It is often said that music is for life. It calms us, lifts our spirits, and adds energy to every moment. Every June 21st, the world unites in a joyous celebration of music – World Music Day! Also known as Fête de la Musique, which means “Make Music” in French, this day goes beyond cultures and languages, bringing people together through the universal language of sound.
This year, as we celebrate World Music Day, let’s delve into the ever-evolving world of music consumption, particularly in the age of digital streaming.
The Indian Music Market: A Booming Industry
The subscription model has revolutionized the Indian music industry, generating significant revenue. At the end of 2023, the industry was valued at around 24 billion rupees and is estimated to reach Rs. 37 billion by the end of 2026. This translates to a projected compound annual growth rate of 14.7%.
Value of the music industry in India from 2007 to 2023, with estimates until 2026
(in billion Indian rupees)
The Rise of Music Streaming Apps
Today, music lovers have the world at their fingertips thanks to many music streaming apps. These apps offer on-demand access to millions of songs across genres, allowing users to create personalized playlists and discover new artists quickly. Some of the most popular options include:
- Spotify: A global giant, Spotify boasts a massive music library and personalized recommendations. It is the world’s most popular music streaming platform, boasting over 350 million users and 150 million subscribers
- JioSaavn: This homegrown app offers a rich collection of Indian music alongside international hits.
- Gaana: Another popular choice, Gaana provides a user-friendly interface and caters to diverse musical tastes.
- Apple Music: Integrated seamlessly with Apple devices, Apple Music offers high-quality audio and exclusive content. Once a leader in digital music, Apple Music now trails Spotify in overall users but remains ahead in certain countries.
- Wynk Music: Owned by Airtel, Wynk Music provides affordable subscriptions and caters to regional Indian music preferences.
- Amazon Music: Amazon has quietly expanded its user base via Amazon Prime subscribers, reaching 55 million users for the service.
- YouTube Music: With two billion users, it far surpasses all others in total usage. Spotify and Apple are lagging behind in paid subscribers.
These apps are typically offered by major companies like Apple, Amazon, Airtel, and Jio. Their revenue models primarily rely on subscription fees, with some offering free tiers with limited features and advertising.
Music Streaming Market share
Spotify is the leading platform for nearly a third of global music streaming listeners, followed by Apple Music in second place with a 15.02% market share. YouTube Music holds the third place with 13.66% market share.
In terms of usage, YouTube leads significantly with two billion active users streaming music. Tencent’s multiple music platforms in China boast over 700 million users, whereas Spotify’s combined free and paid user base reaches 551 million.
Music streaming users by app 2023 (mm)
Bollywood’s Lasting Impact
Coming back to the Indian music industry, India’s music scene blends tradition with modern trends, featuring classical forms like Hindustani and Carnatic. Digital media’s rise and physical music’s decline have made the market more uniform. Bollywood, India’s huge film industry, strongly shapes listener preferences with its catchy soundtracks and elaborate dance numbers.
India’s Informal Music Sector
Major record labels and music publishers are important in the Indian music industry, but there’s also a vibrant informal sector. This includes local bands, street performers, and independent musicians who offer unique styles. The informal sector is massive, valued at a trillion rupees in 2022. These artists add raw talent and diverse perspectives to the industry.
However, challenges abound for these informal artists. Lack of funding, limited access to recording studios, and inadequate public infrastructure hinder their success. The average income earned by musicians in this sector often falls below the median salary of an unskilled worker. World Music Day reminds them of their invaluable contribution and the need to create a more supportive ecosystem for them to thrive.
Celebrating Diversity
World Music Day is more than just a day of music; it celebrates music’s power to unite people. It encourages exploring new genres and discovering diverse musical traditions. Whether it’s African drums, Celtic melodies, or Indian classical music, World Music Day invites us to appreciate music in all its forms.
So, on this World Music Day, support your favorite mainstream and independent artists and enjoy music that transcends borders and cultures.
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FAQs
How big is the Indian music market expected to be by 2026?
The Indian music market is expected to reach ₹37 billion by 2026, according to the information provided.
What are some factors driving the growth of the Indian music market?
There are likely several factors driving the growth of the Indian music industry, but some possibilities include increasing internet penetration and access to streaming services, rising disposable income, growing popularity of regional music, and increasing demand for live music experiences.
What are some popular music genres in India?
India has a rich and diverse musical heritage. Some of the most popular genres of music in India include Hindustani classical music, Carnatic classical music, Film music (Bollywood), Indian pop, and Folk music.
I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
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