Mumbai: EY, the leading professional services firm, launched the first-ever comprehensive 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 aims to provide valuable insights into the current state, market potential, and perspectives surrounding music publishing in the country.
The report estimates that India generates over 20,000 original songs annually, contributed by 40,000 music creators. Music directly or indirectly generates over Rs 12,000 crore in revenues each year.
Commenting on the survey findings, EY India media & entertainment leader Ashish Pherwani said, “Music is an important part of India’s media and entertainment sector and is an important contributor to India’s Soft Power. Both local and international labels have driven the music segment’s sound recording revenues for a long time. However, music publishing revenues remain much smaller, given the differing views on its applicability and litigation.”
Björn Ulvaeus of ABBA fame, now president of the International Confederation of Societies of Authors and Composers (CISAC) stated, “The works of songwriters and composers inspire our lives and enrich our cultures. With the support of publishers and authors societies, they are also a driver of economies that fuel other businesses and employ millions of people. This study can help improve many readers’ knowledge of our sector.”
The first-of-its-kind survey conducted by EY, in which 500 music creators participated, indicated that their financial income is unpredictable and often limited:
1. 87 per cent of respondents would have liked to make a living off their music alone, but only 60 per cent were able to do so
2. Working outside of the traditional employer-employee relationship, one-time payments (upfront fees), live performances and royalties were the primary sources of income for most creators
3. A majority strongly believed that they needed to learn more about music production and monetization
4. Only 56 per cent of respondents had access to the equipment and infrastructure required to produce music
5. 35 per cent of respondents reinvested more than 50 per cent of their earnings from music on equipment, gear, software, and other infrastructure required to create music
While India consumes more music per capita than the world average, it ranks 14th in recorded music revenues. In contrast, publishing revenues are ranked 23rd due to various issues like lack of legal clarity and consequently, low compliance.
However, despite these challenges, India’s music publishing industry has grown, reaching Rs 884 crore (approx. US$100 million) 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, thanks to the support it has received from GOI, as more music users comply with publishing requirements.