- The overall number of music streaming users rose to nearly 150 million
- Gaana, Spotify, Amazon Music all trying to cash in
- Streaming income rose by 34.0 percent, accounting for nearly half (47 percent) of worldwide income
The Rise of OTT Music Platforms in India
Over the past few years, the OTT entertainment channel industry in India has become truly competitive and the rivalry for customers has achieved a fresh stage with the advent of a large player like Amazon Prime Music and the inclusion of Jio Music with Saavn. In India, there are numerous variables that come into play to boost these OTT platforms ‘ use and subscriptions.
According to the International Federation of the Phonographic Industry (IFPI), a huge 96% of mobile consumers use their phones to listen to music— the largest price in the world.
Reduced rates, more traffic
“The increasing acceptance of smartphones and intelligent speakers will make all types of music more available to consumers in the years to come,” PwC said, adding that “ease of speech recognition” will also increase revenue over the next five years.
The Number Game:
With worldwide development mirroring, India has experienced a rise in streaming income (31%) with increased traffic to lawful music sources (audio OTT platforms, video streaming platforms, etc.) motivated by increased smartphone penetration and poor information volumes. The spread of music facilities to tier two and three cities along with a growing subscriber base of web consumers indicates that the range for development in audio streaming usage (and therefore revenue) stays big–as emphasized by the growing rivalry in the audio OTT sector. On the other side, physical sales rose by 21.2% and synchronization sales by 24.6%.
Global Scale
Neeraj Roy, founder-CEO of Hungama Digital Media Entertainment, said the Indian music industry has excellent ability to expand over the next five years, estimating that by 2024 the Indian music industry is expected to be the world’s top ten music industries.
Indians are already making music consumption 21 hours a week. It’s one of the biggest content classifications consumed, and we’re ahead of the globe in that context,” Roy said.
One of the most unique things about Indian music is that India isn’t listening to music, but watching music. Any movie’s first glance is always a music-driven promo. So, we’re starting to explore music, not simply on the back of audio, but on pictures,” he added.
Tight Indian Pockets and OTT Music:
But it still isn’t simple to pay for music to price-sensitive people. Even those who tighten the strings of their wallet are conservative. That’s why the freebies list of Spotify in India is longer than the remainder of the globe. Apple Music, already lower in India than in the US ($1,69 vs. $9.99), has further slashed rates in the presence of rigid rivalry.
Sub-Segment wise revenue
Podcast- A Future Game:
While Indians are still unaware of the podcast sector, those who find it tend to get hooked. demonstrates and podcasts have niche viewers very tiny in proportion but very sticky in returning to the platform,” Gaana CEO Prashan Agarwal said in a statement. “Our hope is that these classifications will also become commonplace in about a year or two.”
Zee5 India‘s Tarun Katial added that performers originally saw digital platforms as a manner to achieve exposure while earning cash’ through on-ground activities’ such as concerts and activities. Now, however, with subscriptions on the streaming systems internet, Katial said the music industry requires to discover a manner to’ go behind the paywall’ and get customers to seek significance for the music so they care for it.
User streaming penetration for India and the world
The Data from the OTT Music Platforms in India:
There are already important upsurges in the podcast sector. At the end of 2018, monthly listeners — people who last month listened to at least one podcast — totaled 40 million, up sharply 57.6 percent from 25.4 million in the previous year.
The OTT industry in India is estimated at over $280 million and will continue to grow over the next few years, according to January 2018. Holding aside video systems such as Hotstar, SonyLiv and more, internet OTT systems such as Saavn, Apple Music, and Google Play have seen a tremendous increase in their use and will persist over the years.
Business Model of the Indian audio streaming platforms
Streaming income rose by 34.0 percent, accounting for nearly half (47 percent) of worldwide income, fueled by a rise in paid subscription streaming of 32.9 percent. At the beginning of 2018, there were 255 million consumers of paid streaming facilities, with pay streaming representing 37% of full recorded music income. Streaming growth more than compensates a 10.1% decrease in physical income and a 21.2% decrease in download income.
Development of a robust music streaming ecosystem has led to the overall number of music streaming users to such a large number.
Indians Spend the Longest Time Listening to Music on OTT Platforms
