Saavn, India’s favourite music streaming service, has revealed that they expect to start making a profit by the end of 2018.
Speaking this week Saavn revealed their major successive growth in recent years, saying that they have quadrupled revenues since 2014. They didn’t speak on specific figures but they did say that with this growth they are expecting to start making a profit within a year and a half.
Saavn cite their new premium subscription offering as a big influence on their growth. It introduced a paid, $4.99 a month subscription plan for users beyond South Asia late last year. Saavn’s free tier has also been majorly bolstered with 250 companies that now advertise through them including big brands like Bose, Amazon and Levi’s.
In a statement, Saavn said: “As of today, the company has converted 15% of its 2 million diaspora users, with 25% paid conversion marking profitability. It’s paid user base overall has increased by 125% in the last 12 months.”
Saavn also announced that every month their users are streaming 700 million songs which has resulted in a 70% increase in listening time from last year. With their expansion beyond south Asia Saavn has also seen a massive 176% growth in the streaming of English-language artists. They say that they have acquired 94.5 millions users in the past year however active users only shows them at 22 million.