Indian music Industry grows by 24.5%Vaishnavi Samvedi
Indian Music Industry is rapidly thriving to be in the top 10 music markets by 2022. The Industry grew by 24.5a% to meet $156 million (Rs. 1,068 crores) in 2018. Currently ranked 15th in the world, the Indian music industry has a promising lead.
Interestingly, the global recorded the music market to have a hike of 9.7% in 2018 in the fourth consecutive year of growth, according to IFPI. India has seen a major increase in streaming revenue (31%) with soaring traffic towards sources of music (audio OTT platforms, video streaming platforms, etc.)
With a surge in smartphone spread and low data rates. The penetration of music services to tier two and tier three cities, along with an increasing subscription base of internet users recommend, the growth of audio streaming consumption stays huge. On the other hand, physical revenues grew by 21.2% and synchronization revenues by 24.6%.
For more updates about the Indian music industry, follow SwarAalap Digital and stay well-tuned!