JioSaavn, the music app Reliance Industries acquired and merger with Jio Music has raised Rs 140.35 crore from Reliance, paper.vc reported. The merger of the two apps was carried out last year and the combined entity‚Äôs valuation is claimed by Reliance to be over $1 billion.
The OTT audio market is projected to be worth Rs 270 crore as per a report by Deloitte-IMI. There are many players vying for this pie. These include Gaana, Spotify, YouTube Music and Wynk. Another study undertaken by BofA Merrill Lynch and Similarweb on the market scenario in India and customer preferences etc. has said that YouTube Music and Spotify, which are global OTT players, are preferred by Indian listeners.
Giving out its findings, the study report says the average time spent by listeners on YouTube Music per day is a little over ten minutes. The corresponding figure for JioSaavn is over nine minutes. Spotify also has a higher number as per this report than JioSaavn.
Between these OTT audio players, it is reported there are over 4,400 million monthly streams. These would include all the regional languages music and of all genre, film music, light music, classical music and devotional music. There is also a lot of light music like ghazals which have a sizeable audience in the Hindi-speaking belt in India and the sub-continent.
There are sub genres like light-classical and classical-devotional etc. The youngsters are attracted towards western music as well as the fusion variety like RAP.
Any music app that can cater to the cross section of listeners with such diverse tastes can possibly gain its hold in the market over time. YouTube Music may score better since it allows users to upload music on its platform.