Saavn and Jiomusic join together to become India’s top dog for music

As Spotify prepare to start streaming in India the country’s biggest native music services have joined forces in a massive deal.

Saavn have just announced a major partnership with rival music service JioMusic that puts their combined value at over $1 billion. Indian corporation giant Reliance Industries Limited (RIL) were behind the giant deal and sees a potential music superpower created in India as reports suggest that Spotify plan to launch there later this year.

RIL have acquired a partial stake in Saavn for $104 million as part of the deal said the company in a statement. They have pledged to invest another $100 million into the new Saavn/JioMusic platform as well as $20 million upfront “for growth and expansion of the platform into one of the largest streaming services in the world”.

RIL said in a statement that 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”.

Saavn’s Co-Founder and CEO, Rishi Malhotra says: “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.”

Director of RIL and chief of strategy at Jio, Akash Ambani added: “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.”

Head of Social Media and Marketing, RouteNote

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