Zee Music Company, one of the leading music labels in India, has renewed its licensing agreement with Meta and YouTube. According to reports, the renewal of the agreement will enable the label to continue monetizing its music catalog on these popular platforms.
Read: Spotify removes Zee music catalog following a licensing dispute
In a statement, Anurag Bedi, CEO of Zee Music Company, expressed his excitement about the renewed partnership, stating that it would help the company to reach a wider audience and expand its digital presence. He also noted that the partnership would enable the label to offer better value to its artists and creators.
“Meta and YouTube are key partners in our digital journey, and we are excited to renew our partnership with them. With this renewal, we will be able to continue offering our music to a larger audience and provide better value to our artists and creators,” said Bedi.
The renewal of the licensing agreement comes as no surprise, given the growing popularity of Meta and YouTube in India, which has led to a surge in demand for Indian music content on these platforms. As per industry reports, Indian music accounts for a significant portion of the overall music consumption on these platforms.
According to a report by FICCI-EY, the Indian music industry is expected to grow at a CAGR of 13.5% between 2021 and 2025, with digital revenues accounting for a significant portion of the growth. The report also notes that music streaming is the largest contributor to the digital revenue of the industry.
With the renewal of its licensing agreement with Meta and YouTube, Zee Music Company is well-positioned to capitalize on the growing demand for Indian music content on digital platforms and continue its growth trajectory in the industry.