Gaana’s chief executive Prashan Agarwal isn’t content with the impressive growth so far in the number of Indian people streaming music. “The penetration of music streaming is only 10% in the Indian market with around 150 million users. The market needs to grow to 600 million in the next 2-3 years,” he told the Business Standard this week. “We all need to invest significantly, for that, more competition is good as companies will invest to educate the users and grow the market because that’s the need of the hour.”
He was also honest in his assessment of how big the paid music-subscriptions market is likely to get in India, at least in the short term. “From subscription standpoint, we’re talking about top 3-4 million customers in India who have the capacity to pay,” said Agarwal. “A lot of competition is building up in that space but we are a huge country, so the idea is to let the market mature, give a fantastic free user experience [and] create a layered unbundled subscription strategy so that users give you some money down the road.”
Other stats from the interview: 45% of Gaana’s users are aged 15-25; and he believes the next 100-200 million users in India will come mainly from ‘tier 2’ and ‘tier 3’ cities rather than the largest cities.
Tools: platforms to help you reach new audiences
Tools :: We Are Giant
With “fan communities” being on every artist’s team’s mind, we’re fans of the fact that…