The music industry has changed quite a bit over the last couple of decades, all thanks to new technology. With the rise of affordable mobile internet, audio streaming has rapidly gained popularity to become the easiest way to listen to music anywhere and everywhere. This World music day, we take a look at how is the music streaming platforms growing by the day? With the new music OTT players in the segment, how is it led to the rise in number in Indian audio/video OTT industry? Also, how brands are ringing in the occasion.
Valued at US$ 280 million, the Indian audio OTT industry has been on a growth trajectory. At present, the revenue from the audio OTT industry contributes 67 per cent of the total recorded music revenue in India.
According to a Cisco report, India is becoming a big battleground for video and audio streaming services firms. This is due to the number of smartphone users in India is expected to double to 829 million by 2022 from 404.1 million in 2017. The heightened interest in India’s music-streaming segment comes at a time when the over-the-top (OTT) industry is having its moment in the sun thanks to increasing smartphone and internet adoption, coupled with sliding data prices.