INDIAN MUSIC INDUSTRY AT A GLANCE IN 2017 - 2018 Performance for 2017-2018
The total music industry revenues in India grew from Rs. 570.7 crore in 2016 to Rs. 725.6 crore in 2017. This increase in revenue by Rs. 154.9 crore is the largest since 2011, according to data from IFPI, a not-for-profit international organisation.
Music Streaming
Music streaming contributed 27% growth to the overall Indian music industry. The revenues from music streaming grew at a rate of 37.26 percent and revenues from digital music now amount to over 91 percent of the Indian recorded music industry revenue. This positive growth is due to increased data consumption in the advent of cheaper data rates and greater smart-phone penetration across India.
The digital revenue alone in 2017 was Rs. 665.6 crore which is greater than the combined industry revenue of Rs. 570.7 crore in 2016 by almost Rs. 95 crore. The Indian Music industry witnessed a 27 percent growth in 2017 and has exceeded industry forecasts.