1 min read.Updated: 26 Jul 2021, 10:55 AM ISTLata Jha
with multiple lockdowns, curbs on mobility and unavailability of fresh Hindi film music which comprises 60% of all content consumed, audio streaming platforms are seeing a sharp decline in revenue growth rates
New Delhi: Eros Now Music, the label owned by media and entertainment company Eros STX Global Corporation, has announced a slate of 100 singles for 2021. The line-up includes tracks by artistes such as Mohit Chauhan, Neeti Mohan, Akasa, Ankit Tiwari, Ustad Rashid Khan, King Kaazi, Virus, Nooran Sisters, Shibani Kashyap, Adhyayan Suman, and more across genres like mainstream, devotional, spiritual and healing.
“In these challenging times when millions are home-bound, music serves as a means to stay motivated and entertained. It is our responsibility to serve people with the best of trending music across genres. I am confident that our diverse line-up will entertain the enthusiasts while creating opportunities for both established and emerging artists to launch their music on our label," Pradeep Dwivedi, CEO, Eros International Media, said in a statement adding that the company has appointed Rajitta Hemwaani, as the business and content head for Eros Now Music.
Eros Music was rebranded to Eros Now Music in January this year. Since then, the company has launched music across Hindi and Punjabi with over 30 artists, including Sukhbir, Kanika Kapoor, Daler Mehndi, DJ Aqeel, Bhoomi Trivedi and Bappi Lahiri.
To be sure, with multiple lockdowns, curbs on mobility and unavailability of fresh Hindi film music which comprises 60% of all content consumed, audio streaming platforms are seeing a sharp decline in revenue growth rates. However, listeners have continued discovering new music on streaming services in the second lockdown, including multi-lingual independent music, Punjabi pop, and international, predominantly pop and K-Pop music.
According to the Ficci EY media and entertainment industry report released in March this year, the Indian music segment was valued at Rs. 1,530 crore in 2020. Streaming apps have a base of approximately 200 million active monthly users, but the paid subscriber base is still around 2 million. Piracy continues to be the biggest challenge plaguing the music ecosystem, dealing a 67% blow to revenues. Paid music OTT subscribers are expected to cross 5 million by 2023 and generate revenues of Rs. 180 crore.