The Indian Music Industry is growing at a rapid pace these days. With more and more people embracing the digital revolution, music has become easier to access than ever. Today, you can buy any number of songs from iTunes or other digital platforms for just a few dollars. In fact, many of your favorite Indian singers operate their own subscription-based music streaming services for their fans to enjoy. The country’s rapidly growing youth population is also a major driver in this growth. We have written about the evolution of technology and its impact on today’s society before in other articles on this website as well. The modern world has only made things easier for us, not harder. What was once expensive and time-consuming to produce is now available at our fingertips at all times. The same applies to the music industry as well, which we will discuss in detail below…
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With the evolvement of new technologies and the up-gradation of media, the Indian music industry holds a strong threshold globally. The influence is not only due to the variation of genres but also due to the diversity of the range that’s going all over the globe.
The Indian market is one of the industry's hottest themes right now. The announcement of Spotify and YouTube Music joining the local market, the pricing war that ensued — as previously stated, India will most likely become the primary battleground of the global streaming sector in the next years. The local market will continue to draw attention in the future, so here we go. Everything you need to know about the Indian music industry is right here.
Classical music is a rich heritage in the sector of the Indian music industry but with due time, the Bollywood numbers have become renowned as a whole new platform when it comes to music. The evolution in the Music industry is due to its adaptation which has become a strong base to grow in this competitive industry.
Music has developed an infinite bond with customers encouraging people to have the privilege to know about more content that the music industry has to offer. Thus the music has surpassed the middlemen to reach the audience in no time.
If we look at it from the aspect of the economy, Indian Media and Entertainment has become a sector that blooms with a stronghold. This has made a pathway towards growth by understanding the demands of the customers and their taste towards uncountable genres related to music. This industry has become a source of improvement when it comes to revenue with the help of advertisements.
The core reason is due to the expansion of digitization and the access it got with the increase of internet availability without much cost. The Internet has grown to be the ultimate medium when it comes to entertainment. People cannot avoid humming or listening to music. It helps mental clarity and peace for almost all generations.
These reasons activated a steady development for which the music industry of India ranks as the 15th largest industry all over the world and according to the predictions it holds the power to enter into the Top 10 music markets by the year 2022.
The podcast has become a hype-evolving reach to the customers and after vivid research, it has also been found that the Indian listeners have evaluated 58 percent more in terms of its previous years.
The company Reliance has shares in Saavan India. The investment was made by Tencent Holdings Ltd which held a stake in the streaming platform named Gaana which is one of the popular streaming platforms when it comes to music, giving access to the earnings of 115 million dollars.
Though the evolvement has taken a rapid speed in this sector yet the paid mechanisms to the artist have remained the same.
In addition, the payment varies from artist to artist depending on what they sign up for. The payment procedure depends on their skills of being a songwriter, performers, or even if they have signed for independent labels when it comes to marketing and promotion. This turns out to be unfair losing many eminent and valuable musicians in this industry.
Technological advancements have had a significant impact on the evolution of the music industry. From phonographs and analogue tape devices to digital recording software, online streaming services for sports like ally 400, and more, things have changed.
Over the previous two decades, the rapid expansion of digital technology in the music industry has had a profound impact on every element.
As digital technology has grown, most parts of the music industry have changed tremendously. As a result, early digital recording technology simplified and reduced the cost of the technique.
With the debut of compact discs, consumers were promised improved sound quality as well as decreased music production and distribution costs.
Initially, digital technology encouraged the growth of the music industry; another choice was Napster. Because of the advancement of the Internet, people may now share and download music over the Internet. To steal music, you no longer need to create CDs or dub cassettes. File-sharing platforms enabled users to obtain practically any song they desired.
From the instruments to how it is recorded, music creation has never been greater. New musical instruments have been produced and introduced throughout the previous two centuries, enthralling anyone with a musical ear.
