Who better to speak about the roadmap for the Indian Music Industry than Mr Neeraj Roy, Founder –CEO, of South Asia’s largest digital entertainment service -Hungama.
Mr Roy in his address spoke about the landscape of the music industry from the prism of the digital world and how it is likely to shape up over the next few years.
He said that traditional music and Indian cinema has had a strong association so far but that is changing, “Our industry with its rich cultural heritage, our music comes from 29 different states, 17 different film producing markets. But it has had a huge association with Indian cinema which is today about 104 years, Indian cinema and music have gone hand in hand.”
Further adding, “In the last few years you would have seen emergence of storytelling in Indian cinema, across languages, who are not necessarily relying as much, as they would have 10-20 years back on music. That with the advent of the digital world as its opening up is opening up opportunities for independent music.”
According to Mr Roy even though the Indian Music Industry is a fast growing one it paled in comparison to the music consumption in the US. But he is optimistic about the future on the back of the digital revolution.
“Why I say that it’s one of the fastest growing digital categories. When you look at the 4-5 key categories which have driven the digital revolution. The amount of time we end up spending on a category which is linked to the entertainment industry far outshines almost any other category. Today around 250 mn users are actively doing streaming, they may be doing it out of a range of 8 odd services that exist in the market. So you have a stage where that’s the kind of number and where it’s likely to lead to, in my mind, close to about 600mn consumers over the next five years.”
– Neeraj Roy (Founder-CEO, Hungama Digital Media Entertainment)
Mr Roy sees Tier II and Tier III cities leading the growth of the internet and hence digital music too, which would also see, what is termed as – regional music turning mainstream.