As one of the biggest streaming services in India, Gaana is a useful bellwether for the market as a whole.
New figures show that in its last financial year, which ended in March 2021, the company’s operating revenue grew by just 2.6% to 1.23bn rupees (around $16.7m) while its losses fell by 7% – but were still 3.27bn rupees ($44.4m).
The figures come from Billboard’s profile of the Indian market, honing in on its continued struggle to persuade people to pay for music subscriptions.
In Gaana’s case, its annual growth of 2.6% was a steep decline from its previous financial year, when that growth was 53%.
The piece also notes that 38% of India’s recorded music revenue comes from ad-supported streams, third only to Venezuela (58%) and China (45%) in that proportion.
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