EY, a professional services firm, has unveiled a report on the state of the music publishing industry in India, titled ‘The music creator economy: The rise of music publishing in India.’ The report shares insights into the current state, market potential, and perspectives surrounding music publishing in the country.
According to the report, India produces over 20,000 original songs annually, contributed by 40,000 music creators, with the music industry directly or indirectly generating over Rs 12,000 crore in revenues each year.
The survey involved 500 music creators and it was revealed that their financial income is unpredictable and often limited. While 87% of respondents wished to make a living solely from their music, only 60% were able to do so. Primary sources of income for creators include one-time payments (upfront fees), live performances, and royalties.
The majority of respondents expressed the need to learn more about music production and monetisation, and only 56% had access to the necessary equipment and infrastructure for music production. Additionally, 35% of respondents reinvested more than 50% of their earnings from music in equipment, gear, software, and other infrastructure required for music creation.
Despite India’s above-average per capita music consumption globally, it ranks 14th in recorded music revenues, while publishing revenues are placed 23rd. Challenges such as legal uncertainties and low compliance contribute to this ranking.
However, despite these challenges, India’s music publishing industry has demonstrated growth, reaching Rs 884 crore in the fiscal year 2022-23. The Indian Performing Right Society (IPRS), with over 13,500 authors as its members, continues to expand its revenue, supported by the Government of India and an increasing number of music users complying with publishing requirements.