Badshah, Rahman & the music economy of India

10 Feb, 20241 min read
Badshah, Rahman & the music economy of India

Last week in a nutshell

Tata Group achieves historic ₹30 lakh crore market cap milestone driven by stellar performances from key subsidiaries, including TCS hitting ₹15 lakh crore market cap, and Tata Power's promising growth in renewable energy sector.

HDFC, ICICI and Axis Bank shares nosedive following RBI's decision to maintain repo rate at 6.5% for the sixth consecutive meeting. After the MPC meeting Sensex closed 1% lower, plummeting by 723.57 points and Nifty 50 also dropped by 0.97%, shedding 212.55 points to 21,717.95. India VIX, the fear gauge, rose by 2.7%.

Indian students in america are afraid after the recent deaths of Indian students in the US, including Vivek Saini's murder, Sameer Kamath's suicide, and Akul Dhawan's tragic demise from hypothermia, have sparked fear and raised concerns about safety, with incidents occurring across various states like Georgia, Illinois, and Indiana.

Now playing on Spotify “India’s Music Economy”

The EY report titled “The music economy creator – The rise of music publishing in India” showcased how Music is an integral part of our economy. India witnesses the creation of 20,000 to 25,000 original songs by over 40,000 music creators annually. Music plays a pivotal role across various platforms such as streaming, films, television, radio, gaming, and social media, contributing over INR 12,000 crore to India's Media and Entertainment industry. Indian music holds a significant global presence, claiming seven spots on the Top Ten YouTube Global Charts for 2022. 

Moreover, Indian artists dominate YouTube streaming in seven neighbouring countries, showcasing the nation's soft power. Despite substantial revenue, India's music industry faces challenges due to varying interpretations of the Copyright Act, leading to low compliance and awareness. 

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