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Business News Digital
JioSaavn owner pumps in new investment
By Chris Cooke | Published on Thursday 20 February 2020
With India being the emerging market where all the global players in music streaming are now proactively competing head-on with the regional services, the owner of Mumbai-based JioSaavn – Reliance Industries – has pumped another $19.6 million into its streaming music business. So that’s nice. For them.
We know this because of formal filings regarding the new investment which have been seen and reported on by media in India.
JioSaavn was created in 2018 when Reliance merged its Jio Music service with rival Saavn. The latter had previously been backed by a number of international companies, with investors including US-based Liberty Media and German media group Bertelsmann.
JioSaavn currently boasts over 100 million monthly active users. In India it competes with another significant local player, the Times Internet-owned Gaana, as well as the likes of Apple, Amazon, YouTube and Spotify.
