The Indian music industry was valued at around 19 billion Indian rupees at the end of 2021 and was estimated to reach 28 billion rupees by the end of 2024. The nation’s recorded music market grew by 20.3% to $219 million or approximately Rs 1,620 crores.
India is the 17th largest market in the world music segment.
After a hiatus in 2020 owing to the pandemic , the Indian Recorded Music Industry has bounced back and shown significant growth of 20.3% in 2021 when compared to the previous year. Further, the Indian Recorded Music Market has been growing at an annual compound growth rate of 15.78% over the past five years.
The Indian music industry will be worth Rs10,000 crore or $1,333 million in the next two to three years.