Leading Indian digital music services Saavn and JioMusic completed their merger this week, and are now known as JioSaavn. The new service boasts a catalog 40 million tracks in 15 languages and claims to be the largest streaming platform in South Asia.
The company operates a free, ad-supported tier and a premium product called JioSaavn Pro — a similar offering as global leader Spotify, reportedly only months away from entering the coveted India market.
“The launch of JioSaavn marks a new era for music streaming in India and, the global music industry at large,” commented Paramdeep Singh, co-founder and executive vice chairman of JioSaavn. “Combining the scale and quality of the Jio network with our highly engaged product experience, JioSaavn is positioned for a steep growth trajectory that will benefit the entire ecosystem of label partners, brand advertisers, and independent artists to bring content, commerce and culture together.”
The company has 900+ label partnerships and growing, including Universal, Sony, T-Series, Tips, YRF, Saregama, Eros and Warner Music.
In March, JioMusic’s parent company Reliance Industries Limited acquired a majority stake in Saavn, whose investors include Liberty Media, Bertelsmann, Steadview Capital, William Morris Endeavor and Tiger Global Management, among others, along with a number of strategic investors, including former Vodafone CEO Arun Sarin and Guy Oseary.
“Since announcing our merger in March 2018, the Jio and Saavn teams have been working to integrate and reimagine a combined platform in JioSaavn,” said Rishi Malhotra, co-founder and CEO, JioSaavn. “Today, we have one of the most personalized and capable media platforms in the world, an unmatched content catalog, regionalized editorial and original programming and music that’s redefining how artists and creators connect directly with audiences worldwide.”