News - 27/03/2018

Indian Spotify rival Saavn merges with JioMusic

Indian Spotify rival Saavn merges with JioMusic

India is becoming a hot place, for the streaming music business.

According to "Music Business Worlwide", indeed, Spotify is planning a soft launch in the territory this summer, Facebook is currently negotiating music licensing deals in the market and now one of the leading streaming platforms in India, Saavn, is going to merge with rival service JioMusic; this way, the newly-combined platform will be valued over $1bn.

The move has been coordinated by Reliance Industries Limited (RIL) – one of India’s largest private corporations which boasts an annual turnover of more than $50bn. As part of the deal, RIL has acquired a partial stake in Saavn for $104m, the company said today in a statement. The firm said that the merger values JioMusic at $670m – suggesting that Saavn itself is being valued at $330m+.

The three co-founders of Saavn – Rishi Malhotra, Paramdeep Singh and Vinodh Bhat – will continue in their leadership roles at the head of the combined entity,

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