Mukesh Ambani’s Reliance Industries on Friday signed an agreement for the merging of JioMusic with Saavn to create a digital platform with over $1 billion of reach.
Reliance Industries Limited will invest up to $100 million, of which $20 million will be upfront payment. Reliance wants to expand the platform into the ‘largest streaming service in the world’.
RIL will acquire some stake from the existing shareholders of Saavn for $104 million.
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“The investment and combination of our music assets with Saavn underlines our commitment to further boost the digital ecosystem and provide unlimited digital entertainment services to consumers over a strong uninterrupted network,” Reliance Jio Director Akash Ambani said.
Saavn founded in 2007 is South Asia’s leading music streaming services. Not only music, Saavn started streaming non-music audio shows from Bollywood to storytelling to cricket to comedy.
In 2016, Reliance Jio launched its easy on pocket 4G services in India, shaking the competitors and market. Jio’s customer base grew 7 times more than its closest rival Airtel, according to a data.
RIL with Saavn is planning to build ‘India’s largest platform for music, media, and artists’.