IPRS Webinar: EY report forecasts doubling of music publishing revenue
The premier organization for defending the rights of music creators, the Indian Performing Right Society (IPRS), organized a thought-provoking panel discussion that revolved around EY’s ground-breaking Report, “The Rise of Music Publishing in India: A Study on the Music Creator Economy.” This fascinating webinar explored the current state of the music creator economy and was hosted live on IPRS Facebook page in partnership with media partner Adgully.
Three industry leaders participated in the panel discussion moderated by IPRS’s Head of Communication & Member Relations, Ms. Rumpa Banerjee. They were Mr. Ashish Pherwani, Leader for the Media & Entertainment Sector at EY India and author of the Report; Mr. Achille Forler, founder of Silk Road Communications and music publishing pioneer in the country; and Mr. Atul Churamani, MD Turnkey Music & Publishing. The conversation shed important light on the current state, market opportunities, and prospects of music publishing in India.
The report focused on the administration of music publishing rights in the country, distinct from the sound recording rights, and their growing significance. “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,” noted Ashish Pherwani. The Report predicts that music publishing revenues in India could double by 2027.
A poll of 500 individuals who create music showed that 83% had been doing it for more than five years, but only 60% could afford to do it full-time. Challenges include better education in music production (73%) and monetization strategies (77%).
Achille Forler saw “three key takeaways” in the EY Report. “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, showing how big the market is. 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 welcomed the E&Y report’s emphasis on the copyright issues facing music publishing. “There is the need to reinstate the Copyright Board,” he stated. “In order to solve these issues, government involvement, intellectual property education, and business leadership are essential.”
The study contains valuable information on the creative music sector. 40,000 music creators work in India to produce over 20,000 original songs annually. Approximately INR 12,000 crores are generated by the music industry annually, either directly or indirectly. The revenue breakdown for 2022 is as follows: 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.
The session’s YouTube link: https://www.youtube.com/watch?v=nxJY2DW-hog