Published By : 28 Feb 2018 | Published By : QYRESEARCH
Tencent, the Chinese Internet conglomerate, is leading the latest funding round worth US$115 mn for Gaana, an Indian music streaming service provider. The Chinese company is maintaining its investment pace in India after supporting several domestic giants, such as Ola and Flipkart, to name a few, in 2017. With majority share, Tencent is the prime stakeholder in Tencent Music Entertainment, the biggest music streaming business in China, and also runs JOOX, one of the prominent music streaming platform in South East Asia. It also acts as a stakeholder in Sweden’s Spotify, which is the leading music streaming service in the world.
Gaana has over 60 million active users per month. Apple Music, Saavn, and Amazon Prime Music stand as rivals to it. The music streaming company will utilize the funds for the advancements of technology, especially focusing on artificial intelligence (AI) in order to offer customized music experiences for customers. Seven years ago, the enterprise was incubated by Times Internet, a sister concern of India’s leading newspaper, Times of India.
Prashan Agarwal, the chief executive at Gaana, stated that music streaming is going to be the future of music industry across the world, and in India, there are only 10% of the method used for building a business actually beneficial for 500 million Indians. The company aims at crossing 200 mn active users in the next three years. It has also made heavy investments in other music services, such as Gaana Social, which is suggest you songs that your friends and family are listening to.