Why Gaana Failed? 😮😮
Remember, India’s oldest music streaming service Gaana, well the company was recently sold for 25 Lakh Rs.
Yes, only 25 Lakh Rs.
At its peak, Gaana had over 20 Crore active monthly users. So why did it fail?
Well, to begin with, Gaana’s original business model was flawed. For a long time, it depended on digital advertising to make money, which it turns out, wasn’t enough.
The company had raised 200 Million dollars in lifetime funding, but its annual revenue never crossed even 15 Million dollars.
Next is, heavy competition. Gaana was popular when there were not a lot of big players, but this has changed now. Both Global and Indian companies have entered the music-streaming sector, and they have bundled music with their other services, which has made it cheaper for the audience. YouTube Music is a great example, which comes free with YouTube Premium.
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