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\"\"BENGALURU| MUMBAI: India’s largest company Reliance Industries set the country’s digital sector aflutter late last month, by announcing that its music streaming unit would merge with Saavn<\/a> India, creating a new entity deemed to be worth $1 billion.
\n
\nJioMusic, housed within Reliance’s telecom arm, was valued at nearly twice the estimated worth of Saavn, according to the terms of the deal.
\n
\nIn a market notoriously tough to monetise, not only in India but also in developed markets like the US and China, the valuation of the merged entity has left investment bankers and analysts, who track the sector, surprised.
\nAs per the terms of the deal, Reliance Industries has invested $124 million into Saavn at a pre-money valuation of $177 million, a 40-50% discount to the last round valuation, when Saavn raised $100 million in 2015. Th is pegs the post-money valuation of the entity at $301 million. Of the $124 million investment, $104 million is to be paid to existing investors via a buyback, according to sources, and $20 million infused into the company for operations.
\n
\"\"
<\/span><\/figcaption><\/figure> Reliance is also transferring JioMusic business, housed under an entity called Reliance Jio<\/a> Digital Services, to Saavn India through “a slump sale”, valuing JioMusic at $670 million. Therefore, the merged entity is valued at $970 million, with Reliance committing to invest another $80 million into the venture . In this structure, Reliance has declared its own music unit to be a unicorn with a valuation of $1 billion, setting a benchmark for a potential external round of funding in the near future, said two investment bankers. Saavn’s investors will get $104 million in cash, less than what they invested in the company, along with residual equity holding in an entity 81% owned by Reliance.
Saavn India, founded by Rishi Malhotra, Vinodh Bhat and Paramdeep Singh in 2007, is backed by investors like Tiger Global Management<\/a> and Bertelsmann<\/a>.
\n
\nExperts said it was unclear as to why JioMusic, with revenues that are a fraction of Saavn, has been deemed to be worth nearly 4x the premoney value of the venturefunded company. Typically, the value of privately held internet companies is based on their market share of usage or of revenues, as well as future prospects on market share and market size.
\n
\nAccording to analysts, metrics such as number of active users and engagements have been used for JioMusic valuation. But a few of them also point out that the ‘installs’ of the JioMusic app, because of the JioPhone, are disproportionately more than its usage. RIL and Saavn did not respond to email queries sent by ET, including requests to share user metrics.
Jio<\/a> has been investing in a number of content players like Eros<\/a> and Balaji Telefilms<\/a>, and experts tracking the space said the company’s strategy is to drive monetisation through more data consumption. Investments like Saavn is a part of Jio’s user acquisition strategy in a bundled offering. So far, JioMusic is only available to Jio subscribers.
“Jio’s strategy is to build an ecosystem that gives people a reason to consume copious amounts of data, which is the revenue driver. Saavn being an independent service earlier and now part of a larger media house, they individually have a huge library of music and the combined entity will definitely be a significant player in the market but I would not necessarily say dominating the market,” said Jehil Thakker, partner at Deloitte. Going forward, the battle for leadership in the music streaming market will be fought between three local players-JioMusic-Saavn, Times Internet’s Gaana, which recently raised $115 million last month from Tencent, China’s largest internet company, and Bharti’s Wynk<\/a> - besides global players such as Apple Music, Amazon Prime Music<\/a> and Google Play Music. Times Internet is part of BCCL, which publishes The Economic Times.
\n
\"\"
<\/span><\/figcaption><\/figure> Analysts foresee a few challenges for the Jio-Saavn combine in the future. A large portion of Saavn’s revenues come from outside India. As far as the battle for the Indian market is concerned, Gaana’s revenues are more than Saavn’s in the local market. Moreover, like Bharti’s Wynk, which is being bundled for free with Airtel, Jio-Saavn will be a free service as well. This will add to Jio’s costs. Experts tracking the space said that Apple and Google are unlikely to aggressively push their music products as it is a part of their operating systems. Both Airtel and Reliance have been able to gather a larger user base for Wynk and Jio, respectively, because they are either pre-installed or are subsidised heavily as a part of the marketing strategy.
\n“In terms of market share, you would presume that about 60-70% is Gaana and Saavn dominated, with both of them having almost an equal share. Gaana would comparatively have a slightly larger subscriber base and the rest would come into the remaining 30-40%,” said an analyst tracking the space. “Definitely see the main four surviving - Jio-Saavn, Gaana, Wynk and Amazon Prime Music. As long as they keep driving data consumption, there is no pressure for them to show profits and losses.”
\n
\n
\n
\n\n<\/body>","next_sibling":[{"msid":63574463,"title":"BHIM UPI transactions touch Rs 1 trillion in FY18","entity_type":"ARTICLE","link":"\/news\/bhim-upi-transactions-touch-rs-1-trillion-in-fy18\/63574463","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63574557,"entity_type":"ARTICLE","title":"Experts strike a discordant note on Reliance Jio, Saavn $1 billion deal","synopsis":"Analysts say it\u2019s unclear as to why JioMusic, with a fraction of Saavn\u2019s revenues, is deemed to be worth nearly 4x the pre-money value of venture-funded firm","titleseo":"telecomnews\/experts-strike-a-discordant-note-on-reliance-jio-saavn-1-billion-deal","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-02 08:45:12","lastupd":"2018-04-02 08:47:00","breadcrumbTags":["reliance jio","Saavn","Jio","Balaji telefilms","Wynk","MVAS\/Aapps","Bertelsmann","Tiger Global Management","eros","Amazon Prime Music"],"secinfo":{"seolocation":"telecomnews\/experts-strike-a-discordant-note-on-reliance-jio-saavn-1-billion-deal"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2018-04-02" data-index="article_1">

