RadioandMusic.com’s recent gathering in Mumbai, has led to some very eye-opening revelations about music consumption in India, the Digital era has defiantly impacted the Indian Sub-Contieneant with 65% of the market now being classed as digital with over 200 million consumers in the market, leading to 10-12 billion paid transactions last year.
The ‘Global Music Industry Overview’ at Radioandmusic.com’s Nokia Music Connects 4 had a panel discussion moderated by Mobilium Global CEO Ralph Simon on the ‘New Music Ecosystem’. The other members of the panel were Hungama Digital Media Entertainment MD and CEO Neeraj Roy, Youtube APAC head of music Anthony Zameczkowski, Nokia Entertainment operations director James Bradbury, EMI Music India MD and CEO T Suresh and Fountainhead Promotions and Events chairman Brian Tellis.
The panel started of the discussion by highlighting the importance of social media and television in the music market today and expressed that there was a need to utilize these opportunities to ensure revenue streams are fully maximised.
The panel confirmed what many already knew that the major content consumption in the Indian market was through mobile and internet, with the Indian consumer’s main focus being on ‘now’. Citing a KPMG report, Bradbury said, “90 per cent of the internet access is through mobile. In 2016, there will be around 400 million internet connections in India and internet access will grow to a whole new level. It will also be interesting to see the response on Nokia’s introduction of the Lumia handsets which are likely to be released within the next year.”
The panel went on to say that labels need to fully embrace the digital revolution, by 2016 India will have up to 600m consumers with 450 million unique mobile devices, if they do not act now the industry could fall foul of pirates and file sharing sites that are keeping up with the new digital era better than certain labels.
India, uploads 72 hours of video every minute and by 2015 that figure will rise to 1.5 million uploads every minute. This makes India vital to the Music industry worldwide as 800 million unique mobile users is something no other market can offer.
The panelists expressed surprise at the fact that though the most viral video in recent times, Psy’s ‘Gangnam Style’ generated a total of 621 million views, only 5 percent of those views were from Korea. Live streaming also was of significance –the Red Bull Stratos project which received 52 million views with 8 million concurrent streaming was an example of the significance of live streaming. While social media held the key to success, in India consumption was important on multiple platforms and thus the service was available across various devices.
Pointing out that the next three to four years were important for the music scene, Sanyal said, “The power of using a platform like Youtube is immense and an artiste can propel to great heights through it. We signed an artiste Shraddha Sharma who was a Youtube star with 15-20 million views with no Bollywood experience. Normal artistes can be as famous as established ones.”
Summing up his take on the panel discussion, Suresh said, “With every new service come new revelations. What did not work on physical is now selling widely on digital. Earlier artistes had a problem in finding audiences, now the new ecosystem takes care of that. Now music production will bigger than what it was earlier.