Another Rs 130 crore will also be invested by Mukesh Ambani-led company in order to make the new entity one of the largest streaming services in the world.
In a bid to tap into country’s growing digital music industry, Reliance Jio will merge its JioMusic with streaming services provider Saavn, Bloomberg reported. The company expects that the merger deal will complete before June 30, the report said. Post transaction, Reliance Industries, the parent company of Reliance Jio, will hold 81.7 percent stake in Saavn. Reliance Industries will acquire stakes from Tiger Global Management, Liberty Media and Bertelsmann in New York-based Saavn for Rs 676 crore, the report added.
Here are the key things to know:
1) Another Rs 130 crore will also be invested by Mukesh Ambani-led company in order to make the new entity one of the largest streaming services in the world.
2) Saavn holds rights over 36 million songs in 15 languages.
3) Saavn’s three co-founders namely Paramdeep Singh, Rishi Malhotra, and Vinodh Bhat will continue leading Saavn.
4) According to company’s release, Reliance has a goal to create a media platform that enjoys an international reach, original content from across borders.
Reliance tops mobile data speed test
Reliance Jio has topped the Trai’s 4G mobile data speed test in the year 2017. A mobile data (4G) download speed of 19.4 Mbps was recorded in December 2017, according to the latest Trai data. However, in the month of November the speech of 25.6 Mbps was recorded. Bharti Airtel recorded a mobile data (4G) download speed of 9.4 Mbps in the month of November. It clocked a speech 9.8 Mbps in the previous month. Vodafone recorded a speed of 8.9 Mbps in December against 10 Mbps a month back. Idea Cellular clocked a flat speed in the month of December at 7 Mbps as against November. Jio recorded a mobile data speed of nearly 19.5 Mbps during 2017 on an average, that was followed by Vodafone at 9.8 Mbps, Idea at 9.7 Mbps and Bharti at 9.3 Mbps.