You are here: Home » PTI Stories » National » News
Business Standard

Music app Gaana streams for faster growth

Topics
Business Finance

Press Trust of India  |  Mumbai 

Music streaming app Gaana expects to have over 200 million subscribers in the next two years on its platform, a top company official has said.

The Times Internet subsidiary has only 80 million monthly active users at present and streams over 2.2 billion songs every month.

The music streaming market is estimated to have 150 million users now, which is expected to expand to over 400 million over the next two-three years.

"In the next two years, we think the market will grow from 150 million users to over 400 million users and we would like to lead the market with over 50 percent market share," Gaana chief executive Prashan Agarwal told PTI.

With a content library of 30 million songs across 26 languages, most of its customers are free customers now, while the paid subscriber base, though growing at 100 percent, is in lower single digit only.

He further said Gaana, launched in 2010, is still in investment and growth mode and it will take time for them to be profitable.

"We continue to be in an investment mode. The market is only at about 10 percent penetration and we think that at least a 50-60 percent penetration of the total population is needed to make money. Today growth and investments are the key agendas for us," he said.

Though he claimed that revenue is growing at 100 per cent, declined to quantify it.

The company, which raised USD 115 million this March from Chinese Internet investment company Tencent and Times Internet, said it has no immediate fund raising plans and a good run-rate for the next 18 months.

Agarwal declined to share investment details of the company since its inception, but said it plans to sell shares to the public some years down the line.

The company is investing on machine learning and artificial intelligence-related technologies to personalise music experiences.

It is banking on its voice search feature to drive the consumption over the next two years, as millennials find it convenient and most of its new-users would be from vernacular background who would prefer using the voice search than typing in English, he said.

Agarwal said that voice search is consumed by 22 percent users now, and is expected to cross 50 percent in the next two years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, December 02 2018. 15:00 IST
RECOMMENDED FOR YOU