Music streaming service, Saavn, has raised an undisclosed amount in funding from Guy Oseary, the legendary record executive, investor, talent manager, and CEO of Maverick. Guy will also be joining Saavn as partner.
Oseary’s career in the entertainment industry spans decades of achievement. At Maverick Records, he led the label to sales of over 100 million records, worldwide. His Maverick Films oversaw the Twilight movie series, for a combined gross of more than $2 Bn in global sales. In addition to working with Madonna for over 25 years, Oseary works alongside some of the best managers in the music business, representing some of the world’s greatest artists including U2, Miley Cyrus, Britney Spears, Paul McCartney, Nicki Minaj, Jason Aldean, Fifth Harmony, G-Eazy, and the Weeknd.
Now, as an investor and partner in Saavn, Oseary will help the company continue to build a robust platform for streaming entertainment in India.
Saavn currently has over 20 Mn music tracks, streaming to 196 countries in 13 languages.
“I have been a big supporter and investor in music streaming for years,” said Guy Oseary. “Saavn is the leading music service in one of the world’s largest and most dynamic markets. Many artists would love for their music to reach India’s over 1 Bn residents. From the time I’ve been in the music business, that process has always been too complicated; now, through Saavn, it is finally possible to have a true local partner in India that gets it, and will work hand-in-hand with artists and their managers. I’m very impressed by Rishi’s vision and his exciting plans for Saavn moving forward.”
Saavn’s investors include Tiger Global Management, Liberty Media, Bertelsmann Investments, Sound Ventures, Steadview Capital, Ward Ferry Management, Tree Line Investment Management, Quilvest, Mousse Partners, Wellington Capital Management, and other leading institutional and private investors.
Last year, former Vodafone CEO Arun Sarin had also invested in the company.
Other players in the music streaming industry include Times Internet’s Gaana, Hungama, Dhingana which was acquired by Rdio, Bharti Airtel’s Wynk.