Today Reliance Industries Limited Announced that The Company has been signed an agreement to for a merge of Saavn with JioMusic. According to report, Jio Music Integrates With Saavn in $1 billion-plus deal. Reliance Industries Limited Said That “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“.
Three co-founders of Savan, Rishi Malhotra, Paramdeep Singh and Vinod Bhat will remain in the roles of his leadership and will promote the development of the joint unit. Apart from this, Reliance is buying a partial stake for $ 104 million from its current shareholders, While these shareholders have retained their remaining stake. Joint Unit Development, which has planned to aggressively invest in all aspects of the ecosystem including users, music labels, artists and advertisers.
Akash Ambani, Director, Reliance Jio, said: “The investment and combination of our music assets with Saavn underlines our commitment to further boost the digital ecosystem and provide unlimited digital entertainment services to consumers over a strong uninterrupted network. 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”
Rishi Malhotra, Co-Founder and CEO at Saavn, said: “Nearly 10 years ago, we had the vision to build a connected music platform, dedicated to South Asian culture across the globe. Vin, Param and I always envisioned the company for the long term with the intense focus on products, data, and ground-breaking original content. Our alignment with Reliance enables us to create one of the largest, fastest-growing, and most capable media platforms in the world“.
Paramdeep Singh, Co-Founder and Executive Vice Chairman at Saavn, added – “Saavn has been at the forefront of the digital music revolution in India. Our partnership with Reliance reinforces our commitment to the growth of our label partners, the independent artist ecosystem, and the overall music industry globally“.