We’ve been reporting on the ambitions of Indian streaming service Gaana this year: following a $115m funding round led by Tencent earlier in 2018, the company had already outlined its intent to grow to 200 million listeners in the next couple of years. That’s reiterated in an interview with the Press Trust of India by CEO Prashan Agarwal this week, with a few more stats.
Gaana currently has 80 million monthly active users (we reported on this last week – it was up from 60 million in February when that funding round happened) streaming more than 2.2bn songs a month. Agarwal said that Gaana’s revenues are growing by 100% at the moment, although he declined to say what those revenues are.
“We continue to be in an investment mode. The market is only at about 10 percent penetration and we think that at least a 50-60 percent penetration of the total population is needed to make money,” he said. “Today growth and investments are the key agendas for us.” Other morsels: 22% of Gaana listeners are currently using voice-search features, but Agarwal expects that to grow to more than 50% in the next two years.