Music concerts are set to be a ₹1,000 crore business in India

According to a report by consulting firm EY, India’s music concerts are expected to generate revenue of ₹1,000 crore by 2025. The highest growth is expected in concerts with audiences of under 2,000 — more than double from 7,000 to 15,000.

By
  • CNBC - TV18,
| December 19, 2023 , 10:00 am
Exclusive advertising within the music genre saw the participation of 45 plus advertisers in 2023 (Image source: Sergio Ruiz via Unsplash)
Exclusive advertising within the music genre saw the participation of 45 plus advertisers in 2023 (Image source: Sergio Ruiz via Unsplash)

By Akashdeep Baruah

The report, titled, The Music Creator Economy — The Rise of Music Publishing in India 2023, says that the number of concerts with an audience size of over 5,000 people stood at 200 in 2018, and is poised to grow to 300 in 2025.

Concerts with audience sizes in the range of 2,000-5,000 are set to almost double — from 800 in 2018 to 1,400 in 2025.

The highest growth is expected in concerts with audiences of under 2,000 — more than double from 7,000 to 15,000.

The stage is set to get bigger

India is home to many music festivals, ranging from the folk and rock-dominated Ziro and Hornbill in the northeast to muti-genre NH7 weekender to the iconic Independence Rock, which in a way set the ball rolling for rock shows in India.

On the other end, there are VH1 Supersonic and Sunburn Festival, which celebrate EDM (electronic dance music), techno, electronica, psychedelic, et al. There are also various college festivals and other informal shows that pull crowds in huge numbers and celebrate the true essence of live music.

Currently, about 20-25 major music and food festivals are organised every year, attracting nearly 1.5 million unique attendees.

The significance of a booming live music scene

According to a survey conducted by EY — which involved 500 music creators — one-time payments in the form of upfront fees, as well as live performances, were the primary sources of income for most respondents. In addition, other sources of income were one-time, on-call opportunities such as session work, and creating content for music labels or film producers.

In addition, live music shows contributed to the earnings of other companies such as ticketing companies which earn commissions on ticket sales and charge convenience fees for other services. Another industry associated with live shows is Food and Beverages — F&B stalls at concert venues have become ubiquitous. The offerings are often sold at a premium, helping concessionaries rake in higher profits.

Conclusion

This has been an eventful year, with the debut edition of Lollapalooza India starting the year on a high note, followed by pop icons and millennial favourites Backstreet Boys, who returned to India after 13 years. The last fortnight of the year looks equally promising with British hard rock legends Deep Purple and American rock darlings Goo Goo Dolls headlining the inaugural edition of India’s Bandland Festival.

One of the notable food and entertainment carnivals that has gained traction in India in recent times is Zomaland, organised by food-tech giant Zomato. Falguni Nayar-led beauty e-tailer Nykaa also launched its live event, Nykaaland, which saw an interesting fusion of makeup and skincare enthusiasts and live music.

The global music tourism market is anticipated to grow at a compounded annual rate (CAGR) of 7% from 2022 to 2032, with the Asia-Pacific region expected to be the fastest-growing market in this period.

It’s clear that India’s live music scene is booming and the best is yet to come. With an array of talented artists and a growing number of music festivals, the future looks bright for the Indian music industry. International artists are keen on performing in India, as seen with Backstreet Boys, Deep Purple and Goo Goo Dolls. As the year inches closer to the end, we sincerely hope that 2024 has bigger shows, louder cheers and more momentous tours.

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