Madonna and U2's manager invests in music streaming service Saavn

Legendary talent manager and Maverick CEO Guy Oseary is has invested an undisclosed amount in music streaming service Saavn. 

Saavn has said that Oseary, who currently manages major artists such as U2, Madonna and Amy Schumer, will be joining the company as "partner" and "investor". Saavn CEO and co-founder Rishi Malhotra said that the company was working with Oseary to "develop unique artistic collaborations".

“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 billion residents," Oseary said. "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.” 

Oseary is also the co-founder of venture capital firm A-Grade Investments, which has invested in Spotify, Uber, Airbnb and Shazam.

Founded in 2007, Saavn had raised a $100 million funding from Tiger Global and other investors in 2015. It is currently valued between $300 and $400 million and claims to have 18 million users, including those that pay a monthly subscription fee for its premium, ad-free service Saavn Pro.

In 2016, Saavn has been taking several steps to set itself apart from its competitors, which include Australian startup Guvera and Apple Music, as well as homegrown entities such as Gaana and Hungama. In order to diversify its offerings, it recently launched nine non-music audio shows and podcasts in genres such as mythology, true crime, music, technology and comedy. It also started an Artist-in-Residence program to promote independent musicians and bands, starting with Indian electronic artiste Nucleya. It is even rebuilding its app to offer video content in the future.

While Saavn is available in 196 countries, its main focus is on the Indian market. It claims to have a library of 20 million songs in 13 languages. Besides Hindi and English, these include many of them regional Indian languages such as Tamil, Telugu, Punjabi, Marathi, Bengali and Urdu. The company has over 900 partnerships with Sony, Warner Music, Universal and Indian companies such as T-Series, Tips, Yash Raj Films and Eros. It has multiple offices in India, but its headquarters continue to be in New York.

“Oseary has incredible instincts across entertainment and media. He understands that we are not building the Spotify or Pandora of India," Saavn's Malhotra said. "We are building Saavn in India, for India, and we’re thrilled to work with him to build the company for the long term.”  

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