According to the data submitted by International Federation of the phonographic industry, the total size of the music industry in India was Rs 570.7 crore during the year 2016. The rapid digitalization has pushed this figure to 725.6 crore which is the largest growth since 2011.
It is further estimated that the contribution of digital revenue to the total pie is around 91% and stands at around 665.6 Cr. The two primary factors that are responsible to this positive and fast growth is: Increase in music consumption on the behest of fall in data prices and secondly, greater smartphone penetration in rural and urban markets of India. Today, digital music is claiming a larger part of the total pie in line with global trends.
The government of India is undertaking various initiatives like Digital India and Bharat Net which will empower the industry to out-perform and climb up in rankings in the coming years, however, stream-ripping is still a major threat to the Indian music industry as most of the music listeners still consume music from pirate websites.
According to the study conducted by IPSOS, an IFPI affiliate, 94% of the music consumers in India admitted to using some form of piracy to access music from websites which is still a worrying factor for the industry. No two thoughts, the industry is still greatly impacted by digital piracy and the value gap. The industry needs to adopt modern means like Blockchain to resolve the issue.
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