专家发出了一种不协调的声音信实Jio Saavn 10亿美元交易

分析人士说,目前尚不清楚为什么JioMusic Saavn总收入的一小部分,被认为是价值近4倍的投资前价值投资公司

  • 更新于2018年4月2日08:47点坚持
班加罗尔|孟买:印度最大的公司信实工业国家的数字部门上月下旬飘扬,宣布其音乐流媒体单元会合并Saavn印度,创建一个新的实体视为价值10亿美元。

JioMusic安置在信实电信部门,价值近两倍Saavn的估价,根据协议的条款。

在市场出了名的难以货币化,不仅在印度也在美国和中国等发达市场,合并后的实体的估值已经离开投资银行家和分析师,跟踪部门,惊讶。
根据交易条款,信实工业向Saavn投入了1.24亿美元的投资前估值1.77亿美元,40 - 50%的折扣最后一轮估值,当Saavn在2015年筹集了1亿美元。Th挂钩后的实体的估值为3.01亿美元。投资1.24亿美元,1.04亿美元是支付给现有投资者通过回购,据消息人士透露,和2000万美元注入到公司操作。
依赖也是JioMusic转移业务,安置在一个实体依赖Jio数字服务,通过“销售暴跌”Saavn印度,JioMusic估值为6.7亿美元。因此,合并后的实体价值9.7亿美元,依赖犯下另一个8000万美元的风险投资。在此结构中,依赖已经宣布它自己的音乐里单元是一个独角兽的估值10亿美元,为潜在的外部轮融资设定一个基准在不久的将来,两个投资银行家说。Saavn的投资者将获得1.04亿美元的现金,不到他们所投资的公司,随着剩余股权持有的一个实体持股81%依赖。
Saavn印度,由圣人Malhotra Vinodh Bhat Paramdeep辛格在2007年,由投资者老虎全球管理和贝塔斯曼。

专家表示,目前尚不清楚为什么JioMusic Saavn的一小部分收入,一直被认为是价值近4 x的企业投入价值venturefunded公司。通常,私营互联网公司的价值是基于他们的市场份额的使用或收入,以及未来前景的市场份额和市场规模。

