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.