Music streaming application Saavn has landed itself a very important investment — and a very significant investor as well. Guy Oseray, a name quite well known in the corridors of the entertainment industry, has recently invested an undisclosed amount into the Indian startup.
You are probably familiar with Saavn by now. The music streaming app that operates on a subscription based model, is HQed in New York with offices across multiple Indian locations. The company offers a total of well over 20 million music tracks, and operates in 196 countries in 13 different languages.
The company has an innovative business model that harnesses the combination of a native mobile advertising platform and rapidly increasing number of users to create monetization opportunities for artists while also generating revenue for the company.
Saavn has also partnered up with most of the leading mobile carriers to come up with plans and offers that are mutually beneficial to the carriers as well as Saavn. The company recently started attracting investor attention in earnest, raising a $100 million Series C funding in a round led by Tiger Global, just last year.
Guy Harley Oseray on the other hand, is an Israeli American talent manager, investor, writer and businessman who is presently at the helm of Maverick as its CEO. He has handled some of the top music talents of our time and is currently the manager for artists including Madonna and U2.
He is also an avid investor and has put in money into companies such as Airbnb, Spotify, Soundcloud, Shazam and Uber. And yes, the fact that he is associated with the music industry does reflect in his investments as well.
Speaking on the investment, Oseray said,
I have been a big supporter and investor in music streaming for years. Saavn is the leading music service in one of the world’s largest and most dynamic markets. Many artists would love for their music to reach India’s over 1 billion residents. From the time I’ve been in the music business, that process has always been too complicated; now, through Saavn, it is finally possible to havea true local partner in India that gets it, andwill work hand-in-hand with artists and their managers. I’m very impressed by Rishi’s vision and his exciting plans for Saavn moving forward.
Saavn’s CEO Rishi Malhotra seemed equally excited at the prospect of joining hands with one of the music industry’s brightest, stating that it will bring acess to unique artist collaborations that weren’t possible before.
He also talked at leangth about Saavn’s plans for the future along with expansion beyond just music.
We’re building original program for Saavn, now we’ll be developing uniquecontent with artists. I can’t say exactlywhat the format will be right now, but it will developed exclusively or with an exclusive window.
Well, that is certainly one partnership likely to bear rich fruits. One thing is very likely though, Oseray’s partnership with Saavn may just boost the quantity and quality of english language content into the country which currently represents around 14 percent of Saavn’s total stream.