For example, the electric guitar was introduced in the 1920s and immediately became a cultural touchstone. Several developers and performers dared to explore beyond the box when developing the electric guitar aimed for electrically propelled string tones.
Every day, millions of people listen to the song, which has subsequently been sampled in many other famous tunes.
To compensate for lost sales, musicians and music firms have been forced to diversify revenue streams in novel ways. For performers, audio engineers, venues, promoters, and other professionals, the live music industry has always been a significant source of income. As the digital revolution in the music Industry destroyed album sales, many professionals in the music industry began to focus more on live music.
Before COVID-19, live music has seen steady expansion throughout the previous two decades. During the pandemic, musicians used donation links or paid access services to monetize livestreamed performances on social media sites.
Recording artists and publishers are also concentrating on placing music in TV shows, films, and commercials to generate revenue via licensing and royalties. Professionals that are familiar with music technology such as digital recording platforms, MIDI composition, and audiovisual programming tools are exploring new opportunities in thriving industries.
Video streaming is one such industry, with services like Netflix constantly generating and distributing new material. The video game industry is likewise booming, dwarfing all other forms of entertainment. Composers, sound designers, audio engineers, and audio programmers are critical in various audiovisual businesses, which generates significant revenue prospects.
The internet is well-known for the ease and comfort it provides at our fingertips. Shopping, travel, insurance, and food can all be done with a single click thanks to the internet. While internet purchasing is still in its early stages in India, online music distribution has been around for a while and has increased in the last five years. Digital consumption, distribution, and catalog availability in the digital arena are simply the natural growth and evolution of the Indian music sector.
According to the FICCI-KPMG Indian Media and Entertainment Sector Report 2012, the Indian music industry experienced a 19% year-on-year fall in physical music sales, which was offset by a 24% year-on-year increase in digital music consumption last year.
Physical music sales continue to decline, but digital music consumption continues to climb. This phenomena was more prominent in metropolitan areas with more mobile and Internet penetration, whereas regional markets were less affected.
Also Read: What is spectrum? How 5G will Transform India?
Music streaming platforms are gaining ground in India as a result of a growing demand for on-demand music, the popularity of podcasts, and a shift in music consumption patterns due to work from home.
Bharti Airtel-owned Wynk Music, which was launched in 2014 as a free service for Airtel subscribers, is one of the pioneers in the music streaming industry, allowing users to download and listen to songs offline.
Wynk's premium subscription is now the most affordable on the market, costing INR 49/month and INR 349/year for an ad-free music experience.
According to a Kantar and VTION market research report, Wynk has a 15% market share in 2020.
App power, according to AppTweak, is a key performance indicator (KPI) for analyzing an app's overall performance on the Google Play Store. It takes into account a variety of factors, including an app's competitiveness by category and the general app store region.
Interestingly, Wynk Music, JioSaavn, and Spotify have topped the music streaming market throughout the year, while Amazon Music's app power has fallen. SoundCloud has the lowest app power among India's music streaming apps.
Wynk Music has the most similar views on the Google Play Store between January and November of 2021, totaling 489.6 million. Similar views, according to AppTweak, are the projected amount of impressions an app receives when it shows under similar apps' choices on a competitor's page. Interestingly, Wynk received around 30% of identical views, or 148.8 Mn, through Gaana platform.
With a significant shift in music consumption patterns during pandemics, the music streaming industry in India will continue to grow at a rapid pace.
India now has over 15 music streaming players, both domestic and international. For most, tapping the vernacular or regional language listening base is more important than Hindi or English. Many Indian apps are utilizing the country's rural talent pool. The majority of local players now provide all significant regional languages, with Hindi, English, Tamil, Telugu, Punjabi, and Malayalam being the most popular.
Conclusion
If the change in the drawbacks takes place, it will balance a good system within the operation of the industry making it larger. The music directors and producers must own the responsibility for their exposure. The rights of different musicians should also be valued to upgrade the industry to the place they desire to hold. This will not only enhance their opportunities but also open a new door for future musicians.