OMG! JioMusic + Saavn = $1Bn

Reliance Industries Limited (“RIL”) today executed definitive agreements for combination of Saavn, a leading global music OTT platform, with its digital music service, JioMusic.
The combined entity is valued at over US$1 billion, with JioMusic’s implied valuation at US$ 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.

Reliance will also invest upto Rupee equivalent of US$100 million, out of which Rupee equivalent of US$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 growth of the combined entity.

Sign Up for Our Newsletters

Get smarter with most important stories.

You May Also Like

7 reasons why startups still need SEO

Lately, there have been debates over social vs search and while Facebook and Twitter lead the social business, it’s way too early to neglect the search business. Pratik Dholakia, the lead SEO and Marketing guy at E2M solutions writes why SEO is important.
View Post