World’s largest audio streaming service, Spotify, is all set to enter India this April and to counter the possible threat, established players, Reliance Jio and Saavn have joined hands ahead of the Swedish giant’s much talked about arrival. As per reports, Reliance Jio to spend $670 million in Saavn. Saavn boasts 30 million songs under its belt including Hindi, English and regional content. The digital ecosystem of Reliance Jio and Saavn’s expertise in streaming media will jointly compete against Spotify which has a subscriber base of 70 million.
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.”