MUMBAI: The Indian Music Industry (IMI) has today released the Digital Music Study, 2017, a consumer study conducted for International Federation of the Phonographic Industry (IFPI), representing the global recorded music industry by independent research agency Ipsos Connect. The study found that the landscape of the recorded music industry in India is being transformed as music listeners’ move from physical to digital to on-demand streaming. With the advent of cheap data, more Indian consumers than ever, are accessing audio and video music streaming services. No wonder then that in India recorded music revenue grew 26 per cent in 2016 outpacing the global growth of 5.9 per cent.
Yet the sustainability of the domestic and international record companies that have made music accessible to listeners is threatened by two issues as highlighted in the findings of this study. First, the big value gap between the quantum of music consumed through user upload services such as YouTube and the revenues returned to artistes and record companies. And second, internet piracy, which is used by 94 per cent of the users to obtain music in India and it, continues to be an industry-wide threat.
IMI President and CEO Blaise Fernandes said, “Globally, the recorded music industry continues to transform from physical to digital; downloads to streaming; and from ownership to access. The global recorded music industry grew modestly by 5.9 per cent in 2016 whereas India witnessed a 26 per cent growth in 2016. The IMI certainly views the glass as half full. The rapid penetration of smartphones across the length and breadth of the country combined with the revolution of ‘cheap data’ is the transforming factor in encouraging Indian customers to consume streaming services which will certainly benefit the Indian music industry. Streaming services also offer opportunities for Indian music to be discovered globally.”
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