Top Music Labels Report Significant Earnings in India

According to financial data from Tofler, India's top six music organizations, both domestic and foreign, increased their total income by 6% to ₹3,843 crore in the previous fiscal year. Rising music consumption drove the growth, which was fueled mostly by audio streaming services and social media platforms.

Other companies, including Sony Music Entertainment India, Universal Music India, Warner Music India, Saregama, and TIPS Industries, had steady revenue growth, with the exception of T-Series (Super Cassettes Industries).

T-Series, India's largest music company, saw a 6.35% fall in sales to ₹1,565 crore in FY24. Sony Music Entertainment India saw a 4% revenue increase, hitting ₹774 crore. Notably, Zee Entertainment, which owns Zee Music Company, does not report its music revenue separately.

Universal Music India and Warner Music India, which see India as a potential growth market, reported strong revenue increases. Universal Music India's revenue increased by 13% to ₹625 crore, while Warner Music India, which entered the Indian market in 2020, increased by 181% to ₹160 crore.

According to a FICCI-EY research, cinema music accounted for 64% of global music consumption in 2023, while artist-driven music continued to grow, accounting for 27%. Digital revenues accounted for 87% of overall music segment revenue during the year.

Music streaming services had over 185 million listeners in 2023, while only roughly 7.5 million consumers subscribed to subscription plans. Subscriptions are being promoted by platforms such as Spotify, Gaana, and JioSaavn in order to create long-term revenue streams.

YouTube remains the most popular ad-supported music OTT platform. T-Series, India's most popular YouTube channel, has 284 million followers, making it the world's second most subscribed. Zee Music has 113 million members, followed by Sony Music India's 63 million.

The music industry's expansion is aided by increasing smartphone use, low-cost data, reduced piracy, a shift to paid streaming models, increased digital advertising, and the rise of short-form apps. Furthermore, the emergence of regional music is playing an important part in propelling the industry forward.

According to the International Federation of the Phonographic Industry (IFPI), India became the 14th largest music market in the world in 2023, with industry revenues rising by 15.3%. It also stated that global recorded music revenues increased by 10.2% to $28.6 billion, driven by an increase in paid streaming users.