India always remains the center of attraction for the world due to its vibrant culture, innovations, and spirituality. However, Indian music and Indian dance forms have a significant impression over the globe. With its 22 official languages and over 720 dialects, India has developed a very unique collaboration of Traditional and Modern form of music over the span of time.
According to the reports, India has scored a 9th position in the Global Revenue Ranking (2019) in Music Streaming with a revenue of $213 Mn. Revenue is showing the growth rate of 1.6% and expected to reach $223 Mn by 2023.
Currently, the digital music industry holds the $12 billion market size, In India itself, the number of music users (free and paid collectively) reached 137 million.
Considering the Average Revenue Per User of INR 166, Music streaming services are making money by offering unlimited access to their content at a nominal subscription charge without the interruption of ads and breaks.
With the announcements of some international players such as Spotify and Youtube Music in India, the industry has sped up its pace.
As in the past few months, video streaming apps such as Netflix, Amazon Prime Videos, Zee5, Alt Balaji has boomed its user base by releasing their viral web series like Sacred Games, Mirzapur, Apaharan and Rangbaaz etc. After this, a gear shift towards music streaming has been felt.
Music Streaming Apps in India
Saavn is the first Indian Brand to launch its music streaming website in 2010. The merger of Saavn and Jio Music announced in March 2018 at a valuation of $1 Bn raised the customer base from Jio Music too. In India, these apps have started focusing on regional music players, Indie artists to target audience of tier 2 and tier 3 cities.
Why should a user pay subscription amount if they can use the same free? Multiple factors are responsible for this.
How in India, a very high number of users tend to listen to music in more than one language. That’s a very unique facet, which doesn’t really exist in many other countries around the world.
– Paramdeep Singh, Co-founder Jio Saavn