Spotify Records 2,000% Increase In Global Indian Music Listening

India's music market is rapidly ascending to global prominence, with recent data from market analyst Luminate indicating that it could soon claim the title of the world's largest music streamer by volume. In 2023 alone, Indian music listeners streamed a staggering 1.037 trillion music and music video tracks, trailing only behind the US which recorded 1.454 trillion plays. Notably, India's growth rate in music streaming outpaces that of the US by a substantial margin, with an 80.9% year-on-year increase compared to the US's 14.5%, suggesting that India may surpass the US as the foremost streaming market in terms of volume as early as this year.

However, despite these impressive volume metrics, when examining average revenue per user, India still lags behind developed markets like the US. IFPI data reveals that India's recorded music business was valued at $319 million in 2022, marking a significant 48% year-on-year increase, but notably smaller when compared to developed countries' music markets. Moreover, India's music industry faces challenges such as copyright compliance issues, as highlighted in a recent report by EY India. Nonetheless, there are positive indicators of growth, with music publishing revenues in India experiencing a remarkable 2.5-fold increase between 2019-2020 and 2022-2023.

The trajectory of India's music industry is further underscored by Spotify's recent findings, coinciding with the platform's fifth anniversary of operation in India. Spotify reported a staggering 2,000% increase in global consumption of music from India over the past five years, with a notable 85% year-on-year increase in 2023 alone. This surge in popularity extends beyond India's borders, with significant increases observed in countries like Turkey, Brazil, Italy, Canada, Indonesia, and the United Arab Emirates.

Additionally, Spotify's data highlights the growing popularity of Indian music within the country itself, with a significant shift from international to domestic content consumption. In its first year in India, 70% of music consumed on Spotify was international, whereas today, 70% originates from India. This trend is reflected in Spotify's Weekly Top Songs list for India, where all top 10 spots are occupied by Indian artists, including multiple tracks featuring Arijit Singh.

Spotify's commitment to supporting local artists and empowering them through platforms like Spotify For Artists has contributed to the burgeoning success of India's music industry. The number of artists in India utilizing Spotify For Artists has doubled in the past year, reaching 28,000, signaling a growing engagement with digital platforms among Indian musicians.

This phenomenon, often termed "glocalization," wherein music preferences become increasingly localized amidst a globalized music industry, is not unique to India. Similar trends have been observed in other regions, such as Latin America and parts of Europe, where local music scenes are experiencing significant growth and recognition.