Mumbai: India's six leading music companies, both homegrown and foreign, logged a 6% increase in combined revenues, reaching ₹3,843 crore in the last financial year, showed financial data sourced from Tofler. The growth was driven by rising music consumption, primarily fuelled by audio streaming services and social media platforms.
Excluding T-Series (Super Cassettes Industries), others-Sony Music Entertainment India, Universal Music India, Warner Music India, Saregama, and TIPS Industries-achieved steady revenue growth.
T-Series, India's largest music label, experienced a 6.35% decline in revenue to ₹1,565 crore in FY24. Meanwhile, Sony Music Entertainment India recorded a modest 4% revenue growth, reaching ₹774 crore. Notably, Zee Entertainment, which owns Zee Music Company, does not disclose its music revenues separately.
Universal Music India and Warner Music India, which view India as a future growth market, reported significant revenue gains. Universal Music India's revenue grew by 13% to ₹625 crore, while Warner Music India, which entered the Indian market in 2020, saw its revenue soar by 181% to ₹160 crore.
According to a FICCI-EY report, film music dominated 64% of total music consumption in 2023, while artist-driven music continued to gain traction, accounting for 27%. Digital revenues made up 87% of total music segment revenue during the year.
Music streaming platforms reached around 185 million listeners in 2023, yet only about 7.5 million users subscribed to paid plans. Platforms like Spotify, Gaana, and JioSaavn are pushing for subscriptions to build sustainable business models.
YouTube remains the leading ad-supported music OTT platform. With 284 million subscribers, T-Series, India's top YouTube channel, is the second most subscribed globally. Zee Music has 113 million subscribers, followed by Sony Music India with 63 million.
The music industry's growth is further bolstered by widespread smartphone use, affordable data, reduction in piracy, a shift to paid streaming models, expanding digital advertising, and the rise of short-format apps. Additionally, the rise of regional music is playing a pivotal role in driving the industry's expansion.
The International Federation of the Phonographic Industry (IFPI) reported last year that India became the 14th largest music market globally in 2023, with industry revenues increasing by 15.3%. It also highlighted that global recorded music revenues grew by 10.2%, reaching $28.6 billion, driven by a rise in paid streaming subscribers.
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T-Series, India's largest music label, experienced a 6.35% decline in revenue to ₹1,565 crore in FY24. Meanwhile, Sony Music Entertainment India recorded a modest 4% revenue growth, reaching ₹774 crore. Notably, Zee Entertainment, which owns Zee Music Company, does not disclose its music revenues separately.
Universal Music India and Warner Music India, which view India as a future growth market, reported significant revenue gains. Universal Music India's revenue grew by 13% to ₹625 crore, while Warner Music India, which entered the Indian market in 2020, saw its revenue soar by 181% to ₹160 crore.
According to a FICCI-EY report, film music dominated 64% of total music consumption in 2023, while artist-driven music continued to gain traction, accounting for 27%. Digital revenues made up 87% of total music segment revenue during the year.
Music streaming platforms reached around 185 million listeners in 2023, yet only about 7.5 million users subscribed to paid plans. Platforms like Spotify, Gaana, and JioSaavn are pushing for subscriptions to build sustainable business models.
YouTube remains the leading ad-supported music OTT platform. With 284 million subscribers, T-Series, India's top YouTube channel, is the second most subscribed globally. Zee Music has 113 million subscribers, followed by Sony Music India with 63 million.
The music industry's growth is further bolstered by widespread smartphone use, affordable data, reduction in piracy, a shift to paid streaming models, expanding digital advertising, and the rise of short-format apps. Additionally, the rise of regional music is playing a pivotal role in driving the industry's expansion.
The International Federation of the Phonographic Industry (IFPI) reported last year that India became the 14th largest music market globally in 2023, with industry revenues increasing by 15.3%. It also highlighted that global recorded music revenues grew by 10.2%, reaching $28.6 billion, driven by a rise in paid streaming subscribers.
