Reliance Industries Limited (RIL) has entered into a strategic partnership with Saavn for the integration of digital music service named JioMusic. As part of the deal, you will be able to access millions of songs and music tracks from Saavn on the JioMusic app. even though the valuation is over US$1 billion, the valuation is done by the internal team a Reliance reveals US $670 mllion.
The main aim of the partnership between Reliance Jio and Saavn is to create a global platform with maximum reach coupled with cross-border original content. With consolidated data, the new platform will provide a credible marketplace for independent artists.
Reliance will invest US$100 million to spruce up the Saaavn platform. Moreover, the US$20 million will be invested upfront and is aimed at the growth and expansion of the music platform in a bid to make them stay apart from competitors. Rishi Malhotra, Paramdeep Singh, and Vinodh Bhat will continue to hold positions at Saavn even after the conclusion of the deal.
Commenting on the development, Akash Ambani, Director, Reliance Jio disclosed that the investment and combination of our music assets with Saavn underlines our commitment to further boost the digital ecosystem. It also provides unlimited digital entertainment services to consumers by leveraging the advantages of a strong and powerful uninterrupted network. The company is delighted to announce the partnership with Saavn and this will boost the userbase to a large extent.
Meanwhile, Reliance will acquire the partial stake from the existing shareholders of Saavn for US$104 million. The shareholders will retain their balance stake after the deal. According to sources, JioMusic is the largest growing music streaming app for over 60 weeks. Reliance sourced content from a wide range of Indian and International labels with over 16 million HD songs across 20 languages.
The main reason for the huge growth of the JioMusic platform is due to the comprehensive content library paired with unique customer experience modules. Saavn is also having a huge base in India because of its integration with Amazon Echo devices. The reports suggests that the partnership between JioMusic and Saavn will offer enhanced connectivity and tap the rich potential of the digital ecosystem.
The refreshed platform will be designed on top of Saavn’s award-winning Original Programming and Artist Originals (AO), which had delivered hit tracks such as Zack Knight and Jasmin Walia’s Bom Diggy. We expect both JioMusic and saavn to grow further and move to the next level.
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