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Playtoome to double its manpower by end of 2021
New Delhi: Online live entertainment platform Playtoome unveiled its rigorous hiring plans for the next six months. The brand plans to recruit over 35 talented professionals across cities – Delhi, Kolkata, and Bangalore, it said on Monday.
In a post covid era when industries are recovering and there is a dearth of jobs, the hiring announcement from the brand comes as a cheer for the young professionals.
Playtoome offers hidden performing artistes to reach their target audience through the platform and monetise their acts. According to the company, it has provided over 8,000 artists with the opportunities and reached a viewership of 100K users.
“The platform has been enabling quality live entertainment to people who otherwise could not avail the traditional live music due to the increasing dominance of fusion and western music trends. Exploring the horizons, we realised that there has always been a space for such a platform, and we received tremendous response. We distributed over 20 lakh amount among the artists that performed on the platform, and the brand’s revenue too grew by 10X last fiscal year yoy. Now with the climbing numbers we decided to expand the team and continue our journey with new energy,” said Playtoome founder and CEO Keerthivasan Subramanian.
The startup is looking at hiring across departments including – sales & marketing, finance and accounts, artist coordinator, content planner and content creator, copywriter, web developer, assistant director, graphic designer/video editor/animator/illustrator, brand reputation executive.
The platform is also looking at scouting musicians and exploring content partnerships with upcoming talent under its vertical Playtoome Originals, and is looking forward to featuring 100 songs under Playtoome Original by the year end.
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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.
