A new report shows just how massive an impact YouTube is having for the digital music industry in India’s up-and-coming market.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has recently published a report that shows some insights into the fast growing digital music market of India.
Digital music in India, boosted by local streaming services like JioSaavn and international streamers. The report shows that digital music accounts for a whopping 83% of labels’ revenues in India. YouTube alone counts for a massive 40% of the country’s entire digital revenues.
The FICCI predict that around 1-1.5 million people paid for music streaming in India last year which generated roughly ₹800 million ($11.7 million). To represent just how vast and quickly India’s digital music growth is, songs were streamed about 5 billion times in India in December 2018. That’s 50% higher than the year before.
The overall music market showed some great growth of 10% overall to ₹14.2 billion (roughly $207 million). They also predict the growth to continue in the double-digits annually and expect it to reach ₹19.2 billion (roughly $280 million) by the year 2021.
The outlet who reported the FICCI report, MusicPlus wrote: “The music segment needs to be creative in channeling consumers towards a paid subscription model. If the current base of 1% 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.”