Reliance announces that JioMusic will be merged with Saavn to grow the Music streaming application with an investment of $1 Billion.
Since Amazon has launched Prime music last month, It has given a new path for online music streaming apps. However Indian market has a bunch of music streaming apps like Saavn etc. Now reliance has planned to expand its music streaming app Jio music with the help of Saavn for a merger entity value of $1 Billion.
Reliance will also be acquiring a stake in Saavn from existing shareholders for $104 Million since Reliance will be investing Rupee equivalent of US $100 Million in this merged entity.
This merger entity will also bring the path to several Original Programming and Artist Originals for the Distribution and Marketing of Original Audio Contents.
Let’s wait and hear more news about this merge in future in the upcoming months. Are you using any online music streaming app? If yes, please do let us know.
