MUMBAI: For almost two months, Australia-based streaming service Guvera made headlines for several reasons concerning its latest rejected IPO and the developments since. The company pulled out of ten markets and the latest reports confirm that Australia – Guvera’s base – has become the newest market to be omitted from Guvera’s operations.
The company’s COO for India & Middle East, Ananya Amin confirmed to Radioandmusic.com that the latest action is a strategic move – the organisation would continue to focus on India, Indonesia and other emerging markets. “The company will not function henceforth in the Australian market. Furthermore, one of the founders – Claes Loberg – has taken over as the interim CEO of the company.” Amin added that Loberg would visit the Indian and Indonesian markets soon to work with vital partners who have invested heavily in the partnership with Guvera.
With growing troubles, the last thing Guvera can afford is lack of confidence through the associated brands. With at least seven million subscriber base in India, Guvera acknowledges the vitality of regaining the trust in the emerging markets, and surely, the eight-year-old streaming service would look to expand or regain the lost markets once creating a strong foothold in the existing markets.
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Radioandmusic.com earlier reported how Guvera would seek comfort from India amidst growing issues in Australia, however, the news of pulling out of the country remains a shocker. Check here.
Australian media and critics grew skeptical of Guvera’s stagnant growth, and the company would surely hope the reshuffle in management and focusing all strategies to limited markets would eventually pull the company out of its crisis.
