Music industry hits a high note with Rs 12k-crore revenue
The Indian music industry generated ₹12,000 crore in revenue last year involving more than 40,000 music creators, says an EY report titled ‘The music creator economy: The Rise of Music Publishing in India’. However, India’s global revenue ranking still trails other developed markets, the report stated.
At ₹12,000 crore, the report noted that the music industry contributes around 6% of the media and entertainment industry revenue. It added that music is integral to streaming, films, television, radio, gaming, and social media.