JioMusic integrates with Saavn, combined worth over $1 billion

Reliance is acquiring the partial stake from the existing shareholders of Saavn for $104 million, while these shareholders retain their balance stake.

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Reliance Industries Limited ("RIL") parent company of Reliance Jio today announced a strategic transaction with popular music streaming service Saavn.

JioMusic integrates with Saavn, combined worth over $1 billion

 

The combined entity is valued at over $1 billion, with JioMusic's implied valuation at $ 670 million. 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, RIL said.

RIL (Reliance Industries Limited) will also invest up to Rupee equivalent of $100 million, out of which Rupee equivalent of $20 million will be invested upfront for growth and expansion of the platform into one of the largest streaming services in the world. The company will continue to operate the over-the-top media platform available on all app stores.

The three co-founders of Saavn- Rishi Malhotra, Paramdeep Singh and Vinodh Bhat, will continue in their leadership roles and will drive the growth of the combined entity confirmed RIL.

In addition, Reliance is acquiring the partial stake from the existing shareholders of Saavn for $104 million, while these shareholders retain their balance stake. The shareholder base of Saavn includes Tiger Global Management, Liberty Media, and Bertelsmann among others.

"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. 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," Akash Ambani, Director, Reliance Jio, said.

Furthermore, Reliance is acquiring the partial stake from the existing shareholders of Saavn for $104 million, while these shareholders retain their balance stake. The shareholder base of Saavn includes Tiger Global Management, Liberty Media, and Bertelsmann among others.

 
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"Nearly 10 years ago, we had the 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 the 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." Paramdeep Singh, Co-Founder and Executive Vice Chairman at Saavn, added "Saavn has been at the forefront of the digital music revolution in India. Our partnership with Reliance reinforces our commitment to the growth of our label partners, the independent artist ecosystem, and the overall music industry globally."

JioMusic has been India's fastest growing music streaming app for over 60 consecutive weeks. JioMusic has sourced content from all the major Indian and international labels, with over 16 million HD songs across 20 languages.

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