India is falling in love with the joys of music streaming and their native service Saavn is reaping the profits as the country goes digital for their tunes.
Indian music streaming service Saavn have had an incredible year as the country catches up to the worldwide love for music streaming. As the world’s favourite streamer Spotify prepares it’s launch in India they will have to go up against Saavn who have just reported incredible growth for 2017.
Saavn have reported that their revenues for 2017 grew to a massive 459 million Rupees (roughly $6.8 million). That’s a 16% rise from 2016, whilst their post-tax profits for the year saw a massive increase. Saavn reported a tripling in profit from 2016, bringing in 32.2 million Rupees – a vast increase on the 10.8 million Rupees made the year before.
These are massively impressive numbers but only represent Saavn’s operations in India and not their work in the US. That said, data collectors App Annie say that 90% of Saavn’s app users are based in India so this represents the big picture for their profits and income. The company said last July that they expected to be profitable around the world by the end of this year after revenue had increased 4x since 2014 thanks to their 22 million monthly active users at the time.
Saavn have been expanding their business through major partnerships in the past year. Last November Saavn announced a partnership with Amazon that saw their music streaming service come pre-enabled on Amazon Echo speakers. Earlier this year Saavn made a massive business move when they partnered with rival Indian music service JioMusic creating a combined music superpower in India.