MUMBAI: FICCI and EY have released their flagship of the media and entertainment industry. As per the report, music consumption in India is about an average of 19.1 hours a week and it is said to be higher than the rest of the world which is 18 hours a week. Audio streaming comprised up to 39% and video streaming accounting for 28% of total time spent.
The Indian Music segment grew 8.3% to reach INR15.3 billion in 2019 and is expected to grow at a CAGR of 10% to cross INR20 billion by 2022, on the back of increasing digital revenues and performance rights, according to the report.
Music is the medicine of the mind. It expresses that which cannot be said and on which it is impossible to be silent, it plays an important role in our lives, while traveling, jogging, relaxing, or doing household works. Music kills our stress and keeps our mind relax and smartphones have changed completely the way on how music is being consumed. Also, technology has made life easier to have access to stream music online. Now we don’t have to wait for our favorite artist to release their music in CDs.
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Not only we get to listen to our favorite artists, but we can also now listen to pretty much everything, anything and from anywhere. Apps such as Spotify, Apple Music, and Amazon Music and many more helps us to access to any kind of music we like.
According to the report, 97% of music consumers consumed music on their smartphones while 62% of consumers used social media sites or apps to listen to music or watch music videos. With 75% of the users listened to music while relaxing at home, 62% listened to music in their cars. 86% of the users in India consumed music through radio (live or on-demand) across all age groups.
Bollywood is a full package of acting, singing, and dancing, it is prominently known for its music. It consumes 60% of users and 53% of users listened to vintage Bollywood songs and others listen to regional music like Tamil, Telugu, and Bengali.
T-Series has the highest number of subscribers with the highest number of video views, followed by Zee Music.
According to the report, OTT platforms (AVOD and SVOD) comprised 68% of total revenues, up from 54% in 2018, followed by Telco with its contribution reduced from 33% in 2018 to 18% in 2019.
