This year has seen the Indian music industry steer upwards. The IFPI report put Indian music industry at the 19th position on a global scale. The ranking is bound to improve largely due to the spurt in investments and also some very strategic tie-ups between leading global and Indian companies. The total music industry revenues grew from Rs. 570.7 crore in 2016 to Rs. 725.6 crore in 2017. This increase in revenue by Rs. 154.9 crore is the largest since 2011, according to IFPI data. If trends and speculations are to be believed, 2018 would witness the highest growth in revenues ever. A major reason for this has been the growth of the Indian music streaming industry. Here below are some of the key partnerships that were entered into by Indian music companies in 2018.
The Jio – Saavn Acquisition
After announcing its acquisition by Reliance Industries Ltd in March 2018, Saavn Media Private Limited launched JioSaavn, South Asia’s largest streaming, entertainment and artist platform, on December 4, 2018. The implied valuation of the combined entity at over US$1 billion makes it the most valuable music streaming platform in South Asia, and among the most popular in the world. The current JioMusic and Saavn users will be migrated to the integrated JioSaavn platform. With a catalog of more than 45 million songs and award-winning original content, JioSaavn brings users a wide-ranging audio experience.
The Amazon Tie-ups
The global giant tied up with some of India’s biggest music labels like Tips, Music Unlimited, Muzik 24×7 and Saregama. This gave consumers access to a highly localised music catalogue. Amazon Prime already offers unlimited free one-day and two-day delivery of over 11 million products online to over 100 cities, 30 minutes early access for members on top deals and more benefits for an unparalleled shopping experience and instant access to latest movies and TV shows.
Tencent’s investment in Gaana
Gaana, India’s largest digital music service, raised USD 115 million from Tencent and Times Internet in its latest round of financing on 28 February 2018. In December 2017, Gaana crossed 60 million monthly active users. 88% of Gaana’s monthly users come from India.In the last four years, its mobile app has been the driver of growth, with 700% growth in consumption in the last two years. Gaana intends to use the capital to further invest into technology to use AI to personalize music experiences for each consumer
Times Bridge, India invests in Smule
According to a jointly released statement by Times Bridge and Smule, this partnership will help Smule develop an edge over the other competitors in India, its second-largest international market. Smule, which aims to play a vital role transforming the music landscape from one of passive listening to collaborative creation and expressive sharing, will benefit with an estimated investment of over $20 million from Times Bridge.
The Times Music and Speed Records Tie-Up
Times Music, one of India’s foremost record label and music publisher joined hands with Speed Records, the foremost music label in Punjab, to offer their audience a wider choice of music and help grow the Punjabi music genre across India and in global markets. Speed Records’ YouTube channel, with the help of its partnership with Times Music has now crossed 10 million subscribers. Times Music and Speed Records jointly have flourished in increasing viewership and subscriber bases with their offerings of quality music videos, and effectively promoting their content and artists across various formats.