Reliance Jio merges its music service with Saavn to make a $1B player

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A significant piece of consolidation as India's streaming industry continues to mature and Spotify bids to join Apple and Gaana, the Times Internet entity that recently won investment from Tencent, in the battle.

The combined entity is said to be valued at $1 billion, two-thirds of which is Reliance Jio's music service. Reliance said it would acquire a partial stake worth $104 million and it has pledged to invest a further $100 million

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