The Indian music industry collective business incomes have advanced from 570.7 Cr. in 2016 to 725.6 Cr. in 2017. According to IFPI data, this expansion in revenue by 154.9 Cr. is the highest since 2011. There were two essential elements driving this positive development in advanced of music utilization are the increased data consumption at reasonable charges and more prominent cell phone infiltration. The incomes from digital music services raised at a rate of 37.26% and streaming services now add up to more than 91% of the Indian recorded music industry income.
665.6 Cr. is the digital revenue of 2017 which is larger than the collective industry revenue of 570.7 Cr. in 2016. The difference is almost by a whopping 95 Cr. Positive about the state of the industry, Shridhar Subramaniam, President, Sony Music and Chairman, stated, “Last year’s figures were phenomenal and we were expecting the market to do well this year as well, but a 27% growth in 2017 has exceeded our forecasts. Going into 2018, our aim is to make music even more accessible, affordable and unlimited. To sustain this growth the industry will start laying the groundwork for a subscription eco-system.”
The rise in acceptance and consumption of music streaming services has helped digitalize the recording industry, however, isn’t yet guiding buyers from devouring music from pilfered sites. Nonetheless, stream-tearing continues to be a major risk to the music industry in India. As per a recent report by IPSOS for IMI, 94% of the 900 studied music shoppers in India confessed to utilizing some type of robbery to get to the music.
IMI’s President and CEO, Blaise Fernandes explained, “Our story in the past two years has been one of success as evident from an exponential growth in revenue. We’re glad that digital music is claiming a larger part of the pie in line with the global trends. Various initiatives were undertaken by the government like Digital India, Bharat Net, Cipam’s #lettalkIP program will enable the Indian music industry is to out-perform most evolved recorded music industries in the digital domain and climb up in rankings in the coming years,”
Over the last two years, there has been a significant shift from proprietorship to access and downloads to subscription. “While the 2017 figures may paint a pretty picture, Indian Music The industry is still greatly impacted by Digital Piracy and Value Gap,” exclaimed Vikram Mehra Managing Director of Saregama.
With various international streaming services such as Amazon Music entering the market space this year, the industry partners intend to direct consumers towards moderate membership plans to provide unlimited brilliant content. “We must work together in curbing piracy through a multi-pronged approach involving various stakeholders at the state and central level. We must also empower the rights holders to allow them control of the usage of their works in the digital domain and protect their right to fair remuneration. That’s the only way for us to ensure continued double digital growth in the coming years,” Vikram Mehra added.