IPRS Webinar Unveils EY Report: Music Publishing Revenue Set To Double

The Indian Performing Right Society (IPRS), a prominent advocate for the rights of music creators, orchestrated a compelling panel discussion centered around EY's groundbreaking report, "The Rise of Music Publishing in India: A Study on the Music Creator Economy." This captivating webinar delved into the present state of the music creator economy and was broadcast live on the IPRS Facebook page in collaboration with media partner Adgully.

Moderated by Rumpa Banerjee, Head of Communication & Member Relations at IPRS, the panel featured three distinguished industry leaders: Ashish Pherwani, Leader for the Media & Entertainment Sector at EY India and the report's author; Achille Forler, founder of Silk Road Communications and a pioneer in music publishing in the country; and Atul Churamani, MD of Turnkey Music & Publishing. The discussion illuminated the current state, market opportunities, and prospects of music publishing in India.

The report zeroed in on the administration of music publishing rights in the country, distinct from sound recording rights, emphasizing their growing importance. Ashish Pherwani highlighted, "While sound recording rights exceed 3000 crores, ranking India as the 15th largest market globally, publishing rights lag at number 23, with a market size of 884 crores, but are growing faster than revenue from sound recordings." The report anticipates a potential doubling of music publishing revenues in India by 2027.

A survey of 500 music creators revealed that 83% had been engaged in music creation for over five years, but only 60% could afford to pursue it full-time. Challenges identified included the need for improved education in music production (73%) and effective monetization strategies (77%).

Achille Forler distilled "three key takeaways" from the EY Report, noting, "One, music publishing in India is coming of age. The value rose from 70 crores in 2017 to about 900 crores in 2022, and it’s expected to double again in the next three years. Two, business compliance is rated at 1.19% overall, underscoring the market's significant size. Finally, this is the first report on music creativity highlighting artists’ need for a social security system. Copyright Societies and the music industry can help address this issue."

Atul Churamani lauded the E&Y report’s focus on the copyright issues facing music publishing, stating, "There is a need to reinstate the Copyright Board." He emphasized that government involvement, intellectual property education, and business leadership are essential to resolving these issues.

The study presents valuable insights into the creative music sector, with 40,000 music creators in India producing over 20,000 original songs annually. The music industry generates approximately INR 12,000 crores annually, either directly or indirectly. The revenue breakdown for 2022 includes INR 4350 crores from broadcast, INR 5692 crores from digital platforms, INR 805 crores from concerts and events, and INR 1200 crores from filmed entertainment. Notably, music publishing revenue increased by 2.5 times in just three years, reaching INR 884 crores.