Reliance Jio is going to enter into the world of online music. For this, the company has tied up with the world’s popular Sawan music app. Now it will be in front of the world in the name of Jio-Sawan. Its announcement was made on Friday evening by Geo Director Akash Ambani and director of Saawan.
Reliance Jio and Saavan Tie up
According to the news, Reliance Industries Limited’s Digital Music Service has announced a deal between ‘Jio Magic’ and the world’s biggest music app ‘Savan’.
Together, the market value will be more than $ 1 billion. The market value of Jio Magic is 670 million US dollars. Apart from the merger, Reliance will invest $ 100 million in it. Under this, the first $ 20 million will be invested.
On this occasion, Director of Reliance Jio Akash Ambani said that the purpose of this music investment with savan app is to promote this media. Also shows our commitment to delivering digital entertainment related services to consumers.
He also said that he is happy to announce this partnership with Saavan. We believe that their highly experienced management team will help Geo-Savan to expand into a larger network. This will strengthen our leadership position in the Indian streaming market. ‘
What will happen to Saavn’s shareholders?
Reliance is buying partial shareholding from Sawane’s current shareholders, which include Tiger Global Management, Liberty Media and Burtlesman. Sawan’s three co-founders Rishi Malhotra, Paramdeep Singh Vinod Bhat, will continue to be in the role of his leadership and will continue to operate it.
On the occasion, Rishi Malhotra said on the occasion that almost ten years ago we thought that would create a music platform which would be affected by the culture of South Asian countries. After this partnership with Reliance, we have stepped in to become the fastest growing media platform in the world.