The three co-founders of JioSaavn – an Indian music streaming service – are stepping down from their positions, according to a report in Billboard. The story alludes to “differences of vision” between the three who founded the company. However, Rishi Malhotra, Vinodh Bhat and Paramdeep Singh will continue on JioSaavn’s board of directors.
As of now, the company or its founders have not released any official communication regarding the reshuffling. Founded in 2007 as Saavn, the streaming platform merged with JioMusic in a $1 billion deal, rechristened as JioSaavn. According to the latest Kantar and VTION (audience measurement and analytics company) study, JioSaavn holds the second biggest market share in India when it comes to audio streaming which amounts to 24%.
Last year, the streaming service launched Shorties to enter the short form video arena. Then the collaboration with Triller to launch a cross-channel stream. This year, in an interview with Business Insider, Mihir Shah, Vice President of Consumer Revenue at JioSaavn said the app’s paid loyalty base has grown in triple digits. The push to woo audiences has continued aggressively with the launch of ArtistOne, an improved Artist Insights portal that offers artists analytics. There was also the launch of video app, JioSaavnTv. Then Pittsburgh headquartered Libsyn or Liberated Syndication Inc. – a podcast hosting platform – signed a distribution deal with the Indian app. Most recently, in September, Us-based Merlin (the digital rights music licensing company) and JioSaavn expanded their licensing agreement.
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