Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Associate PartnerAssociate Partner
  
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Reliance Clubs JioMusic and Saavn to Create Billion-Dollar Digital Music Platform

The oil-to-telecom behemoth will invest an additional $100 million towards making the combined platform one of the largest music streaming services in the world.

Rounak Kumar Gunjan | News18.com@Rounak_T

Updated:March 24, 2018, 8:13 AM IST
facebookTwitter Pocket whatsapp
Relaince Jio, Jio SBI Partnership, SBI YONO, SBI digital services, Technology News
Reliance Jio Celebration Pack: Select Users Can Now Get 10 GB Additional Data, Here is How to Check (Representative Image: Reuters)

New Delhi: In an effort to reach out to more consumers, Reliance Industries Limited (RIL) on Friday signed an agreement to combine digital music service Saavn with its own JioMusic app to create a new entity valued at $1 billion.

RIL in a statement on Friday said JioMusic’s implied valuation for the transaction was $670 million.

The oil-to-telecom behemoth will invest an additional $100 million towards making the combined platform one of the largest music streaming services in the world.

Of the $100 million, $20 million will be invested upfront, the company said, adding that the three co-founders of Saavn — Rishi Malhotra, Paramdeep Singh, and Vinodh Bhat — will continue in their respective leadership roles at the combined entity.

The investments will be made in the form of rupee-equivalents of the amounts mentioned above.

In addition to this deal, Reliance Industries will also acquire a part of the stake held by Saavn’s existing shareholders for a sum of $104 million. Saavn’s shareholders, including Tiger Global Management, Liberty Media, and Bertelsmann, will continue holding the remainder of their stake.

“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,” said Akash Ambani, Director, Reliance Jio.

Currently, JioMusic has been India’s fastest growing music streaming application for over 60 consecutive weeks. It sources content from all major Indian and international labels and currently has over 16 million high definition songs across 20 languages.

Saavn has the unique distinction of being the only streaming service to feature on lists of top-grossing apps in numerous markets such as India, UK, Canada, United States, UAE, and Singapore, among others.

"The combined entity will have both Saavn’s streaming media expertise and Jio’s digital ecosystem to leverage. It will aim at benefitting all the stakeholders involved – users, music labels, artists, and advertisers," Reliance Industries said in the statement.

(Disclosure: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio)

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Nitya Thirumalai
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 73.00 5.87
Indiabulls Hsg 238.55 -1.28
ICICI Bank 496.80 1.50
HDFC Bank 1,264.75 0.73
Reliance 1,427.80 -1.22
Company Price Change %Gain
Yes Bank 73.00 5.80
Indiabulls Hsg 238.35 -1.43
Tata Power 57.30 -3.70
IRCTC 932.80 6.33
RBL Bank 343.40 6.02
Top Gainers
Company Price Change %Gain
Zee Entertain 305.40 6.23
Yes Bank 73.00 5.87
BPCL 517.60 2.95
GAIL 130.35 2.60
Tata Motors 172.00 1.75
Company Price Change %Gain
Yes Bank 73.00 5.80
Tata Motors 172.00 1.68
ICICI Bank 496.95 1.53
IndusInd Bank 1,444.90 1.50
Axis Bank 733.60 1.12
Top Losers
Company Price Change %Gain
Nestle 14,108.45 -2.51
Hero Motocorp 2,594.00 -2.00
Hindalco 200.15 -1.82
Vedanta 152.70 -1.80
Cipla 454.85 -1.65
Company Price Change %Gain
Hero Motocorp 2,593.15 -2.00
Vedanta 152.55 -1.90
TCS 2,099.70 -1.42
Reliance 1,427.80 -1.21
Asian Paints 1,773.80 -1.16

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results