Reliance Industries (RIL) has inked a deal to combine over-the-top (OTT) music platform Saavn with its own digital music service JioMusic in a transaction worth over US$ 1 billion, the oil-to-telecom behemoth said in a statement on Friday.
The combined entity is valued at over US$ 1 billion, with JioMusic’s implied valuation of US$ 670 million, the statement added. RIL said that it will also invest up to US$ 100 million, out of which US$ 20 million will be invested upfront for growth and expansion of the platform into one of the largest streaming services in the world.
JioMusic will also acquire a partial stake from existing shareholders of Saavn for US$ 104 million. Shareholders of Saavn include Tiger Global Management, Liberty Media, and Bertelsmann, among others.
The three co-founders of Saavn — Rishi Malhotra, Paramdeep Singh and Vinodh Bhat — will continue in their leadership roles and will drive the growth of the combined entity.
“The integrated business will be developed into a media platform of the future with global reach, cross-border original content, independent artist marketplace, consolidated data, and one of the largest mobile advertising media,” Reliance said.
JioMusic currently has over 16 million HD songs in 20 languages. Saavn, on the other hand, has been around much longer than JioMusic and features 36 million tracks across 15 languages, with over 900 existing music label partnerships.
The deal comes at a time when music listeners in India are warming up to a palette of streaming services available in the country, including Gaana, Wynk, Saavn, Apple Music, Google Play, and now Amazon Prime Music. The number of music streaming users in India has more than tripled since 2015 to 87.6 million, according to an EY India report. The Jio-Saavn deal comes weeks after rival Gaana announced a US$ 115 million investment in a funding round led by China’s Tencent Holdings.
RIL launched its LTE mobile network operations under Jio in 2016. By November 2017, it accounted for a 14.5 percent share of India’s wireless telecom market for the second quarter of the year.
Top iOS 15 Features to look out for
FaceTime for Android, anyone?
The next version of iOS rolls out this fall. There are new features such as FaceTime for Android, new Memojis, rebranded Safari and Messages app, personal identification card compatibility for Wallet, and more.
But in this video, we rounded up our Top 10 iOS 15 Features you should look out for.
Watch the whole video by clicking here.
Voilà AI Artist turns your selfies into 3D cartoons, caricatures
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From FaceApp to Zepeto, plenty of avatars from these apps proliferated social media platforms. Most recently, the Internet went crazy with cute avatars once more. You probably noticed how people have been posting a 3D cartoon version of themselves, akin to a Disney character. It’s all thanks to Voilà AI Artist — a photo-editing app using artificial intelligence to turn your photos into artistic renditions.
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The US revokes Trump’s executive order that banned TikTok
A level-playing field for everyone
President Joe Biden signed an executive order on Wednesday that sets criteria for the government to evaluate the risk of apps connected to foreign adversaries. It’s specifically meant for apps like TikTok and WeChat, which President Trump banned.
It should use an “evidence-based approach” to see if they pose a risk to US national security, said Biden. If apps are found violating fundamental laws, a ban can be imposed. The task of identifying threats has been given to the US Commerce Department.
Trump’s executive order particularly targeted TikTok and WeChat. Instead, Biden is opting for a level-playing field for everyone. Biden shares the same concerns as Trump, but their approach is vastly different.
Under the previous administration, TikTok remained in a precarious position as Trump sought to ban the app unless it sold to an American company. A proposal was produced that would have seen Oracle and Walmart owning a US entity of the service and taking responsibility for handling TikTok’s US user data and content moderation.
But there were numerous legal challenges, and before they could be ironed out, Trump lost the election. The Biden administration’s new executive order does not affect those negotiations, which are a separate process. The order also calls upon federal agencies to develop recommendations – for future executive actions or legislation — on how to protect the data of US citizens.
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