After a hiatus in 2020, the Indian Recorded Music Industry has bounced back and shown significant growth of 20.3% in 2021 viz last year. Further, the Indian Recorded Music Market has been growing at an annual compound growth rate of 15.78% over the past five years. India’s recorded music industry revenues increased to ~INR 1620 Cr in CY21. India retained its ranking of 17th in the world, per IFPI metrics.

Mirroring the global growth in streaming revenues, India has seen increasing traffic towards legitimate sources of music (audio OTT platforms, video streaming platforms, etc.) driven by an increase in smartphone penetration and low data rates. The penetration of music services to tier II and tier III cities, along with an increasing subscriber base of internet users, suggests that the scope for growth for audio streaming consumption (and therefore, revenues) remains large – as emphasized by the increasing competition in the audio OTT industry.

The recorded music industry played a pivotal role in helping people deal with the pandemic last year when restrictions were at their peak. Non-film music and independent artists gained traction. The burgeoning demand for music is met through large investments in talent, content creation, marketing and promotion, and active licensing policies to online and broadcasting platforms.

Following a hit during the pandemic, Physical Revenues did a pivot this year as they showed an increase and contributed 1.4% to the overall revenues. Sync revenues accounted for 5.4% of the total revenue.

India trends for 2022 will be available in March 2023.