NEW DELHI: In a deal led by RJio director Akash Ambani, Reliance Industries today signed an agreement for combination of digital music service Saavn with JioMusic to create a digital media platform with global reach having total value of over USD 1 billion.
“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,” Reliance Jio (RJio)Director Akash Ambani said in a joint statement.
Reliance Industries executed definitive agreements for the combination of Saavn with its digital music service, JioMusic.
“The combined entity is valued at over USD 1 billion, with JioMusic’s implied valuation at USD 670 million,” the statement said.
Reliance will also invest up to USD 100 million, out of which rupee equivalent of USD 20 million will be invested upfront, for growth and expansion of the platform into one of the largest streaming services in the world.
“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,” the statement said. (AGENCIES)
Follow our WhatsApp channel