Gaana Incurs INR 193 Cr Loss: Will Spotify, YouTube Music Make It Worse?
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India, Nov. 9 -- India's music streaming giant Gaana has widened its losses by four times from INR 46 Cr in FY18 to INR 193.2 Cr in the financial year 2019, ending in March. According to the filling with Ministry of Corporate Affairs, Ganna's revenue has also reduced by 27%, accounting for INR 121.22 Cr in FY19.
Gaana is the biggest music streaming platform in India, with over 100 Mn users, as of March 2019. The app was launched in 2011 by Prashan Agarwal, who is also the CEO of the company. Agarwal told Inc42 in April of this year that the app's users have grown from 20 Mn in 2016 to 150 Mn in 2018. He also claimed that Gaana has a 66% market share of the total of 150 mn users, who prefer music streaming
This growth can be attributed t...
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