EY, a prominent professional services firm, recently released a groundbreaking report on India’s music publishing industry titled “The Music Creator Economy: The Rise of Music Publishing in India.” The report offers insights into the current state, market potential, and perspectives of music publishing in the country.
According to the report, India produces over 20,000 original songs yearly, involving 40,000 music creators, contributing to an annual revenue of over INR 12,000 crores.
Ashish Pherwani, EY India’s Media & Entertainment Leader, emphasized the importance of music in India’s media sector, noting the dominance of sound recording revenues compared to relatively smaller music publishing revenues.
Björn Ulvaeus, President of CISAC and ABBA member, highlighted the significance of songwriters and composers in inspiring cultures and driving economies.
EY’s survey, involving 500 music creators, unveiled financial challenges:
- 87% wished to make a living solely from music, but only 60% achieved it.
- One-time payments, live performances, and royalties were primary income sources.
- Many felt the need to learn more about music production and monetization.
- Only 56% had necessary equipment for music production.
- 35% reinvested over 50% of earnings in music production infrastructure.
Despite India ranking 14th in recorded music revenues, music publishing revenues are 23rd due to legal and compliance issues. However, the music publishing industry reached INR 884 crores in 2022-23, with IPRS expanding its revenue through government support and increased compliance.
