The History and Current State of the Indian Music Industry in 2022

MMusic is one of the biggest parts of Indian culture and the history of music dates back to the Vedic age. There are so many forms of music in India, but Bollywood music has dominated the scene for over 100 years. With massive digitization and the rise of streaming services, regional music has also gained traction in the mainstream music industry. Indian music has now reached a global audience through digitization.

IMI

Indian Music Industry or IMI founded on February 28, 1936 is an organization representing the distributors of the recording industry in India. It was called Indian Phonographic Industry or IPI when it was founded. It is the second oldest music industry organization in the world. It protects the copyrights of music producers and contributes to the growth of the music scene. He represents India in the International Federation of the Phonographic Industry or IFPI. It is also registered under the Company Registration Act of West Bengal. Top national and international record labels in India such as T-Series, Saregamapa India Ltd., Sony Music Entertainment, Universal Music, Virgin Records, Zee Music and many more are part of this organization. Over 75% of all legal music sales in India are represented by IMI.

The administrative office of the organization is in Mumbai and its head office is in Kolkata. There are other offices under IMI in various cities like Bangalore, New Delhi, Hyderabad, Chennai and many other cities. The organization works tirelessly to prevent music piracy and protect the rights of music producers. It was also part of the launch of the IMMIES Music Awards with MTV.

Story

The Indian music industry was dominated by cassettes in the 1980s and 1990s. The industry broke records with cassette sales of almost 180 million units in 1990. This data includes both legal and pirated. India became the second largest cassette market after the United States with this record sale. The Indian music industry earned nearly $291 million or ₹12 billion in 1998.

In the early 2000s, the industry sold nearly 49 million cassettes each month. In the late 2000s, the music industry shifted to online streaming, reducing the sale of tapes, CDs, and even digital downloads.

Structure of the current Indian music industry

With a current youth population of 1.3 billion, India’s music industry is growing rapidly. Music professionals now regard the Indian music industry as the biggest frontier in the world. Indian music industry revenue has grown rapidly over the past few years. The latest rise is due to the growth of the country’s online population. Indian film industries, especially the Bollywood film industry, still contribute greatly to the Indian music industry. Bollywood films alone generate nearly 80% of the country’s music revenue. Indian music industry revenue is generated by three main activities: recording, publishing and live.

According to IFPI reports, in 2018, the recording music industry generated more than $153 million, up more than 17% from 2017. In the same year, streaming music revenue increased over 22%, with streaming accounting for 69%. of all recorded music revenue. It is also known that 80% of music consumption comes from film music in India and abroad.

The music publishing industry is not yet very mature. India’s Music Copyright Act granted the copyright of the songs to the producer of the film until 2012 and not to the songwriters themselves. Amendments to the law have since been made, but the publishing industry still needs to make a lot of improvements as most artists do not earn royalties. Revenue from royalties collected by songwriters represents less than 1% of total music industry revenue, or just $4 million.

The live music industry in India is not easy, to sum up, due to the disjointed nature of the live music scene in India. From the reports of Indian Music Convention and PwC, it is believed that about $280 million in revenue is generated from the live music industry in India. Ticket sales for live music accounted for 30% of all live revenue by PwC’s estimate. The rest of the revenue is split into brand sponsorships, merchandise sales, private events, and more.

The three industries account for a total of $443 million for the Indian music industry. The country earned the 15th position in the 2018 IFPI rankings. Indian music industry aims to position itself in the top 20 by 2022. The music industry must maintain its growth and accelerate accordingly in the coming years to reach the goal.

Record labels

Record labels have been part of the music industry for a long time and the biggest record company currently in India is T-Series. It holds 35% of the Indian music market. Next in the race is Sony Music India with a 25% market share followed by Zee music, which is in partnership with Sony. Other major music labels in India are Saregamapa India Ltd, Universal Music, Virgin Records, Times Music, Aditya Music, Tips Industries Limited and many more.

International Top 20 Singles

The International Top 20 Singles chart was launched by IMI on June 21, 2021. The top performing international songs in India according to data from Spotify, Apple Music and Amazon Music are included in the chart released weekly. Some of the most recent top singles on the chart are “As It Was” (May 2, 2022) by Harry Styles, “Yet To Come” (June 20, 2022) by BTS, “Left and Right (July 4, 2022) by Charlie Puth, and more.

There are two types of certification for albums and singles: Gold and Platinum. While album units are measured by Album Equivalent and tracks are measured by Track Equivalent.

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