Value of the music industry in India 2007-2026

The Indian music industry was valued at around 24 billion Indian rupees at the end of 2023 and was estimated to reach 37 billion rupees by the end of 2026. Overall, the sector was estimated to grow at a compound annual rate of 14.7 percent in the stated time frame.

Bollywood influence

Rooted in a long tradition of Hindustani and Carnatic music, India’s musical landscape has expanded to embrace a multitude of genres. However, with the rise of digital media and the shrinking role of physical distribution channels, the music industry in India in the last two decades has come to resemble a more homogenous marketplace. Moreover, the cultural ripples of Indian cinema, especially those of Bollywood, have shaped listener preferences.

  Informal music sector in India

Besides music publishers or major record labels, the Indian music industry houses a sizable informal sector comprising local bands, street performers, or independent musicians. The sheer magnitude of this sector surpassed that of the formal sector, worth an estimated trillion Indian rupees in 2022. While the contribution of the informal sector to the music industry is invaluable and enriching, challenges such as lack of funding or insufficient public infrastructure remain. For instance, the average income earned in the informal music industry in India in 2022 was, in general, lower than the median salary of an unskilled worker in the country.