Music streaming service Saavn Wednesday said it has inked a multi-year agreement with US-based mobile payments company, Mozido.
The partnership will see Saavn leveraging Mozido's mobile wallet and engagement platform to streamline payments, rewards, financial services, and offers for Saavn's 18 million listeners.
"Under the agreement, Mozido will integrate its mobile wallet payment platform as the preferred payment option for the Saavn Pro premium offering. We also plan to introduce the wallet later this year," Saavn co-founder, President and Chief Strategy Officer Vinodh Bhat told PTI.
The partnership enables Saavn to offer its Indian listeners access to a convenient payment option, while giving Mozido entry into the Indian market, he added.
"Saavn will also create unique branded content for the promotions, including playlists, trivia and tips. We will integrate Mozido into large-scale grassroots activities, especially involving live music performances across the country," Bhat said.
"India is one of the world's most dynamic and fastest growing economies... We very much look forward to working together over the next few years to bring our service to South Asia," Michael Liberty, founder and Chairman of Global Strategic Initiatives of Mozido said.
Bhat said Saavn has seen a six-fold growth in the number of its Pro service subscribers since 2014.
"We have 18 million monthly active users and we have seen a 3x increase in streaming volume since 2014. With over 250 million streams per month, people are looking for great content at an affordable price," Bhat said.
Saavn has two key revenue channels - ad model and Saavn Pro (paid service). About 75 percent of its users are in India, while the remaining 25 percent are in the US, the UK, UAE and other countries.