By Our Staff
EY, better known as Ernst & Young, has launched a report on the state of the music publishing industry in India titled ‘The music creator economy: The rise of music publishing in India.’
The report estimates that India generates over 20,000 original songs annually, contributed by 40,000 music creators. Music directly or indirectly generates over INR12,000 crore in revenues each year.
Commenting on the survey findings, Ashish Pherwani, EY India Media & Entertainment Leader, said: “Music is an important part of India’s media and entertainment sector and is an important contributor to India’s Soft Power. Both local and international labels have driven the music segment’s sound recording revenues for a long time. However, music publishing revenues remain much smaller, given the differing views on its applicability and litigation.”
Around 500 music creators participated in the study which indicated that their financial income is unpredictable and often limited:
1. 87% of respondents would have liked to make a living off their music alone, but only 60% were able to do so
2. Working outside of the traditional employer-employee relationship, one-time payments (upfront fees), live performances and royalties were the primary sources of income for most creators
3. A majority strongly believed that they needed to learn more about music production and monetization
4. Only 56% of respondents had access to the equipment and infrastructure required to produce music
5. 35% of respondents reinvested more than 50% of their earnings from music on equipment, gear, software, and other infrastructure required to create music