The recent Indian Music Convention conference saw an array of Indian and overseas speakers mulling the future for India’s music industry. Now industry body IMI – in association with a group of other bodies – has published its Vision 2022 report, which it’s pitching as “India’s roadmap to the Top 10 Music Markets in the World by 2022”. As a reference, in 2017 the IFPI placed India 19th by overall trade value, although it was 14th when ranked purely by digital revenues, and 16th when ranked purely by streaming.
The report is essentially a record of the sessions at the conference, some of which we’ve already reported on. One of the key points came from a ‘C-Suite Panel’ featuring Times, Zee Music, Saregama, Tips Industries, Sony Music and Universal Music. “Currently, the number of unique users of music on Indian streaming platforms is close to around 18 million with monthly streams crossing 4 billion,” it explains. “In 2017, the average smartphone data consumed per month in India was 1GB. It is currently 13GB and is expected to climb to 30GB next year, of which music or video consumptions will be 65%.”
The report outlines challenges, including the claim that “50%-60% of revenues are lost on account of piracy” still. There were also some useful IFPI stats: “YouTube is responsible for 14% of all music listening time and 36% of all on-demand music streaming time,” it claims. “Radio continues and remains the most used method for listening to music with 91% of Indian consumers indicating that they obtain music from radio, but took up just 9% of total listening time.” There’s plenty more in the report.
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