Gaana hopes to cash in on TikTok ban, targets 100 million users
The country’s largest music-streaming platform Gaana, backed by the days Group and Chinese investment giant Tencent Holdings, expects to add almost 100 million users over another 12 weeks to its already 150 million-plus strong users, mostly netting the now-defunct TikTok users.
The Noida-based company, set up in 2011, expects that most of the new additions will be users of TikTok that was banned by the federal government following the border clashes with China previous month.
With over 150 million active month to month users and over 45 million music on its library, Gaana may be the world’ second-most significant music platform after the Swedish Spotify which has a subscriber foundation of around 248 million. But, Gaana’s user base is more than four times that of Apple Music’s 60 million and practically five instances that of Amazon Music’s 55 million.
Gaana offers over 45 million tunes, mostly Indian and found in above 20 regional languages, including Punjabi pop ballads, Hindi hip-hop and tens of thousands of devotional songs.
Its music library features over 45 million music across Bollywood, international, and the nearly two dozen domestic languages including Hindi, Tamil, Telugu, Marathi, Kannada, Punjabi, Malayalam, English, Bhojpuri, Rajasthani, Bengali, Assamese and Oriya.
Of the total songs collection, the Indian library is just about 1.5 million, based on the company.
“We expect a sizable most the over 100 million Tiktok users to migrate to Gaana because we will be the best. With this, we desire to add another 100 million innovative users to your platform over the next one year, taking the total to 250 million,” Gaana CEO Prashan Agarwal informed PTI over the weekend.
If the lockdown has fetched him even more users, he answered in the positive saying that the entire numbers have risen by around 13 per cent in the past three months and that the quantities would have been even more had it certainly not been for the dip in in-commute intake spawned by the coronavirus-induced lockdown.
Agarwal said that of the above 150 million users, 50 % are from Hindi, followed by 35 % from the regional languages led by Punjabi, and the others from English, which, from a linguistic catalogue point of view, is the most significant on its platform. Substantially, he said that progressively more listeners of English music happen to be coming from the tiny towns and are youngsters and the youth in the 15-25 age bracket.
Gaana’s earnings model includes multiple subscription products, along with marketing. Its premium service will set you back Rs 399 each year offering unlimited songs without advertisements and in HD top quality. Then there are several other price factors with an increase of segmentation and the lowest is normally Rs 99 a year, he said.
Agarwal said that paid members form only a low-solitary digit of the 150 million-plus monthly viewers despite a four-times growth found in them in recent months.
Playing on the pricing area, Gaana beats it very much deep pocket overseas rivals such as the Swedish Spotify, and Apple Music, YouTube Music which will charge higher. For YouTube Music, India can be one of their biggest video-viewing market segments, while Apple Music provides been localising its offerings in this article to increase their user base.
Apple Music and Amazon Primary Music are available in the country for several years now but have not been able to match Gaana’s popularity, even while Spotify is reported to be getting extreme here. None of the foreign companies could possibly be reached for comments.
Gaana’s domestic rivals include T-Series, and Reliance Industries-controlled JioSaavn.
According to a recent report simply by Counterpoint, global music-streaming revenue hit the USD 24 billion-mark in 2019 but India makes up about just a pale of this at around USD 200 million. But, India’s streaming revenue is definitely projected to climb to dual to USD 400 million by 2023, relating to another report by Techsci Exploration, and Gaana expects the userbase to top rated 600 million in a few years.
Refusing to talk about any financial quantities, citing Gaana when a privately-placed entity, Agarwal explained he expects the company, which employs around 270, to break even within the next three-four years as they are still in the investment method.
Recently, Gaana released Podcast to create extra traction and the other day, it launched Hotshot, that will create content through influencers, musicians and celebs.
Podcasts, ranging from comedy, self-help and inspiration, romance to educational, has been greatly accepted by the audience, while Hotshots by Gaana is a platform that allows Indian content aficionados intuitive, seamless and snappy tools to create and show short viral clips and stories.
Source: www.deccanchronicle.com
