The Indian Music Industry had an average growth of about +21.3% over the past three years. India’s recorded music industry revenues increased to $156 Mn in CY18 (INR 1068 Cr.). India is all set to break into the top 10 music markets by 2022 . India is now ranked 15th in the world, per IFPI metrics.
India has seen increasing traffic towards legitimate sources of music like audio OTT platforms, video streaming platforms, etc. driven by an increase in smart-phone penetration and low data rates. 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.
According to the KPMG (Klynveld Peat Marwick Goerdeler)’s Indian Media and Entertainment Report 2018, the size of the Indian music industry in 2018 is reported as ₹14.4 billion which is 14.7% more when compared to the size of the industry in 2017. Indian music industry grew by 24.5% in 2018. India has witnessed an increase in streaming revenue (31%) with rising traffic towards legitimate sources of music. 96% of Indian music consumers listened to licensed music in 2018.
The Indian music industry is to grow by 15.5% by 2023. An industry report has projected that the size of the industry will grow by 15.5% by 2023 which will be around $29.6 billion.