We all love music, it feels good, calms our mind and soul. There was a time when music was pirated and lacked quality or had no systematic platform. Back in 2010, Gaana had the first moving advantage. It was the time of the 3G era. Many music videos used to buffer, lacked sound quality to overcome all this. Avinash and Jai have faced the same problem while working at their job. This initiated them to start Gaana Music. They lacked funds, so they spoke to higher management of the times network, and they liked the idea instantly and started investing.
The journey began with high enthusiasm and energy. The idea was executed perfectly with new features and inculcating emotion-based music and moods. They signed contracts with various music partners and micromax invested in Gaana music. Also Launched on the IOS and Android and various other platforms, Chinese companies have largely invested, like Tencent acquiring a 34% stake in Gaana. At one point of time, Gaana had almost 100 million subscribers. The company was expected to have a value of 5000 crore.
The downfall.
The competition has increased across India, different brands like Spotify, Jio Savan and wyke have entered the market, which reduced the presence of Gaana. COVID-19 was another big reason for its downfall, making loyal customers switch across various platforms. Due to conflict with the Chinese, the government of India put some restrictions which led to friction across India and China. The funding from Chinese companies which was highest for Gaana has been stopped, which led to a massive crisis. Finally, the day arrived, Gaana's music was loved and admired, but due to financial losses they had to sell the entity to Radio Mirchi's parent company for just 25 lakhs.
