Indian music streaming service Saavn announced today that it has reached 18 million users witnessing an increase of 4 million within 2 months — figuring a ten-time increase in users daily. It also announced that Arun Sarin, former CEO of Vodafone will be joining its board as investor and strategic investor.
The company said his long experience in the industry would help Saavn in striking deals with telecom partners to offer Saavn as a service in their data bundle packs to expand its service further. Financials remain undisclosed.
Arun Sarin, who recently joined taxi aggregator Ola also in a similar role called Saavn as an innovative and nimble music streaming company hitting the right notes. He underlined the surge in smartphone usage in India as an ideal opportunity for Saavn to expand its services.
They are leveraging the smartphone revolution in India where today there are roughly 100M smartphones. And in five years, we’ll have 500 million smartphones in India,
Saavn is one of the leading music streaming service in India along with Gaana and Hungama and recently raised a Series-C round of funding from Tiger Global and other investors such as Bertelsmann India Investments, Steadview Capital, Liberty Media, Mousse Partners, Quilvest, and additional Hong Kong-based hedge funds. The round was speculated to be $100 Million.
According to the company, Saavn has over 20 million songs and witnesses 250 million streams every month with 90% of the traffic coming from smartphones. This has led them to work more deeply with carriers in India and additional territories.
Apart from India, Saavn has presence in more than 150 countries, offering tracks in 11 languages. It provides its ad-based free services as well as ad-free subscription service at Rs99 per month. To convert free users into paid users still remains a challenge for all music streaming companies in India as according to the consulting firm, Delloite, only 1% of the total online users are using the paid subscription services.