The Indian Music industry is currently valued at 1.3 billion. The of the Indian music industry is on a rapid rise for the last few years primarily driven by the country's growing online population. However, India’s film industry plays a great role in the music business, with 80% of the country’s music revenue reportedly generated by soundtracks for Bollywood films.
The surge of internet usage created a fertile ground for the streaming services on the Indian market. The recorded music industry in India is sized at INR 1,068 crores which is about 0.006% of the country’s GDP, and is estimated to provide direct employment to thousands of people.
According to the Global Music Report 2019 , the Indian recorded music industry brought in INR 1068 crores with revenue growth (year-on-year) above 24.5%.
Indian music industry is set to cross ₹19.2 billion by 2021. It is expected to grow at 10.8% annually till 2021, on the back of increased digital revenues, performance rights and synchronisation rights.
According to a FICCI report, growth at the music label level was 20%, led by digital revenues, which now contribute 83% of their revenues. YouTube accounted for 40% of the digital revenues for labels. Physical music sales fell by 50%. India reached 19th position in the IFPI world rankings of music markets.