Global Consumption of Music From India Soared 2,000% In 5 Years On Spotify
by EVENTFAQS Bureau Industry Watch | March 14, 2024 | News
Spotify
India's music streaming scene is rapidly growing and could soon become the world's largest market in terms of volume. Last year, Indian music listeners streamed over 1 trillion tracks, following closely behind the US. India's growth rate in music streaming is impressive, outpacing that of the US by a significant margin. While India saw an 80.9% year-on-year increase, the US only experienced a 14.5% growth, suggesting India might become the leading streaming market by volume soon.
However, India's music industry still faces challenges, particularly concerning copyright compliance issues, as highlighted in a recent report by EY India. Despite this, there are positive signs of progress, with music publishing revenues in India witnessing a significant increase.
Spotify, celebrating its fifth anniversary of operation in India, shared some noteworthy statistics regarding the global consumption of Indian music on its platform. Over the past five years, there has been a significant increase in the consumption of Indian music worldwide. This surge in popularity extends beyond India's borders, with notable increases observed in countries like Turkey, Brazil, Italy, Canada, Indonesia, and the United Arab Emirates.
Moreover, Spotify's data reveals a significant shift in music consumption preferences within India itself. Initially, a majority of the music consumed on Spotify in India was international, but now, a majority originates from India. This shift is evident in Spotify's Weekly Top Songs list for India, where all top 10 spots are occupied by Indian artists, showcasing the growing popularity of domestic content.
Spotify has played a crucial role in supporting local artists and promoting Indian music through initiatives like Spotify For Artists. The platform has seen a doubling in the number of Indian artists using Spotify For Artists over the past year, indicating a growing engagement with digital platforms among Indian musicians.
This trend of "glocalization," where music preferences become increasingly localized amidst a globalized music industry, is observed not only in India but also in other regions like Latin America and parts of Europe. This shift signifies a changing landscape in the music industry, with local talent gaining prominence on a global scale, challenging the dominance of English-language music and paving the way for diverse musical expressions worldwide.
India's music streaming growth rate far exceeds that of the US, with an 80.9% year-on-year increase compared to the US's 14.5% indicating India might soon become the leading streaming market globally.