EY survey reveals that just 60% of music creators can pursue their careers on a full-time basis
EY, the leading professional services firm, launched the first-ever comprehensive 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 aims to provide valuable insights into the current state, market potential, and perspectives surrounding music publishing in the country.
City Air News
Dec 6, 2023 06:24
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Hyderabad/Mumbai, December 6, 2023: EY, the leading professional services firm, launched the first-ever comprehensive 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 aims to provide valuable insights into the current state, market potential, and perspectives surrounding music publishing in the country.
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.”
Björn Ulvaeus of ABBA fame, now President of the International Confederation of Societies of Authors and Composers (CISAC), stated, “The works of songwriters and composers inspire our lives and enrich our cultures. With the support of publishers and authors societies, they are also a driver of economies that fuel other businesses and employ millions of people. This study can help improve many readers’ knowledge of our sector.”
