Indian music-streaming service Saavn has made a bold prediction: it expects to be profitable by the end of 2018.
The company said this morning that it now has 22 million monthly active users, and has quadrupled its revenues since 2014.
No, it didn’t say what those revenues were or are. However, Saavn did talk about the progress made by the $4.99-a-month premium subscription it launched in late 2016 for its users outside south Asia.
“As of today, the company has converted 15% of its 2 million diaspora users, with 25% paid conversion marking profitability,” announced Saavn this morning. “Its paid user base overall has increased by 125% in the last 12 months.”
Other milestones announced today: Saavn’s users now stream 700m songs a month; its user listening hours are up 70% in the last year; and streaming of English-language artists has grown by 176% in the same period.
250 companies are now advertising on Saavn’s free tier, including the likes of Bose, Amazon and Levi’s. And the company claims to have ‘acquired’ 94.5 million users in the last 12 months, although the 22 million active users figure indicates how many of those have stuck around.
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