Reliance Jio and Saavn agreement, now will be Jio Saavn: Mukesh Ambani is a name that has connected the common man to the digital world of the Internet through the medium Jio. We can say, Jio brought a digital or internet revolution in telecom industry, but Jio is not going to stop here right now. Jio’s broadband internet has also been prepared in the coming days after the Jio phone. There is a lot of news from the side of Jio, such as about Jio Broadband Internet, Jio TV and also about Jio laptops. Now in the same way, it is also news from the side of Jio that in the coming time, Mukesh Ambani’s son Akash Ambani plans to increase its music business.
For this, Jio Music has tied up with the popular music app Saavn. Now this company will be hit in the music industry by the name of Jio-Saavn. It was announced by Akash Ambani himself. According to Akash Ambani, Jio Music wills going to hit in the world of online music.
According to the news, Reliance Industries Limited’s Digital Music Service has announced a deal between ‘Jio Music’ and the world’s biggest music app ‘Saavn’. Akash Ambani , Director of Reliance Jio, said that this investment with Saavn is aimed at promoting digital ecosystem and giving customers uninterrupted digital entertainment service. He also said that he is happy to announce this partnership with Saavn. We believe that their highly experienced management team will help Jio-Saavn to expand into a larger network. This will strengthen our leadership position in the Indian streaming market.
Reliance Jio’s announcement of the deal with Saavn itself by Akash Ambani. Together, the market value will be more than 1 billion dollar. Jio Music’s market value is 670 million US dollars. Apart from the merger, Reliance will invest 104 million dollar in cash. Apart from this, the remaining stake will be through shares. It will be invested in the first 20 million dollars.
Reliance Jio is buying partial shareholder from Saavn’s current shareholders, which include Tiger Global Management, Liberty Media and Burtlesman. Saavn’s three co-founders Rishi Malhotra, Paramdeep Singh and Vinod Bhat will continue to be in the role of his leadership and will continue to operate it.