Breaking Records: Music Industry Rakes in Rs 12,000 cr in 2022, But Javed Akhtar Believes There’s Still More to Achieve
While India consumes more music per capita than the world average, it ranks 14th in recorded music revenues. Publishing revenues are way behind at the 23rd spot due to various issues like lack of legal clarity and compliance, a Ernst Young report titled #39;The music creator economy#39; launched on December 5 noted
Breaking Records: Music Industry Rakes in Rs 12,000 cr in 2022, But Javed Akhtar Believes There’s Still More to Achieve
The year 2022 has been a blockbuster for the Indian music industry, with record-breaking revenue figures of Rs 12,000 crores. This is a significant increase from the previous year’s figure of Rs 10,000 crores, showcasing the consistent growth and potential of the Indian music industry. Despite this achievement, veteran lyricist and screenwriter Javed Akhtar believes that there is still more to achieve in the industry. In this article, we will delve into the reasons behind this monumental success, the challenges ahead, and the role of the industry pioneers like Akhtar in shaping the future of Indian music.
Increased Music Consumption and Digitization
One of the key reasons for the Indian music industry’s impressive growth in 2022 is the surge in music consumption, primarily driven by technology and digitization. With the rise of digital streaming platforms like Spotify, Gaana, and JioSaavn, people’s access to music has become more convenient, leading to increased consumption. Additionally, the penetration of smartphones and affordable internet has made it easier for people to access and discover new music. As a result, the music industry has seen a significant increase in paid subscriptions, ad revenue, and user engagement, contributing immensely to the overall revenue.
Rise of Independent and Regional Music
Another significant factor contributing to the music industry’s success in 2022 is the rise of independent and regional music. With the rise of social media and digital platforms, independent artists and regional musicians have found a platform to showcase their talent and connect with a wider audience. These artists bring a fresh and unique sound to the industry, appealing to a diverse and global audience. As a result, independent and regional music albums, singles, and collaborations have witnessed massive success in 2022, contributing significantly to the industry’s overall revenue.
The Influence of Bollywood Music
Bollywood has always been a major driving force behind the growth of the Indian music industry. As per industry reports, Bollywood music contributes to more than 80% of the overall music revenue in India. The year 2022 has been no different, with the release of multiple hit movie soundtracks, including the likes of ’Radhe’, ‘Sooryavanshi’, and ‘Shershaah.’ These soundtracks not only boost the music industry’s revenue but also showcase the industry’s versatility, with diverse genres and artists coming together to create chart-topping music.
Challenges Ahead for the Industry
Despite the Indian music industry’s remarkable growth, it still faces several challenges that need to be addressed in the coming years. One of the major challenges is the issue of copyright and royalty payments. In India, the royalty distribution in the industry is highly disorganized and biased, with the major chunk going to the music labels and not the artists. This has been a longstanding issue that needs to be addressed to ensure fair compensation for the artists’ hard work and talent.
Another challenge is the lack of proper infrastructure and resources for independent and regional artists. While there has been an increase in opportunities and platforms for these artists, there is a need for better infrastructure, training, and resources to help them thrive in the industry. This will not only contribute to the industry’s growth but also diversify and enrich the Indian music scene.
The Role of Industry Pioneers like Javed Akhtar
Javed Akhtar, a stalwart in the Indian film industry, has played a pivotal role in shaping the music landscape in India. As a well-renowned lyricist and screenwriter, his contributions to the industry have been immense, with his work in iconic movies like ‘Zanjeer’, ‘Sholay’, and ‘Dil Chahta Hai’ becoming cultural touchstones. He has also been an active advocate for artists’ rights and has been vocal about addressing the challenges faced by the industry. Akhtar’s vision and leadership have been instrumental in steering the industry towards greater success, and his contributions will continue to shape the Indian music industry’s future.
Conclusion
The Indian music industry’s success in 2022 is a testament to its resilience, adaptability, and potential for growth. With increased digitization, the rise of independent and regional music, and the influence of Bollywood, the industry has witnessed impressive revenue figures. However, there are still challenges to overcome, and industry pioneers like Javed Akhtar have a crucial role to play in driving the industry towards greater heights. With the right measures and support, the Indian music industry has the potential to continue breaking records and captivating audiences worldwide.
