In CISAC Global Collections Report 2023, IPRS Achieves Significant Milestone Amid Global Music Resurgence
In the recently unveiled CISAC Global Collections Report 2023, based on the 2022 collections data, the global music landscape experienced a resurgence, with total global royalties collected from creators reaching a record high of EUR 10.83 billion in 2022, marking a remarkable 28% increase. This resurgence was fueled by a rebound in live and public performances, as well as a consistent expansion in digital revenue. Notably, the global royalties generated from digital sources surpassed EUR 4.1 billion. This significant growth in digital income reflects the transformative impact of streaming on the music landscape, benefiting CISAC members and the five million creators they represent.
The report highlights The Indian Performing Right Society Ltd. (IPRS) as the 4th largest Society by revenue in the Asia-Pacific region, underscoring India’s ascent in the global music scene. In a striking show of progress, India climbed from the 47th position in 2018 to the 23rd position among the top 50 global societies in music collections.
Impressive Surge in Revenue
IPRS achieved a noteworthy milestone by collecting Euro 68 million in revenue in 2022, representing a remarkable surge of 92.5% over the previous year. These results underscore the flourishing music industry in India and validate the relentless efforts made by IPRS to bring about this impressive turnaround.
Diversification and Market Penetration
The growth in India’s music sector can be attributed to the recovery in General Public Performance, Television broadcasting income revenue, and the increasing digital revenues throughout the year. This diversification strategy is reducing IPRS’s reliance on digital income, shifting from over 80% in FY 2021-2022 to 67.1% in FY 2022-2023. This diversification enhances stability and demonstrates IPRS’s growing influence in the market. The digital revenue has witnessed an astonishing 532.7% growth from 2019 to 2022, reflecting the evolving music industry landscape in India.
Government Support and Future Challenges
The government’s support has played a crucial role in strengthening creators’ rights and bolstering IPRS’s position in the industry. However, IPRS looks forward to authorities ensuring the enforcement of music licensing norms for improved compliance.
Promoting Global Growth
Furthermore, IPRS has assumed the important responsibility of nurturing the development of collection societies in neighboring countries, offering support and promotion to sister collection societies in nations like Nepal, Sri Lanka, and Bangladesh during their initial stages of establishment.
Leadership in Challenging Times
Javed Akhtar, Chairman of IPRS, expressed his pride in the society’s achievements, emphasizing their dedication to advocating for the rights of music creators and publishers in India. He acknowledged the transformative impact of music streaming on revenue models and underscored the need for adaptation to the changing music ecosystem in the digital age.
AI and the Future of the Creative Industry
CISAC President Björn Ulvaeus also emphasized the challenges and opportunities posed by Artificial Intelligence (AI) on creators’ collections, calling for international leadership and unity from the creative industry to address this existential challenge.
Commitment to Creator Rights
Rakesh Nigam, CEO of The Indian Performing Right Society Limited (IPRS), expressed his pride in IPRS’s achievement as the 4th largest Society in the Asia-Pacific region, reaffirming their commitment to safeguarding the royalty rights of creators. He highlighted the growth in digital income, emphasizing the challenges of compliance in a rapidly evolving music landscape and the organization’s dedication to fostering a thriving environment for creators in India and globally.