TIL Desk/Business/Mumbai/ Reliance Industries (RIL) on Friday said that it has executed definitive agreements for combination of Saavn, a leading global music OTT (over-the-top) platform, with its digital music service — JioMusic. According to the company, the combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million.
Speaking on this strategic transaction, Akash Ambani, Director, Reliance Jio, said: “The investment and combination of our music assets with Saavn underlines our commitment to further boost the digital ecosystem and provide unlimited digital entertainment services to consumers over a strong uninterrupted network.”
“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.”
The company said that 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.