分析人士表示,活跃用户数量和业务等指标已被用于JioMusic估值。但几人还指出,JioMusic的“安装”应用程序,因为JioPhone,比例超过其使用。瑞来斯和Saavn没有回应电子邮件发送的查询等,包括请求共享用户指标。
Jio一直在投资于内容的玩家数量厄洛斯和巴拉电视片,和专家跟踪空间表示,该公司的策略是通过更多的数据驱动盈利消费。投资像Saavn Jio的一部分的用户捆绑提供收购战略。到目前为止,JioMusic只可用Jio订阅者。
“Jio的战略是建立一个生态系统,让人们有理由使用大量的数据,这是收入的司机。Saavn早些时候作为一个独立的服务,现在媒体的一部分,他们分别有一个巨大的音乐和图书馆合并后的实体将肯定是一个重要的球员市场但我不一定会说主导市场,“说Jehil Thakker,德勤合伙人。展望未来,争夺领导地位的音乐流媒体市场将三名当地players-JioMusic-Saavn之间展开,乘以互联网Gaana,最近从腾讯上个月筹集了1.15亿美元,中国最大的互联网公司,Bharti的Wynk——除了全球玩家如苹果音乐,Amazon Prime的音乐和谷歌播放音乐。互联网时代是BCCL的一部分,《经济时报》的出版机构。
分析师预计几Jio-Saavn结合在未来面临的挑战。Saavn的很大一部分收入来自印度以外。至于争夺印度市场而言,Gaana的收入超过Saavn在当地市场。此外,像Bharti的Wynk,被捆绑免费Airtel Jio-Saavn将是一个免费的服务。这将增加Jio的成本。跟踪太空专家们说,苹果和谷歌不可能积极推动他们的音乐产品,因为它是一个操作系统的一部分。Airtel和依赖已经能够收集更大的用户群Wynk和Jio分别,因为他们是预装或大量补贴作为营销策略的一部分。
“在市场份额方面,你会认为大约60 - 70% Gaana Saavn主导,他们两个都有几乎相同的份额。Gaana相对会稍微更大的用户基础,其余将进入剩下的30 - 40%,”分析师跟踪的空间。“绝对看到主要的四个幸存,Jio-Saavn Gaana, Wynk和Amazon Prime音乐。只要他们保持驾驶数据消费,没有压力显示利润和损失。”



