Reliance Jio & Saavn Lock-Down Merger Valued At $1 BN To Become The Biggest Streaming Platform In India

Posted at March 28th, 2018 | by Yash Vikram Singh | in Entertainment, Featured, News

As music streaming polarizes and is on it’s way to becoming the surefire way to listen to music worldwide, there’s business that needs to be bagged and tagged. For some amount of time, India has had its own streaming services that originated within the country such as Saavn, Gaana, Wynk along with giants in the space such as Apple Music & Google Play. But some of the other ones are working on procuring a slice of the pie as well.

 

 

 

Just a while ago we heard the news that Spotify is planning an India launch pretty soon. But before that happens, Reliance has struck a deal with Saavn for their own Streaming play in the Indian market. Jio Music will be latest streaming service to grace us as Reliance Industries Limited have acquired a stake worth $104 Million in Saavn.

 

Nearly 10 years ago, we had a vision to build a connected music platform, dedicated to South Asian culture across the globe. Vin, Param and I always envisioned the company for the long term with intense focus on products, data, and ground-breaking original content.

 

 

“Our alignment with Reliance enables us to create one of the largest, fastest-growing, and most capable media platforms in the world.” Rishi Malhotra, Co-Founder and CEO at Saavn.

 

This deal will only see Saavn transcending onto becoming much more global. Saavn boasts of over 36 Million tracks in 15 languages. One of the biggest deals pertaining to music this side of the ocean. The deal will see Jio Music valued at $670 Million & Saavn at over $330 Million.

 

Source: MBW

Yash Vikram Singh

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