Reliance Industries ties-up with Saavn, forms India's largest platform for music, media and artists
Akash Ambani, Director, Reliance Jio, had this to say about the transaction, “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.” Of the $100 million investment, rupee equivalent of $20 million will be invested upfront, for growth and expansion of the platform. The goal being to turn it into one of the largest streaming services in the world. The over-the-top media platform of the company available on all app stores is expected to continue to operate.
Reliance Industries today announced a 'strategic transaction' with Saavn to form India's largest platform for music, media and artists. RIL Chairman Mukesh Ambani with his son Akash Ambani, Director of Reliance Jio. Image source: Reuters