Rishi Malhotra, co-founder and former CEO of India-born music streaming service JioSaavn, has joined podcast firm Luminary as its new CEO.
After serving as Luminary’s CEO for more than two years, Simon Sutton informed the Board at the end of 2021 that he would be leaving his position.
Sutton will remain on Luminary’s Board of Directors.
The company has also announced that Pilot Boy Productions, owned by Dave Chappelle, has invested in Luminary and joined Luminary’s Board of Directors, with its seat filled by Ben Jealous.
Two additional new members will also join Jealous on Luminary’s Board of Directors – Heather Hiles and Mara Buxbam.
Chappelle, who along with yasiin bey and Talib Kweli, is a creator and executive producer of the Luminary Original show The Midnight Miracle, and also executive produces additional audio content at Luminary.
Malhotra co-founded Saavn in 2006.
Saavn was originally called BODVOD Network and specialized in distributing Bollywood records to music services in North America.Music Business Worldwide
JioSaavn, now one of India’s largest music streaming platforms, was born after music service JioMusic merged with Saavn in a reported $1bn deal in November 2018.
Ahead of that merger, JioMusic parent Reliance Industries Limited (RIL) acquired a stake in Saavn worth over $100 million.
Malhotra developed projects with U2, Beyonce, Nas, Marshmello and many others.
Prior to founding Saavn, Malhotra served as a Vice President at HBO, and from 2003 to 2008 he built and launched HBO On Demand, and also worked on the critically-acclaimed HBO series The Wire.
“We are developing new original programming with particular focus on the luminaries of music, sports and comedy.
Rishi Malhotra
Malhotra said: “Luminary is a one-of-a-kind company that is becoming the home for artists with a unique point of view, from Dave Chappelle and Roxane Gay to Russell Brand, Lena Dunham, and Guy Raz.
“We are developing new original programming with particular focus on the luminaries of music, sports and comedy.
Added Malhotra: “We are going beyond subscriptions to deliver products that connect fans more uniquely to creators. I’m honored to work with the exceptional team and talent partners at the company.
“In my view, we are at a crossroads of shaping new media that entertains, educates, and elevates us. The Midnight Miracle is an example of a new audio format in every way. It’s not just podcasts anymore. It’s Luminary.”
“At Luminary, we are creating an authentic space for inspired artists to develop and share their original content.”
Dave Chappelle
Chappelle said: “I chose Luminary because they value artists and share my vision for re-imagining audio content. The Midnight Miracle and our unique format is changing the podcast experience.
“At Luminary, we are creating an authentic space for inspired artists to develop and share their original content.”
We are honored that this world-class group of leaders are joining to push Luminary into our next stage of growth.”
Matt Sacks, Luminary
Matt Sacks, Luminary Executive Chairman, said: “We are honored that this world-class group of leaders are joining to push Luminary into our next stage of growth.
“Rishi has proven his ability to build a differentiated audio streaming company with unique creative sensibilities. We are equally proud to have a creator partner like Dave Chappelle demonstrating his belief in our vision by investing in Luminary’s future.
“We are grateful for Simon’s leadership and are delighted he will remain on Luminary’s team as a member of our Board,” added Sacks.Music Business Worldwide