Economic impact of the recorded music industry in India has been saved
Economic impact of the recorded music industry in India
The event will focus on the current issues of the Indian music segment such as the recorded music industry and Over-the-Top music streaming’s growth and future.
At the Indian Music Convention: Dialogue in August 2018, Indian Music Industry (IMI) had announced its intent to conduct a study on 3 September 2019. IMI, in conjunction with Deloitte, has drafted this report on the subject.
If you think back to a concert you have attended, you may recall that the source notes produced by a musical instrument say, an electric guitar, are barely audible. However, these little notes spawn the booming riffs that the audience ultimately hears and enjoys. Sized at about INR 1,068 crore (0.006% of GDP), the music industry in India could be likened to the small source note from an instrument. This report examines how this small note i.e. the music industry creates an amplified impact on the economy.
The first wave of impact is when the music industry touches partner industries of television, FM radio, live events, films, and audio over-the-top (OTT) streaming platforms − expanding its scale to a different order of magnitude. This report examines this magnifying effect.