As per latest reports, Saavn has posted a threefold jump in its income during the financial year that ended on December 31, 2017.
The Indian division of Spotify competitor has registered an income of Rs 45.9 crore during the FY17 (Jan to Dec).
The firm’s Indian unit has registered a PAT of Rs 3.22 crore as against 1.08 crore recorded during CY16.
In spite of an increase in its expenditures (before tax), music streaming app recorded a YoY growth of 16.2% in terms of its income.
Saavn registered an income of Rs 39.6 crore during FY16. This showcased a jump of 16 per cent in profits as compared to the income in 2016, whilst twelve-monthly post-tax revenue at Saavn increased threefold during the same period, up to 32.2m Rupees ($476k) last year from 10.8m Rupees during the preceding year.
These numbers, revealed in local company filings, refer exclusively to Saavn’s Indian operation and don’t reflect its US-based entity – but, according to data from App Annie, around 90% of users of Saavn’s app are based in India.
During the month of July last year, Saavn has made announcement that it has big anticipations to be money-spinning worldwide by 2018 end.
At that point, Saavn stated that it witnessed around 22 million users on a monthly basis. It added that the company had quadrupled income since the year 2014.
In March 2018, Saavn made declaration that it was joining hands with contender JioMusic, in a pact that will place value of the newly-joint platform at more than $1bn.
The special move by the well known company was conceived by Reliance Industries Limited (RIL), which is one of the country’s major private corporations with twelve-monthly revenue of over $50bn.
As part of the transaction, Reliance Industries Limited got hold of a partial equity stake in Saavn for around $104m.
The firm added that the amalgamation valued JioMusic at $670m – proposing that Saavn itself was priced at $330m+.
MBW comprehends that Spotify is making proposals to roll out in India this year.
Set up during the year 2007, Saavn presents 36 million songs in 15 different tongues.