Innovation Strikes A Chord: Recapping 2023, Tuning Into The Future Of Music In 2024

As we bid farewell to 2023, it is evident that the music industry has undergone a transformative journey, marked by the resurgence of Bollywood and the flourishing growth of non-Bollywood genres, including non-film, regional, and devotional music. The Indian music landscape has witnessed a dynamic shift, with the typical music listener evolving, developing a more extensive palate, and embracing diverse musical genres. This evolution is not only attributed to the continued success of traditional music creation and promotion methods but also to the game-changing emergence of fresh talent through social media and AVOD (Advertising-based Video on Demand) platforms.

One noteworthy trend that has carved its niche in 2023 is the significant rise of devotional music, particularly in the Bhakti genre. The genesis of this trend can be traced back to the trying times of the COVID-19 pandemic in 2020-2021, where individuals sought a connection with the divine amidst uncertainty. The need for positive emotions, especially during the pandemic, when physical barriers restricted visits to places of worship, has endured post-pandemic. This sustained need has propelled the devotional music genre into the spotlight, attracting participation from top singers and musicians from the mainstream world, as well as fresh creators.

Shemaroo Entertainment stands out as a formidable and influential player in the devotional genre. With diverse YouTube channels catering to various religions, including Shemaroo Bhakti, Shemaroo Ibaadat, Shemaroo Jai Jinendra, Shemaroo Gurbani, and Shemaroo Eternal Grace, Shemaroo Entertainment has crafted a rich devotional portfolio encompassing Bhajans and Aartis, Naat, Christian Hymns, Shabad Gurbani, Sufi Qawwalis, LIVE darshans, and more. At the forefront of this spiritual journey is Shemaroo Bhakti, the flagship channel, boasting an impressive 11.6 million subscribers and nearly 3000 million views.

The success of Shemaroo Bhakti is rooted in its carefully curated mix of traditional and modern content. From timeless renditions like Lakshmi Aarti and Ganesh Mantra, performed by industry stalwarts such as Suresh Wadkar, Anuradha Paudwal, and Anup Jalota to contemporary hits like the ‘Superfast Hanuman Chalisa’, Shemaroo Bhakti caters to a diverse audience. The modern-day reimagining of the Hanuman Chalisa, featuring Shankar Mahadevan's breathless singing skills, has become a breakout hit of 2022-23 in the devotional space. With a staggering 4.5 crore cumulative views on YouTube and chart-topping success on audio streaming platforms, this version resonates with the modern consumer, pressed for time yet eager to stay connected with culture and religion. Another example is ‘Dev Vani’, a unique album which is a fusion of devotional music and rap, featuring new age artists Agam Aggarwal and a team of talented rappers.

Music possesses the ability to connect people on a profound and emotional level, and through innovation, devotional content can be made relevant and relatable to listeners of all age groups.

Looking ahead to 2024, Shemaroo Entertainment has ambitious plans for its devotional portfolio, with a commitment to higher investments in new music creation across channels, spanning various religions and cultures. This strategic move aligns with the broader positive trajectory of the music industry.

The music industry has witnessed the production of 20,000 to 25,000 original songs annually, excluding remixes. The total revenue, encompassing recording and publishing, is estimated to be around INR 4,000 crores in 2023. A notable 87% of this revenue comes from digital platforms, including YouTube and streaming services. Bollywood continues to dominate, representing around 40% of total consumption, while regional music claims a significant share at 35% in terms of listenership. As we anticipate a growth rate of approximately 20% in 2024, reaching close to INR 5,000 crores, the music industry is set to embrace evolving consumption patterns of the audience. (Source: EY Music report, 2023)

Several trends have defined the music industry in 2023, including the exploration of subscription-only models by platforms. The gradual emergence of bankable artists in non-film and regional music is reshaping the industry's landscape.

All in all, 2023 has been a dynamic year for the music industry, characterized by a harmonious convergence of tradition and innovation. The surge in devotional music, exemplified by Shemaroo Entertainment's success, mirrors the evolving tastes of the Indian music listener. With optimistic projections for the industry's growth in 2024, we anticipate a continued celebration of diversity and creativity in the vibrant world of music.