  • 发布于2018年4月2日为是
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  • 专家发出了一种不协调的声音信实Jio Saavn 10亿美元交易
\"\"BENGALURU| MUMBAI: India’s largest company Reliance Industries set the country’s digital sector aflutter late last month, by announcing that its music streaming unit would merge with Saavn<\/a> India, creating a new entity deemed to be worth $1 billion.
\n
\nJioMusic, housed within Reliance’s telecom arm, was valued at nearly twice the estimated worth of Saavn, according to the terms of the deal.
\n
\nIn a market notoriously tough to monetise, not only in India but also in developed markets like the US and China, the valuation of the merged entity has left investment bankers and analysts, who track the sector, surprised.
\nAs per the terms of the deal, Reliance Industries has invested $124 million into Saavn at a pre-money valuation of $177 million, a 40-50% discount to the last round valuation, when Saavn raised $100 million in 2015. Th is pegs the post-money valuation of the entity at $301 million. Of the $124 million investment, $104 million is to be paid to existing investors via a buyback, according to sources, and $20 million infused into the company for operations.
\n
\"\"
<\/span><\/figcaption><\/figure> Reliance is also transferring JioMusic business, housed under an entity called Reliance Jio<\/a> Digital Services, to Saavn India through “a slump sale”, valuing JioMusic at $670 million. Therefore, the merged entity is valued at $970 million, with Reliance committing to invest another $80 million into the venture . In this structure, Reliance has declared its own music unit to be a unicorn with a valuation of $1 billion, setting a benchmark for a potential external round of funding in the near future, said two investment bankers. Saavn’s investors will get $104 million in cash, less than what they invested in the company, along with residual equity holding in an entity 81% owned by Reliance.
Saavn India, founded by Rishi Malhotra, Vinodh Bhat and Paramdeep Singh in 2007, is backed by investors like Tiger Global Management<\/a> and Bertelsmann<\/a>.
\n
\nExperts said it was unclear as to why JioMusic, with revenues that are a fraction of Saavn, has been deemed to be worth nearly 4x the premoney value of the venturefunded company. Typically, the value of privately held internet companies is based on their market share of usage or of revenues, as well as future prospects on market share and market size.
\n
\nAccording to analysts, metrics such as number of active users and engagements have been used for JioMusic valuation. But a few of them also point out that the ‘installs’ of the JioMusic app, because of the JioPhone, are disproportionately more than its usage. RIL and Saavn did not respond to email queries sent by ET, including requests to share user metrics.
Jio<\/a> has been investing in a number of content players like Eros<\/a> and Balaji Telefilms<\/a>, and experts tracking the space said the company’s strategy is to drive monetisation through more data consumption. Investments like Saavn is a part of Jio’s user acquisition strategy in a bundled offering. So far, JioMusic is only available to Jio subscribers.
“Jio’s strategy is to build an ecosystem that gives people a reason to consume copious amounts of data, which is the revenue driver. Saavn being an independent service earlier and now part of a larger media house, they individually have a huge library of music and the combined entity will definitely be a significant player in the market but I would not necessarily say dominating the market,” said Jehil Thakker, partner at Deloitte. Going forward, the battle for leadership in the music streaming market will be fought between three local players-JioMusic-Saavn, Times Internet’s Gaana, which recently raised $115 million last month from Tencent, China’s largest internet company, and Bharti’s Wynk<\/a> - besides global players such as Apple Music, Amazon Prime Music<\/a> and Google Play Music. Times Internet is part of BCCL, which publishes The Economic Times.
\n
\"\"
<\/span><\/figcaption><\/figure> Analysts foresee a few challenges for the Jio-Saavn combine in the future. A large portion of Saavn’s revenues come from outside India. As far as the battle for the Indian market is concerned, Gaana’s revenues are more than Saavn’s in the local market. Moreover, like Bharti’s Wynk, which is being bundled for free with Airtel, Jio-Saavn will be a free service as well. This will add to Jio’s costs. Experts tracking the space said that Apple and Google are unlikely to aggressively push their music products as it is a part of their operating systems. Both Airtel and Reliance have been able to gather a larger user base for Wynk and Jio, respectively, because they are either pre-installed or are subsidised heavily as a part of the marketing strategy.
\n“In terms of market share, you would presume that about 60-70% is Gaana and Saavn dominated, with both of them having almost an equal share. Gaana would comparatively have a slightly larger subscriber base and the rest would come into the remaining 30-40%,” said an analyst tracking the space. “Definitely see the main four surviving - Jio-Saavn, Gaana, Wynk and Amazon Prime Music. As long as they keep driving data consumption, there is no pressure for them to show profits and losses.”
\n
\n
\n
\n\n<\/body>","next_sibling":[{"msid":63574463,"title":"BHIM UPI transactions touch Rs 1 trillion in FY18","entity_type":"ARTICLE","link":"\/news\/bhim-upi-transactions-touch-rs-1-trillion-in-fy18\/63574463","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":63574557,"entity_type":"ARTICLE","title":"Experts strike a discordant note on Reliance Jio, Saavn $1 billion deal","synopsis":"Analysts say it\u2019s unclear as to why JioMusic, with a fraction of Saavn\u2019s revenues, is deemed to be worth nearly 4x the pre-money value of venture-funded firm","titleseo":"telecomnews\/experts-strike-a-discordant-note-on-reliance-jio-saavn-1-billion-deal","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2018-04-02 08:45:12","lastupd":"2018-04-02 08:47:00","breadcrumbTags":["reliance jio","Saavn","Jio","Balaji telefilms","Wynk","MVAS\/Aapps","Bertelsmann","Tiger Global Management","eros","Amazon Prime Music"],"secinfo":{"seolocation":"telecomnews\/experts-strike-a-discordant-note-on-reliance-jio-saavn-1-billion-deal"}}" data-news_link="//www.iser-br.com/news/experts-strike-a-discordant-note-on-reliance-jio-saavn-1-billion-deal/63574557">