On 28 February, when Times Internet Limited’s (TIL) music streaming service Gaana, announced its fresh $115 million fundraising round led by Tencent Holdings, it represented an important moment in India’s streaming wars with two distinguishing elements. First, the entry of one of the world’s largest tech companies in the sector. And second, the timing of the announcement: it came in the wee hours of the morning in India, on the same day Amazon launched its Prime Music. The funding round, sources familiar with Gaana say, values the company at $250 million.
Tape 1 Side B
Pressing play, again: The Gaana-Saavn battle 2.0
Gaana and Saavn fought out the early days of India’s music streaming wars. Now they’re back at it, in different avatars
Following its success in China, Tencent wants to create India's first 100 million-user music streaming service through Gaana
Gaana is looking at events as part of its monetisation strategy, the first of which (a music festival) will happen in May this year in San Francisco
Its great rival Saavn is trying to raise a round of funding of its own. Sources say, it is seeking $50 million at a valuation of around $200 million
Both companies see the value in original content: For Saavn, this means an additional revenue stream through licensing. For Gaana, it's about customer acquisition through exclusivity