will completely transform the consumer’s ride experience, giving the user the power to control the interactions within the car and usher in a new era in the ridesharing industry. With over 60 million (6 crore) minutes spent in Ola rides every day, the impact on consumer comfort, convenience and productivity can be transformative. This will further propel ridesharing as the first choice of mobility for many more millions. Ola Play is a world first, built in India by an Indian team, which showcases that we can do better than the best in the world and be global leaders in technology and innovation.”
Sony Pictures Networks India Private Limited EVP and Head – Digital New Media Uday Sodhi said, “With Ola Play, we are offering unique content that is tailored to the needs and preferences of viewers on the move. As a brand Sony LIV is the first premium video on demand (VOD) service providing multi-screen experience to users on all devices; and is the first amongst the competition to provide exclusive premium content. Our association with Ola Play will allow us to further customise popular shows, movies and more, for Indians to consume in a highly engaged way, while on the move.”
Ola Play is a connected car platform for ride sharing that Ola says will transform the in-car experience for users on the go. The platform, built in partnership with Qualcomm is powered by proprietary in-cloud technologies from Ola, by bringing advance car controls, choice of personalised content and a fully connected interactive experience for the user. Ola Play transfers the control of the in-car experience to users from the Driver Console, which enables seamless interfacing with the consumer’s device once the ride begins. Ola Play can be accessed by the consumers own device or the large scree mounted in-car along with the car’s surround sound system.
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Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
