India’s music streaming platform Gaana has been acquired by Entertainment Network India Limited (ENIL), the parent company of Radio Mirchi, for Rs 25 lakh. This follows failed merger talks with Airtel’s Wynk and marks the end of Gaana’s independent operations.
Gaana, which once raised over $200 million and was valued at $580 million, faced financial struggles despite significant funding from Times Internet, Tencent, and Micromax. Times Internet provided Rs 100 crore in debt to Gaana in July 2023, later converted into equity.
ENIL has implemented major changes to Gaana, including placing the platform behind a paywall and increasing the subscription fee to Rs 599. These adjustments have contributed to a revenue of Rs 9.5 crore in the last quarter of FY24 but did not prevent ENIL’s consolidated revenue from falling by 25.79% to Rs 113.46 crore in Q1 FY25, with a loss of Rs 5.45 crore.
Significant management changes have occurred, with former CEO Sandeep Lodha resigning in July 2023 and Yatish Mehrishi now overseeing Gaana’s operations.
