iWorld

Saavn raises $100 mn; to move into video

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

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/07/ebay.jpg?itok=YjfoCmlE
eBay signs MoU with Uttar Pradesh govt for ‘One District One Product’ program

NEW DELHI:  eBay today signed an MoU with the government of Uttar Pradesh for its ‘One District One Product’ program. The MoU will enable MSMEs in Uttar Pradesh to leverage eBay’s cross border platform and sell internationally across 190 countries. As part of the MoU, eBay will not only promote...

iWorld e-commerce
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/07/netflix.jpg?itok=2t4qVCVP
Netflix goes more local, launches Hindi UI

KOLKATA: Netflix, the world’s leading streaming entertainment service, today launched its user interface in Hindi. This enables Netflix members who prefer Hindi to easily discover, access and enjoy their favourite Indian and international films and series. The complete Netflix experience in Hindi,...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/07/idna.jpg?itok=JG608oDA
India Today suspends print publication Mail Today; turns digital

NEW DELHI: Most newspapers in India are facing an uphill task to maintain their readership amidst the pandemic. India Today too faced the burn. The group announced that its English language tabloid Mail Today will suspend its print publication with effect from 10 August 2020. The reason stated is...

iWorld eNews
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/07/twitter.jpg?itok=1JWzAxWC
Twitter announces new labels for government, state-affiliated media accounts

NEW DELHI: Twitter has announced that the micro-blogging site has started labelling accounts of government officials and state-affiliated media. The blog read that it will focus on labelling ‘Senior officials and entities who are the official voice of the state abroad.’ For the time being, this...

iWorld Social Media
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/07/tiktok.jpg?itok=w0WziBbx
US imposes ban on TikTok and WeChat

NEW DELHI: US President Donald Trump has announced that social media apps TikTok and WeChat are barred from operating in the US starting 20 September if they are not sold by their Chinese-owned parent companies. The video-sharing app TikTok has come under the lens of US lawmakers over national...

iWorld Social Media
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/07/tv.jpg?itok=T68SdaRf
Are OTT players finding a sweet spot for pricing?

A recent report from Kantar spoke about the massive surge in SVoD growth in urban India. Hence, it is clear that Indians have started loosening the purse strings for premium online content.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/06/byju.jpg?itok=a5nVrI7d
BYJU’S acquires ed-tech start-up WhiteHat Jr

KOLKATA: BYJU’S, the leading ed-tech company, has announced that it has acquired Mumbai based ed-tech start-up, WhiteHat Jr.

iWorld eNews
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/06/mix.jpg?itok=YWv_KBwz
Discovery Plus celebrates 15 Aug with new episodes of 'Tales of Valour'

Discovery Plus has strengthened its offering in the armed forces-led content by dropping new episodes of Tales of Valour in the month of August.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/08/06/2.jpg?itok=YSK_Kxer
Airtel-AWS partner to offer cloud services to M&E firms

It’s hoping to take Indian companies further into the cloud. Telco Bharati Airtel has signed a multi-year, strategic collaborateon agreement with Amazon Web Services (AWS.) to deliver a comprehensive set of innovative cloud solutions to large enterprise and small and medium enterprise (SME)...

iWorld Telecom

Sign up for our Newsletter

subscribe for latest stories

* indicates required