Saavn has signed two new strategic investors New York-based Senvest Management and the global entertainment company, Endeavor from Los Angeles.
Senvest has a proven track record of recognizing high-potential media companies. Endeavor’s involvement helps strengthen ties between East-West music industries and further enables Saavn to grow its unique collaborations between Western and South Asian artists and producers.
For Senvest, this will be the company’s first investment in India. Each of the new partnerships further demonstrate Saavn’s continued commitment to merging key media and tech players within South Asia’s high-growth music market.
“Streaming audiences and digital revenue continue to grow on a global scale,” said Rishi Malhotra, Co-founder and CEO, Saavn.
“Senvest and Endeavor represent exciting new investors for us and we’re honored be the platform that connects East and West. South Asian culture is truly global and borderless,” added Malhotra.
These new developments follow Amazon’s Alexa launch in India. In October, Saavn teamed up with Amazon to use the Alexa Skills Kit to enable its music streaming on Amazon Echo devices. This marks Saavn’s first foray into the Voice UI space, which continues to grow as global tech companies prioritize the interface for Auto and Home. The Saavn-enabled Alexa products began shipping to customers in India on October 31st.
Saavn continues to innovate the music streaming business model with releases from its in-house label, strategic partnerships, and new global investors. Saavn’s latest release, Bom Diggy, is one of the fastest rising tracks in India, and is the first time Snapchat has featured a partnered music Lens in India.
Since its release, Bom Diggy has garnered over 16 million streams on Saavn, as well as 20 million views across YouTube and other streaming platforms. With more than 3 million streams on global platforms including iTunes, Spotify, Soundcloud, and Apple Music, Bom Diggy has been among the top five tracks on Shazam’s “India Top 100” charts.