A report published by business association the Federation of Indian Chambers of Commerce and Industry (FICCI) includes some new estimates for the Indian music industry in 2018. It includes the claim that recorded-music revenues in India grew by 10% to ₹14.2bn (around $207m) in 2018, and the prediction that they will continue double-digit annual growth to reach ₹19.2bn (around $280m) by 2021.
The FICCI report (as reported on by MusicPlus) also claims that digital accounts for 83% of labels’ revenues in India, and that YouTube accounts for 40% of those digital revenues. FICCI also estimates that between one million and 1.5 million people in India paid to stream music in 2018, generating around ₹800m ($11.7m), while in December 2018 alone audio-streaming apps generated around 5bn streams in India – up 50% year-on-year.
“The music segment needs to be creative in channeling consumers towards a paid subscription model. If the current base of 1% of Indian music pay subscriber, can shift upwards to 2-3%, digital revenues can propel the necessary growth to push the Indian music market towards ₹20 billion and beyond,” suggested MusicPlus.
Also interesting: the claim that telco bundles could account for more than 75% of the total streaming market in India by 2021. Bear in mind these are all figures from the FICCI report: official stats for 2018 can be expected early in April, alongside the IFPI’s Global Music Report.