The dependence of the industry on digital streaming has been growing even before the pandemic. In 2016, less than half of music industry revenues came from digital streaming.
By 2019, digital streaming accounted for nearly two-thirds of overall revenues.The changing revenue mix has allowed India’s music industry to weather a global storm that ravaged several other industries over the past year.
It also reflects shifts in listening habits of Indians, and their willingness to pay for something that they were used to consuming for free in the not-too-distant past.Beating PiracyPrior to the digital push from the music industry, the biggest drag on revenues was piracy, with the problem more acute in some emerging markets such as India.