India’s music market is driving other sectors and still has room to grow

Deloitte has published a new review of the music market in India. The latest analysis found that the country’s sector generated $1.2 billion in revenue. The figure includes revenue from partner industries such as music television channels and live events in addition to radio and audio streaming. It is also eight times greater than the music industry total pegged by the IFPI in 2018 for the music industry alone, $156.1 million.

“Every 10 percent growth in the music industry is expected to generate 810 crore rupees ($112 million) of additional revenue in the economy from formal partner industries,” said Vikram Mehra, chairman of the IMI and managing director of label Saragama during the event where the report was released.

The the report’s forward, Jehil Thakkar of Deloitte India noted that the country’s music sector is the 15th largest in the world despite having the second-largest population and seventh-largest economy. “This is not in sync with India’s economy or cultural position in the world, and represents a gap – but also an opportunity to grow,” he said. “Policy-makers and other stakeholders should bear in mind that anything that affects the music industry (positively or negatively) is expected to produce a disproportionate impact through the amplification effect.”