Indian music industry grows 24.5% in 2018

  • India currently has the 15th largest music market in the world and is set to be in the top 10 by 2022
  • India has witnessed an increase in streaming revenue (31%) with rising traffic towards legitimate sources of music 

Lata Jha
Updated2 Apr 2019
Streaming revenue in 2018 grew by 34.0% and accounted for almost half (47%) of global revenue, driven by a 32.9% increase in paid subscription streaming. 
Streaming revenue in 2018 grew by 34.0% and accounted for almost half (47%) of global revenue, driven by a 32.9% increase in paid subscription streaming. ;

New Delhi: The Indian music industry grew 24.5% to touch $156 million (Rs. 1,068 crore) in 2018. According to a report released by IFPI, a body representing the recording industry worldwide, India, currently ranked 15th in the world, is well-positioned to break into the top 10 music markets by 2022.

The global recorded music market grew by 9.7% in 2018, the fourth consecutive year of growth, according to IFPI. Figures released in IFPI’s Global Music Report 2019 show total revenues for 2018 were $19.1 billion driven by an uptake in paid subscription streaming (32.9%). The Asia and Australasia region (11.7%) grew to become the second-largest region for combined physical and digital revenue, with especially strong growth in South Korea (17.9%) and India.

Streaming revenue grew by 34.0% and accounted for almost half (47%) of global revenue, driven by a 32.9% increase in paid subscription streaming. There were 255 million users of paid streaming services at the end of 2018, with paid streaming accounting for 37% of total recorded music revenue. Growth in streaming more than offset a 10.1% decline in physical revenue and a 21.2% decline in download revenue.

Mirroring global growth, India has witnessed an increase in streaming revenue (31%) with rising traffic towards legitimate sources of music (audio OTT platforms, video streaming platforms, etc.) driven by an increase in smartphone penetration and low data rates. The penetration of music services to tier two and tier three cities, along with an increasing subscriber base of internet users suggests that the scope for growth for audio streaming consumption (and therefore, revenues) remains large – as emphasized by the increasing competition in the audio OTT industry. Physical revenues, on the other hand, grew only by 21.2% and synchronization revenues by 24.6%.

“Talent, technology and tenacity have been the key drivers of the recorded music industry in India, through the ever changing technological and legislative landscapes. Content creators and owners in India are connecting with audiences globally, through the ubiquity of the Internet and the reach of online platforms,” said Blaise Fernandes, president and CEO, Indian Music Industry, in a statement. “The recorded music industry in India is on the cusp of crossing boundaries within India and outside - providing much encouragement to content creators, both established and emerging. It is imperative, therefore, that the investment cycles by rights holders are sustained through fair valuation of music and voluntary licensing norms.”

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeIndustryMediaIndian music industry grows 24.5% in 2018

Most Active Stocks

Bharat Electronics

258.85
07:19 AM | 18 MAY 2024
10.65 (4.29%)

Bandhan Bank

182.90
07:18 AM | 18 MAY 2024
1.7 (0.94%)

Zee Entertainment Enterprises

140.70
07:17 AM | 18 MAY 2024
5.75 (4.26%)

GAIL India

208.75
07:15 AM | 18 MAY 2024
4.9 (2.4%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Zydus Lifesciences

1,104.45
07:19 AM | 18 MAY 2024
52.55 (5%)

Balkrishna Industries

2,798.95
07:16 AM | 18 MAY 2024
133.25 (5%)

Bharat Dynamics

2,437.05
06:57 AM | 18 MAY 2024
116.05 (5%)

Hindustan Zinc

618.80
06:59 AM | 18 MAY 2024
29.45 (5%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,071.00-293.00
    Chennai
    74,851.00-367.00
    Delhi
    75,364.00-367.00
    Kolkata
    75,364.00587.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    HomeMarketsPremiumFor youGet App