Music Royalty Revenue Tops Rs 700 Crore in 2024, Driven by Streaming Growth

Key Highlights

• India's music royalty collections surged over ₹700 crore in 2024, marking a 42% year-on-year increase, primarily driven by streaming platforms.
• Streaming revenue propelled India's music royalty growth, elevating the country's global creators' collections ranking from 37th to 23rd.

According to an industry report, music royalty collections in India will reach ₹700 crore in 2024, up 42% year on year and more than fourfold in the last five years. This growth is primarily due to increased revenue from streaming platforms.

In its most recent annual report, the International Confederation of Societies of Authors and Composers (CISAC) stated that India's global ranking in creators' collections improved to 23 in 2023 from 37 in 2019, reflecting the country's consistent creative economy growth.

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Despite the impressive growth, the country's royalty collections remain significantly lower than their potential for a market of this size, owing to low adoption of paid or premium music streaming services, the report stated.

It is worth noting that music streaming platforms such as Spotify, JioSaavn, and Gaana have begun to transition from ad-supported to paid or subscription-based models, with support from major music labels such as Saregama.