Australia based music streaming service Guvera is looking to raise up to $56.7 million (about Rs 390.7 crore) through an initial public offering (IPO), as it looks to compete with Apple Music, Spotify, Pandora and others. The offer price is AUD$ 1 per share. Guevara says it has over 14 million users across the 10 markets, of which only 3,655 are paid users (as of May 27, 2016). Interestingly, Guvera claims to have 7 million users in India, as of May 2015, which means almost 50% of its users are based in India. For perspective, the platform claims to have 1.4 million subscribers in its home country Australia. The company also informed that in FY2015, Guvera’s subscription revenue accounted for 6.22% of Guvera’s global revenue. Note that Guvera follows the July 1 to June 30 financial year. Financials - For the financial year ended June 30 2015 (FY2015), Guvera reported revenues of $864,000, as compared to $288,000 in FY2014. However, it reported net losses of $58.4 million for FY2015, as compared to net losses of $21.3 million FY2014. - For the half year ended December 31, 2015 (HY2016), the company reported revenues of $864,000 and net losses of $40.1 million. - For the period 1 January 2016 to 31 March 2016, Guvera recorded a net loss after tax of $18.4 million. Following the IPO, Guvera plans to focus on 10 markets: Australia, the US, India, Russia, Mexico, Indonesia, the Philippines, Saudi Arabia, the UAE and Vietnam. Guvera India expansion plans In November last year, Guvera had raised $100 million in…
- Agenda: Reworking The Data Protection Bill, Delhi, 8th Dec #Ad December 3, 2022
- Why has the deadline to comply with UPI market share cap been extended by the NPCI? December 3, 2022
- India’s IT Minister on DPDP Bill: Law should be kept ‘simple’, subordinate rules won’t exceed Act December 3, 2022
- MIB approves ninth self regulatory body, PADMA, under the IT Rules, 2021 December 3, 2022
- G20’s Engagement Group Calls for Abstracts on Tech Policy Briefs December 3, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...