The Indian Performing Right Society Limited (IPRS) continues to solidify its position as one of the top four revenue-generating societies in the Asia-Pacific region, as indicated by the recently released CISAC Global Collections Report 2024. The report reveals record-breaking global royalty collections, highlighting significant trends in the Indian and Asian music markets. The report reveals that global music collections reached an all-time high of €13.09 billion, representing a 7.6% increase compared to the previous year. While the Indian music landscape continues to expand with promising digital growth, issues related to low compliance and the slow growth of paid subscriptions on streaming platforms continue to hinder the revenue potential for creators and publishers in the Indian music industry.
In 2023, IPRS’s total collections surpassed INR 500 Crores, with digital revenues accounting for 74.2% of this figure. This impressive digital growth, 493.6% over the last five years, reflects India’s evolving digital consumption habits. India is one of the largest consumers of music globally, with millions accessing music daily through multiple digital and streaming platforms.
While digital streaming dominates India’s music revenues, the live music industry too holds significant untapped potential. Live and public performances, including concerts and festivals, rebounded strongly in 2023, contributing to a 22% increase in global collections. India, with its rich cultural diversity and growing appetite for live entertainment, is well-positioned to capitalize on this trend.
IPRS is actively addressing this gap by promoting industry-wide compliance through its robust licensing network, aiming to diversify revenue streams beyond digital collections and support the thriving live music sector.
The CISAC report serves as a reminder that while India’s music industry is thriving, key challenges such as low compliance and a lag in paid subscriptions need to be addressed to ensure sustained growth. Industry stakeholders, music users, and government agencies must collaborate to create a more supportive environment for the music ecosystem.
As the industry moves forward, IPRS remains committed to advocating for creators’ rights and promoting the Indian music industry on the world stage. By addressing the current challenges, the industry can unlock new growth opportunities and ensure that India continues to be a key player in the global music economy.
