In a deal led by Reliance Jio director Akash Ambani, Reliance Industries Ltd on Friday signed an agreement to combine its digital music service JioMusic with streaming app Saavn.
“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,” Akash Ambani said in statement jointly issued by the two companies. Akash Ambaniis the son of Reliance Industries chairman Mukesh Ambani.
“The combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million,” the statement said.
Reliance Jio, Saavn to merge digital music services, new entity valued at $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,” Akash Ambani said in statement jointly issued by the two companies. Akash Ambaniis the son of Reliance Industries chairman Mukesh Ambani.
“The combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million,” the statement said.
Reliance Jio, Saavn to merge digital music services, new entity valued at $1 billion
