India’s music business has become a global cultural force, but it’s being held back by poor copyright compliance, a lack of awareness of music rights and a lack of legal clarity.
That according to professional services company EY, via an in-depth report published in the past few weeks.
The report from EY India found that music publishing revenues in the country grew 2.5-fold in three years, rising from INR 3.4 billion (USD $40.8 million at current exchange rates) in 2019-2020 to INR 8.84 billion ($106.1 million) in 2022-2023.
And the industry could potentially see another doubling of music publishing revenues by 2026-27, to INR 16.9 billion ($202.8 million) – if the industry is able to address the issues holding it back, EY said.
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