Music streaming service Saavn has two new strategic investors – New York-based Senvest Management LLC and the global entertainment company, Endeavor from Los Angeles. Saavn added that its partnership with Endeavor will promote more collaborations between Western and South Asian artists and producers.
Senvest, on the other hand, privately owned hedge fund sponsor, as per Bloomberg. It invests in the public equity markets of the United States and invests in technology, financial services, industrial, and resources companies. Saavn says that this is Senvest’s first investment in India.
Endeavor is the parent holding company of talent agencies William Morris Agency and IMG. William Morris Agency is one of the oldest talent agencies and its client list included Charlie Chaplin, Elvis Presley, and Marilyn Monroe. In recent times, the agency handles actors Ben Affleck, Hugh Jackman and Matt Damon. In 2009 William Morris Agency merged with Endeavor and created the new holding company in 2017.
Meanwhile, Saavn has released a new single, Bom Diggy, with its in-house music label in August. The company said that the track is rose to the #1 spot on the iTunes India download charts.
Note that Saavn has been increasingly focusing on original content and promoting more local talent. In March it partnered with One Digital Entertainment to launch an audio show, Hip Hop Highway which will feature in-studio sessions and on-site interviews with Indian artists, promoters, labels, producers, and upcoming talent. The company announced the launch of nine original audio shows in April 2016. In October 2015, it had launched a new series of live acoustic shows and interviews with popular international and Indian artists called Live@Saavn.
Past investments and funding
In June last year, Saavn raised an undisclosed amount in funding from Guy Oseary, the CEO of Maverick records. Oseary, who manages international artists such as U2 and Madonna, will be joining Saavn as a partner to help them strengthen its music streaming platform in India.
In July 2015, the company raised $100 million in a funding round led by Tiger Global and from other existing investors. The company had also added new investors Quilvest, a Hong Kong-based hedge funds company, and a group of strategic individuals in that funding round. In August 2014, Saavn had raised an undisclosed amount of funding from Hong-Kong based hedge fund Steadview Capital.