Indian Music Industry
In 2018, one of the hottest issues in the music industry was the Indian market due to the news of Spotify and Youtube Music joining the local market.
Many music experts now view India as the music industry’s next big frontier due to its largely young, fast-expanding population, which is currently at 1.3 billion. However, India’s enormous film industry continues to play a significant part in the music industry, with Bollywood film soundtracks reputedly accounting for 80% of the nation’s music sales.
Due to the pandemic, fewer movies have been shown in theatres during the past few years, influencing the music industry’s earnings.
Given the popularity of Bollywood music, Hindi is the most streamed language on the platform in India. Other languages that are popular on Spotify in India include English, Punjabi, Tamil, Telugu, Malayalam, Spanish, Korean, and Japanese. Furthermore, K-Pop has become more popular.
After the pandemic, non-film song releases saw a comeback as independent musicians and record labels embraced a new wave of non-film music storytelling, further advancing the genre. Even if independent artists and non-film music have gained popularity, Bollywood and regional film music still bring in the most money.
Although the introduction of audio streaming platforms may have made it simpler for people to discover music and bands through a legitimate channel, it has hardly produced a fair price for content creators.
Inclusion of Podcast
The market for mobile-specific video content, applications, short-format videos, etc., is expanding along with the number of mobile phone users in India, which is increasing day by day. Indians are among the populations who are consuming visual information at the highest rates. Against this backdrop, a sector that couldn’t be more unrelated to this phenomenon has quietly risen: podcasting.
In recent years, podcasting has seen a significant boom and is emerging as one of the most popular forms of media, as more new creators enter this space. This young sector expects to go from 2.54 crore listeners to 17.61 crores by 2023.
India loves storytelling — whether that’s through fiction, interviews, or people talking about their personal experiences, we love sharing and being told stories. A relatively long-form and purely audio-non-music format, holds its own, despite being low on the marketing radar. It’s growing at this staggering rate in India where one is constantly bombarded with visual content because listeners value knowledge. Therefore, having information and desiring to learn more is vital.
With podcasts entering mainstream media, many services such as Spotify have allowed the creators to monetise their content.
Podcasts Affecting The Music Industry
The music business as a whole has been heavily investing in podcasts over the past few years to incorporate them into upcoming content initiatives. For instance, Spotify now offers an entire page devoted to podcasts. In the meantime, Sony Music is using the creation of brief podcast episodes to promote its music library.
Similar to how streaming networks for podcasts, like Anchor FM, let users incorporate tracks from Apple Music and Spotify straight into their podcasts, directly affecting the number of streams for a release.
Ultimately, the podcasting industry is still in its infancy. However, podcasts will inevitably permeate our daily life in the sector as time goes on.
If you want to start a podcast and need some guidance with the same, you can always reach out to AudStory, and start your podcasting journey.
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