Saavn (South Asian Audio Video Network), a US-based Indian digital music service, has shuffled its core management team, with co-founder Rishi Malhotra taking over as the role of CEO, while founding CEO Vinodh Bhat has taken over as its president and chief strategy officer, according to a report by The Next Web citing Malhotra.
"The change is strategic and marks a new phase for the company. As we move into a product-focused approach, it made sense to align our core strengths; that is, a global sales focus for Bhat and a CEO role for me," said Malhotra. He also added that the firm is expanding into new international markets such as the Middle East next year.
Recently, Saavn entered into licensing agreements with Warner Music and EMI Music that helped it add 800,000 tracks from international artists. This takes Saav's total number of tracks to two million and covers all major labels in the US, including Sony and Universal.
Last year, Saavn had inked an exclusive partnership with London-headquartered Shazam Entertainment Ltd, a global media engagement company offering music/media apps and enabling users to discover, explore, buy and share music, TV shows and more.
Saavn's services are available worldwide, where India accounts for 70 per cent of its total user base.
Saavn was founded as BODVOD Networks in 2006. The firm had previously raised $6 million in funding. Malhotra also told the publication that the company recently roped in Hong Kong-based hedge fund Steadview Capital as a new investor.