EY report estimates that India generates over 20,000 original songs annually, contributed by 40,000 music creators. Music directly or indirectly generates over INR12,000 crore in revenues.
The first-of-its-kind survey conducted by EY, in which 500 music creators participated, indicated that their financial income is unpredictable and often limited:
?? 87% of respondents would have liked to make a living off their music alone, but only 60% were able to do so
?? Working outside the traditional employer-employee relationship, one-time payments (upfront fees), live performances and royalties were the primary sources of income for most creators
?? A majority strongly believed that they needed to learn more about music production and monetization
?? Only 56% of respondents had access to the equipment and infrastructure required to produce music
?? 35% of respondents reinvested more than 50% of their earnings from music on equipment, gear, software, and other infrastructure required to create music
To know more, download our latest report here: https://go.ey.com/3GvK4jE
ashish pherwani | The Indian Performing Right Society Limited (IPRS)
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