The value of the recorded music busines in India declined 10% in 2013, according to new stats from GFK.
A new report based on local FICCI market figures – which you can read posted on MBW here – shows that in 2013, the Indian recorded music business generated 9.6 billion Indian Ruppee (INR) in the year, a 9.9% decline on 2012’s haul of 10.6 billion INR.
India is a country with a burgeoning middle class and a huge population of 1.25 billion people – four times the size of the US. That’s partly why the country’s recorded music business has grown in the same era that other nations have seen revenues slashed.
Revenues generated by the recorded music business in India hit 7.4 billion INR in 2008, increasing every year to 2012’s record high – up 43% between these four years.
Although 2013 represents a 10% drop from the prior year, KPMG is predicting that the country’s recorded music business will now get back on track, increasing every year to top 15 billion INR in 2017, finally hitting 17.8 billion INR in 2018.
In 2013, streaming and download services continued to see growth, with the growth in mobiles, in particular smartphones.
However, a decline in physical sales was compounded by a significant fall in ringback tone revenues – following the backlash of TRAI guidelines issues in 2012 – and digital couldn’t make up the shortfall.
The country’s recorded music business is currently around 70% digital and 30% physical.
India recorded music industry revenues 2008-2013 (billions of INR):
2008: 7.4
2009: 7.8
2010: 8.6
2011: 9.0
2012: 10.6
2013: 9.6Music Business Worldwide
