With Bollywood production house Yash Raj Films (YRF) announcing the launch of Raah Records—a new music company created to discover and support original artists beyond film music—entertainment industry experts say the backing of mainstream players is likely to bring independent music to the forefront.
Since independent tracks are not tied to a film release cycle, they can be monetized across streaming, short-video platforms, concerts, sync licensing and brand partnerships, improving their potential for long-tail revenue. They are also typically cheaper to acquire or commission than premium film music, with production costs driven largely by creative talent, giving labels greater budget control. If a track breaks out, this can translate into a more efficient payback period.
Other companies like Saregama and Universal Music are also rapidly backing indie artists even as returns from Bollywood film soundtracks remain unpredictable. While indie songs currently make up around half of some labels' overall catalogues, they are estimated to grow to 70% in the next few years, according to music industry experts.
“Raah Records represents an important strategic expansion of Yash Raj Films' music business. As India's independent music ecosystem enters a defining phase of growth, we believe great artists need more than distribution, they need belief, time and long-term creative partnership,” Akshaye Widhani, CEO, Yash Raj Films, had said in a statement on the launch.
Raah Records is built around careers, not campaigns, bringing together A&R (artists and repertoire), artist development, marketing and distribution to help original artists build lasting careers, he had added.
Beyond the hit
Industry experts say investing in independent music is no longer just about finding the next hit. It is about building a diverse catalogue of intellectual property that continues to generate value beyond a film’s release cycle.
Rohith Sobti, curator and founder of The Shakti Collective, an artist-first cultural house building a structured ecosystem for music, storytelling and cultural IP, said independent music also allows companies to nurture artists at different stages of their careers instead of engaging with them only after they have become established.
“Studios also prefer to build long-term relationships with artists and be part of their growth journey. By identifying talent early, they can provide a platform, invest in artist development and build a 360-degree partnership based on audience validation,” Sobti said.
He added that post-covid, Bollywood has realised the value of collaborating with independent artists. Recent successes, such as Saiyaara, featuring Faheem and Arslan, demonstrate how independent talent can deliver chart-topping music for mainstream cinema.
Building catalogues
Moreover, as labels build a more balanced mix of film and non-film IP, independent music could increasingly form a meaningful share of label catalogues.
According to Vishal Mahajan, founder and CEO, Auraska Ventures, a new-age alternate investments and strategic advisory platform, while the exact annual contribution will vary by label strategy, indie content is expected to account for a growing share of new additions in the near term, with stronger labels pushing for a significant share of their library over time. The pace of this shift will depend on how aggressively labels invest in artist development, discovery, and distribution, Mahajan said.
“Such moves provide a larger portfolio of music IPs in the market that can be bundled appropriately in a fund structure, thereby giving an opportunity for investors to participate in this new asset class. This would normally not be possible otherwise with mainstream labels,” he further pointed out.
The discovery problem
To be sure, the biggest challenge, however, is the oversupply of music. Today, more than 5,000 songs are released every day on audio streaming platforms. The barrier to entry has become extremely low thanks to AI tools.
While this democratization is exciting, it also means the market is flooded with music, much of which is repetitive or lacks originality. The challenge is no longer creating music; it is discovering the right music, building audiences around it and helping artists sustain long-term careers.
“Backing independent music lets studios build lasting IP at a fraction of a film soundtrack's cost, and that math only improves as AI-powered infrastructure brings production and discovery costs down further. It's why we expect independent titles to keep claiming a bigger share of every label's catalogue going forward,” said Rashna Pochkhanawala, founder and managing director, PaRa Music.
“When big studios launch their own labels, it confirms that owning the master matters as much as owning the film. The winners in India's music economy will be the ones who pair real catalogue ownership with the infrastructure to develop and monetize it, without losing the artist at the centre,” she added.