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Facebook in talks to buy 10% of JioSaavn’s parent company


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Facebook has been very clear that it doesn’t, at present, plan to launch its own music streaming service – preferring to explore other ways of working with music companies and artists. It didn’t say anything about not buying stakes in the parent companies of streaming services though…

The Financial Times reports that Facebook is in talks to buy a 10% stake in Indian telco Reliance Jio, although it warns that the coronavirus pandemic has affected “the timetable of the deal”. And no, this isn’t really about Facebook wanting to own a share of music streaming service JioSaavn, which the telco created from a merger of its own JioMusic service with the acquired Saavn in 2018. It’s more about getting Facebook “a key foothold in the Indian market” with the benefits for its core social network and associated apps like WhatsApp and Instagram. The FT also reported that Google had been sniffing around a stake in Reliance Jio too.

Stuart Dredge

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