Chinese internet group Tencent has given the funding of $ 115 million to music streaming app Gaana.com and continues its place in India after supporting last year's famous market players like Flipkart and Ola.
Now, Tencent has become the majority shareholder in the music entertainment app. They also holds a good stake in Sweden's Spotify, the world's leading music streaming service.
Actually, Ganna has more than a million active users who listen to songs on its app and these numbers are increasing day by day. People pay for the songs which they listen on the apps like Apple Music, Amazon Prime Music and Ganna is one of the prime leaders when it comes to music streaming app.
Ganna will use this money on technology development, especially for artificial intelligence (AI) to personalize music experiences for consumers. Ganna.com, Chief Executive Pansan Agarwal said, "Music streaming is the future of music consumption globally, and in India, we are only 10% towards making 500 million Indians useful for business".
In the year 2016, a spike was seen in the music streaming volume with 50-60 million active monthly users on music streaming applications.