Music streaming service, Saavn, on Thursday has announced an undisclosed investment from high-profile entertainment industry executive Guy Oseary, who manages stalwarts like U2, Madonna, and countless other top music acts.
In a statement, Saavn declared that Oseary has joined as “Investor and Partner” and will help them strengthen its music streaming platform in India.
Rishi Malhotra, the CEO and co-founder of Saavn, said, “Guy and I are developing unique artist collaborations for Saavn and we’re honored to have him as a partner and investor. Guy has incredible instincts across entertainment and media” said Saavn CEO and Co-Founder.”
Some of the world’s prominent artists that Oseary currently represents are U2, Madonna, Alicia Keys and Amy Schumer among others. Maverick also manages other artists like Miley Cyrus, Britney Spears, Paul McCartney, Nicki Minaj, Jason Aldean, Fifth Harmony, G-Eazy, and the Weeknd.
It is also the co-founder of the venture capital firm A-Grade investments along with actor Ashton Kutcher and billionaire investor Ronald Burkle. Among its portfolio companies include Spotify, Uber, Airbnb, Soundcloud, Shazam and Product Hunt among others.
Saavn is headquartered in New York with multiple offices in India. Last summer, the nine-year old company had raised a $100 million Series C funding round led by Tiger Global at a $300 to $400 million valuation. it claims to have more than 20 million tracks and over 14 million users.
Though solely focused on India and Indian music, it claims to have users across 196 countries, who has the option of paying for a premium membership or using the free ad-supported alternative. It is currently aiming to build a bridge between the music and entertainment industries in India and the West. English language content was traditionally not high on Saavn users’ radars, but now he says it represents 15 percent of content listened to.
Saavn had also launched a new global initiative called Artist-in-Residence that aims to highlight the best new musicians and bands and had roped in Indian indie electronic artist Nucleya as the first artist.
In his interview with ETtech, Malhotra had told that they will provide artists music distribution on its platform along with data on artist’s own content, “on how it is used, by whom and when”.
Saavn counts in its competitors Times Internet’s Gaana, Hungama, IPO-bound Australian firm Guvera and Apple Music.
