In an unprecedented surge in digital music consumption, India is poised to overtake the United States as the world’s largest music streaming market by volume in 2024.
This monumental shift, propelled by a dramatic increase in music streaming volumes, signifies a global change in the musical landscape, with non-English language tracks gaining unprecedented popularity.
The Rise of Music Streaming in India
The year 2023 marked a significant milestone for the Indian music streaming industry, with total on-demand music streams (audio and video combined) reaching over 1 trillion, positioning India as the world’s second-largest music streaming market, only behind the USA.
This represents a near tripling in volume compared to Brazil, the third-ranking country. The remarkable year-on-year growth saw an addition of nearly half a trillion streams compared to 2022, far outpacing the growth observed in the United States.
The Shift Towards Non-English Music
The global music streaming scene is witnessing a shift away from English-language dominance, with Hindi-language music’s market share of the world’s top 10,000 streaming tracks more than doubling from 3.8% in 2021 to 7.8% in 2023.
This trend is reflective of a broader global appetite for diverse cultural music, as nearly nine out of ten music listeners in India express enjoyment in discovering music from other countries and cultures.
The Indian market’s openness to global music is particularly pronounced among younger audiences, indicating a potential for further diversification in musical tastes worldwide.
Increased Engagement and Premium Subscriptions
The Indian music audience is not just growing in numbers but also in engagement and willingness to pay for premium content. On average, a music listener in India spends 72% more money monthly and dedicates 15% more time weekly to music in 2023 compared to the previous year.
This increased engagement is accompanied by a significant 7% rise in listeners opting for premium music streaming services, showcasing a robust and maturing market.
Global Recognition and the Future
The global recognition of Indian music was highlighted earlier this year when “Naatu Naatu” won the Best Original Song at the Oscars, marking a historic moment for India. This victory is emblematic of India’s growing influence on the global music stage and underscores the potential for Indian music to captivate audiences worldwide.
As India continues on its trajectory to become the world’s largest music streaming market, it heralds a new era for the global music industry, characterized by diversity, inclusivity, and a blend of cultural influences.
This transition not only reflects the changing dynamics of music consumption but also the universal appeal of music that transcends linguistic and geographical boundaries.
