Mumbai-based audio streaming platform JioSaavn has received INR 140.35 Cr from its parent entity Reliance Industries Limited.
In March 2018, Reliance’s Jio Music and Saavn merged to jointly strengthen their foothold in the Indian music streaming market and their combined valuation was pegged at $1 Bn at the time of the merger.
JioSaavn was said to be a media platform of the future with global reach, cross-border original content, an independent artist marketplace with consolidated data and one of the largest mobile advertising mediums.
JioSaavn competes with players such as Gaana, owned by Times Internet, part of the Times Group which also publishes this paper; Amazon Music; Spotify; YouTube Music; Hungama; Wynk and Apple Music. Gaana is currently the market leader in India, having crossed more than 100 million users, as per industry estimates.
India’s audio streaming market generates revenue of Rs 270 crore, accounting for 70% of the industry’s total revenue in 2018, as per a report by Deloitte and the Indian Music Industry. The report said that the overall music industry was valued at Rs 1,068 crore, registering a 24.5% year-on-year growth in 2018.