Jio expands its Music Capacity with Saavn

 

Reliance Jio has completed a deal for merging the digital music service Saavn with JioMusic to create and expand a digital media platform with a total investment of over $1 billion. Director of Reliance Jio, Akash Ambani said " We are delighted to announce this partnership with Saavn, and believe that their highly experienced management team will be instrumental in expanding Jio-Saavn to an extensive user base, thereby strengthening our leadership position in the Indian streaming market,”.

With the JioMusic's valuation of around 670 million dollars, the combined entity is valued at over $1 billion. The aim is to grow and expansion of the platform into one of the largest streaming services in the world. “The integrated business will be developed into a media platform of the future with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums,” the statement said.

As part of the deal, additionally, Reliance will be acquiring a partial stake from the existing shareholders of Saavn for $104 million. The shareholder base of Saavn includes Tiger Global Management, Liberty Media and Bertelsmann among others. The three co-founders of Saavn, Rishi Malhotra, Paramdeep Singh and Vinodh Bhat, will continue in their leadership roles and will drive growth of the combined entity.

Sharing his thoughts, the co-founder of Saavn said " Nearly 10 years ago, we had a vision to build a connected music platform, dedicated to South Asian culture across the globe. Our alignment with Reliance enables us to create one of the largest, fastest-growing, and most capable media platforms in the world. With a massive market opportunity of over 1 billion users in India and globally, the combined firm plans to invest aggressively to accelerate growth that would benefit all aspects of the ecosystem, including users, music labels, artists and advertisers, the statement said.

Currently, just like other Jio applications, JioMusic is providing all its services for free of cost. This deal with Saavn will enable more options to music lovers of all tastes. This move is also expected to add famous music contents from multinational and multicultural backgrounds.

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