IFPI reported that streaming music helped drive growth for India’s music industry in 2017. Total music revenue in the country rose from 5.7 billion rupees in 2016 to nearly 7.26 billion rupees last year. Streaming music revenue grew by 37.26%.
Digital music is now providing more than 91% of recorded music revenue in India. Increased smartphone penetration and cheaper mobile data rates are credited with driving the push toward digital music. The growth has been rapid, with 2017 digital revenue of almost 6.66 billion rupees surpassing the total recorded music revenue posted in 2016.
“Last year’s figures were phenomenal and we were expecting the market to do well this year as well, but a 27 percent growth in 2017 has exceeded our forecasts,” Sony Music told IANS about the latest stats. “Going into 2018, our aim is to make music even more accessible, affordable and unlimited.”
India does still have issues with music piracy and illegal access, The latest Muso report found that India had 17 billion visits to piracy sites in 2017.