Indian music industry grew by 27% last year to Rs726 cr
Mumbai: Led by the increasing demand for digital streaming, the music industry in the country clocked a 27 per cent growth in revenues last year to touch Rs 725.6 crore, said a report.
The total industry revenues increased from Rs 570.7 crore in 2016 to Rs 725.6 crore in 2017, the largest rise since 2011, according to an Indian Music Industry release which quoted the data from the International Federation of the Phonographic Industry (IFPI).
The revenues from music streaming grew at a rate of 37.26 per cent and revenues from digital music now amounts to over 91 per cent of the Indian recorded music industry revenue, the release said.
The digital revenue in 2017 was Rs 665.6 crore, which is greater than the combined industry revenue of in 2016, it added. The release attributed the growth in digital music consumption to increased data consumptiona because of cheaper data rates and increasing smartphone penetration.
"Last year's figures were phenomenal and we were expecting the market to do well this year as well, but a 27 per cent growth in 2017 has exceeded our forecasts," Indian Music Industry chairman and Sony Music president Shridhar Subramaniam was quoted as saying in the release.
"Going into 2018, our aim is to make music even more accessible, affordable and unlimited. To sustain this growth the industry will start laying the groundwork for a subscription eco-system," he added.