The three co-founders of Indian music streaming service JioSaavn are stepping down from their roles, according to Billboard. Its report suggested there have been “differences of vision with executives brought in by parent company Jio”, but added that Rishi Malhotra, Vinodh Bhat and Paramdeep Singh will be continuing on JioSaavn’s board of directors.
The service formerly known as Saavn was acquired by Jio – a brand belonging to telco giant Reliance Industries – in March 2018 and merged with its JioMusic service, in a deal valuing the new entity at more than $1bn.
JioSaavn announced that it had 104 million monthly active users in April 2019, then in February 2020 Reliance reportedly invested $19.6m in the service to help it grow. However, in 2021 the company is facing intensifying competition, including from international streaming services.
A recent webinar by consultancy firm Outdustry suggested that Spotify now has more than 20 million monthly active users in India; YouTube Music and Amazon Prime Music both have more than 10 million, and Apple Music and Resso have more than five million apiece.
Tools: platforms to help you reach new audiences
Tools :: Wyng
Through Music Ally’s internal marketing campaign tracking, we’ve recently discovered an interesting website by the…