Planet M
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| Headquarters | Mumbai, India |
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| Parent | Videocon |
Planet M was an Indian music retail store founded by The Times Group (BCCL). It was sold to Next Retail India Ltd. of Mumbai, the retail arm of Videocon, in November 2007.[1] It was present in many cities (140-plus locations) all over India. These stores were mainly known for selling music and movies and related accessories. They also sold gaming consoles and handhelds like PlayStation Portable, PS2, PS3, Wii and Xbox 360. Planet M was also in the mobile retail business. They offered a wide range of mobile handsets with lucrative schemes.
History
[edit]Planet M was established by The Times Group, a major media conglomerate in India. The store quickly became popular for its diverse range of music and movie offerings, appealing to a broad audience of entertainment enthusiasts. At its peak, Planet M operated over 140 stores across various cities in India, becoming a staple in the urban retail landscape.
Acquisition
[edit]In November 2007, Planet M was sold to Next Retail India Ltd.,[2] the retail arm of the Mumbai-based Videocon Group. This acquisition was part of Videocon's strategy to expand its presence in the consumer electronics and retail sectors.
Products and Services
[edit]Music and Movies
[edit]Planet M's core business was the retail of music CDs, DVDs, and other related media. The stores featured a wide array of genres, catering to diverse musical tastes and preferences. They were particularly known for their extensive Bollywood music[3] collections as well as international albums.
Gaming
[edit]The stores were also a popular destination for gamers, offering the latest gaming consoles and handhelds, including PlayStation Portable (PSP), PlayStation 2 (PS2), PlayStation 3 (PS3), Nintendo Wii, and Xbox 360. This made Planet M a popular spot among the youth and gaming communities.
Mobile Retail
[edit]Expanding beyond entertainment media, Planet M delved into the mobile retail market. They offered a variety of mobile handsets and associated plans, featuring lucrative schemes that attracted a considerable customer base. The mobile section included the latest smartphones and accessories, keeping up with the fast-paced advancements in mobile technology.
Cultural Impact
[edit]Planet M was more than just a retail chain; it was a cultural hub for music and movie buffs across India. The stores often hosted music launches, meet-and-greet events with artists, and other promotional activities that added to their reputation as entertainment centers.
Decline and Closure
[edit]Despite its initial success, Planet M faced challenges with the rapid shift towards digital media consumption. The rise of online music streaming and digital downloads reduced the demand for physical media, impacting the profitability of music retail stores. Details regarding the exact closure of Planet M's operations are sparse, but it is known that the brand gradually faded from prominence as the digital age took over.
Legacy
[edit]Planet M remains a fond memory for many who visited its stores during the late 1990s and early 2000s. It is remembered for its role in promoting music and films and for being a part of the larger cultural shifts in India's entertainment consumption habits.
References
[edit]- ^ Next Retail snaps up Planet M
- ^ "Videocon snaps up Planet M". The Economic Times. 7 November 2007. ISSN 0013-0389. Retrieved 24 April 2024.
- ^ "Bollywood Music - Introduction, History & Evolution". ipassio. Retrieved 24 April 2024.