The Indian music industry is now the most happening music industry with new trends and technology in place. There were times when people had to rely on the radio to listen to music. Now, more than 90% use smartphones to listen to the latest music. You don’t have to be rooted in one place, now you can listen to music while you walk, drive a car, or travel around. Global players like YouTube Music and Spotify have penetrated the Indian market paving way for new trends in Indian music.
India has a growing online population who are primarily young. This has brought about a rise in revenues of the Indian music industry and many music professionals across the globe are now eyeing India as one of their major markets. Bollywood music shares 80% of India’s music market. There are three main sections of the Indian music industry, which are, Live, Recording and Publishing. The Live music industry is one of the most prominent music markets and the estimation of revenues is tricky. This section makes around $280 million in total revenue and ticket sales account for 30% of the revenue. The rest is pitched in by merchandise sales, events, sponsorships and more.
Music publishing industry is still in the infant stage. Many people lack interest as they do not earn much royalties. The music copyright act of India has assigned copyrights to the film producers instead of music composers or songwriters. The total revenue of this market is $4 of which the composers and songwriters earn just under 1% as royalty. The recording industry generates a revenue of $153.1 million and the industry has more than 16% growth. The streaming service accounted for 69% of the total revenue and has a growth of 22.5%. With huge revenues across all sections of the market, Indian music market has a scope of $443 million.
India has the cheapest mobile internet in the world. One GB of mobile data is priced below one dollar. The country’s internet population is growing by the rate of 60% every three years. The surge in internet population has created the right opportunity for streaming services to operate in the Indian market. As per stats, there are 150 million users for streaming services in India. Local streaming services like JioSaavn and Gaana are doing brisk business. It is estimated that the streaming service user base will reach 500 million in the next few years.