Smartphone maker Micromax Informatics Ltd has made an investment of undisclosed amount in online music streaming service Gaana, operated by Times Internet Ltd.
“The money invested by Micromax will be used towards marketing and growth. I think this is a great partnership between hardware and software; it strengthens distribution for us and adds value to the overall Micromax user experience. This will help us reach our goal of 100 million Indian users listening to our songs,” said Satyan Gajwani, chief executive of Times Internet, the digital arm of Bennett, Coleman and Co. Ltd.
This move by Micromax is a strategic investment so as to foster the growth of online music broadcast services. As per the deal, Gaana will be available on all Micromax smartphones, allowing users to enjoy music on their handsets. New Micromax smartphone users will also receive free trials to Gaana+, allowing them an unlimited download of songs and no advertising. After the trial period, users can continue with Gaana+ or use Gaana to access over 10 million songs with advertisement-supported streaming, as reported by ET.
Gaana claims to have 20 million active users and over 30 million downloads. It offers access to over 10 million songs in more than 45 languages, as well as 45 radio stations. The service is available for all major platforms such as iOS, Android, Windows, Blackberry and J2ME.
In July 2015, Music streaming site Saavn raised an amount of $100 million from Tiger Global Management and other investors. In February 2015, MTV announced the launch of its two new app service namely, MTV Play and MTV Trax for its users on the go. In February 2015, Airtel’s music streaming app Wynk for Android and iOS crossed 5 million downloads within six months of its launch. With this investment, Micromax aims at acquiring more customers by providing the free music streaming service in their handsets, as India is a music loving country.Category Investments News