The Gaana music app plans to break even in 4-5 years: CEO Prashan Agarwal

The Gaana Music App expects to break even in the next 4 to 5 years with 100% year-over-year revenue growth and strong paying user support on its platform.

The company also plans to invest in genres other than music to increase user engagement time on the platform.

The industry will become profitable when 50% of Indians start using streaming applications and paid music becomes the norm, "Gaana CEO Prashan Agarwal told PTI.

"Our revenues have increased 100% year-over-year and we expect to break even at this rate in 4 or 5 years," he added.

The company's Internet Times group plans to double the number of monthly active users on its platform, which is expected to reach 200 million over the next two years, or about 50% of the total market.

"In the next 3-4 years, we expect that 500 to 600 million users will start using music applications, including 30 million to pay for music." This will move the music segment continuously to profits We will maintain our 50% share in this type of market as well, "said Agarwal.

The company raised $ 115 million last year, including $ 100 million from Chinese company Tencent and $ 15 million from Times Internet.

In addition to music, Gaana is now expanding non-musical content to enhance user engagement.

"We are essentially focusing on the content of motivational speakers, meditation, workouts, comedies and stories, which will enhance the engagement of users on our platform," said Agarwal.

Gaana is also associated with Google Playstore to launch an instant app for listeners who wish to experience the application without downloading it.

"This feature is intended for the 100 million users to come online. We're recording a 5% increase in the number of app installs a day, as more and more people realize that it's convenient to listen to their favorite songs anytime, even before downloading our software. app, "said Agarwal.