iWorld

Saavn raises $100 mn; to move into video

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/internet-images/2015/07/08/saavn%20%281%29.jpg?itok=1xmLul1b

MUMBAI: Move over hotstar.com. Competition is coming your way. Earlier, this year, the Neeraj Roy led music streamer Hungama.com raised around $100 million to expand its service into video delivery to its subscribers. Then Hooq.com announced its foray into the over the top (OTT) market. Now it’s the turn of New York headquartered Saavn to announce that it is going to move into delivering video content to its subscribers. The company late last night confirmed that it had managed to raise $100 million in a Series C round led by Tiger Global.

Among investors who also took part in the round figure: existing investors Bertelsmann India Investments, Steadview Capital, Liberty Media, and Mousse Partners, and new ones such as Qulvest, hedge funds from Hong Kong and a number of strategic individuals. Avendus Capital in Mumbai and LionTree Advisors advised on the deal. The $100 million fund raise values Saavn.com which started in 2007 at $300-400 million.

Saavn CEO Rishi Malhotra revealed that the service is adding a million monthly average users (MAU), with a total of around 14 million MAU currently and hopes to cross 20 million MAUs by end this year.

The company is banking on the mobile users to take up its music and video streaming service in a bigger way.  Malhotra told techcrunch.com that almost 90 per cent of its subscribers are on mobile and have been averse to paying and hence Saavn has been focusing on an ad-supported model for its music streaming service so far.

A part of the $100 million it raised will be used to scale up its music streaming service which has a catalogue of 2 million plus songs, mostly from Bollywood. It wants to expand its sales force.

“The real purpose of this raise is to continue developing our product, acquiring a larger user base, and investing in the right components that make a healthy media company,” Malhotra told techcrunch.

“We want to become an entertainment ecosystem for mobile,” he continued. “That means new audio products and also video, absolutely. The exciting thing about the [Indian] market that we can be part Spotify, part Pandora, and part Netflix.”

The company has signed on Bollywood heart throb Ranbir Kapoor to promote Saavn in prime time commercials on mainline Hindi general entertainment channels in India.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/25/please.jpg?itok=h5ob-Gcx
MX Player Forays into Branded Content with MX Original ‘Love Ok Please’, Powered by Too Yumm!

MX Player, the world’s largest local video player and India’s leading streaming platform has forayed into branded content with its latest MX Original Series – ‘Love Ok Please’, powered by Too Yumm!.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/25/snapdeal.jpg?itok=aLTDRtT4
Enjoy the shades of Summer with Snapdeal’s women fashion store

Snapdeal, India’s leading online marketplace, today launched its Summer Store with an exquisite selection of products for women to upgrade their wardrobe in style, at affordable prices.

iWorld e-commerce
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/25/hoichoi.jpg?itok=bbVyNWdF
hoichoi brings exciting offers for its subscriber-base by associating with GrabOn

hoichoi, world’s largest digital content platform for Bengali movies & shows has entered into a unique partnership with coupon giants GrabOn.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/23/step.jpg?itok=bK2HhE-f
Netflix global marketing chief exits

Netflix global marketing chief Stephen Bruno has exited the company, according to reports. The veteran will join MGM and will be named chief marketing officer (CMO) to advise on both its film and television ambitions.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/22/promax.jpg?itok=WKdpacOV
Promax india 2019 announce their boot camp workshop with award winning creative director, Richard Holman

Last month, Promax India announced the innovative theme for their annual awards and conference as ‘The New Wave’.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/22/acebook.jpg?itok=AEJOK96a
Facebook announces AI for social good summit

With a vision to leverage the power of Artificial Intelligence (AI) to deliver social good, Facebook has announced its inaugural 'AI for India Summit' focused on discussing inclusive growth and solutions to the most enduring social challenges.

iWorld Social Media
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/22/ashish.jpg?itok=uObv9k_Z
RBNL’s chief financial officer Asheesh Chatterjee takes on the additional role of the company’s chief business officer

Reliance Broadcast Network Limited (RBNL) announces the appointment of Asheesh Chatterjee in the role of ‘Chief Business Officer,’ in addition to his current responsibility of serving as ‘Chief Financial Officer’ of the company.

iWorld e-commerce
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/22/yuptv.jpg?itok=4W3W0xF9
IPL 2019: YuppTV bags digital broadcast rights for Australia, continental Europe, south east Asia

YuppTV, the world’s leading OTT platform for South-Asian content, has acquired the digital broadcasting rights for Vivo IPL 2019 outside of India.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/03/22/airtel.jpg?itok=qHbhnE_q
Airtel led broadband subscriber growth in Jan-19

The Sunil Mittal-promoted Bharti Airtel Ltd (Airtel) led broadband subscriber growth, both wired as well as wired internet, for the month ended 31 January 2019 (1 January 2019 to 31 January 2019, Jan-19) according to Telecom Regulatory Authority of India (TRAI) data for the period. In Jan-19.

iWorld Over The Top Services

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories