Music Inc.: Tier II & III cities to lead the growth of digital music: Neeraj Roy, Hungama
In his session at the second edition of Music Inc. held in Mumbai on Friday, Roy, Founder-CEO of Hungama, spoke about the landscape of the music industry from the prism of the digital world
Who better to speak about the roadmap for the Indian music Industry than Neeraj Roy, Founder-CEO of digital entertainment service Hungama.
In his session at the second edition of Music Inc. held in Mumbai on Friday, Roy spoke about the landscape of the music industry from the prism of the digital world and how it is likely to shape up over the next few years.
He said traditionally music and Indian cinema has had a strong association, but that is changing. “Our industry has a rich cultural heritage. Our music comes from 29 different states and 17 different film producing markets. But it has had a huge association with the Indian cinema which is today about a 104 years old. Indian cinema and music have gone hand in hand,” he said.
Further adding, he said, “In the last few years, you would have seen the emergence of storytelling in Indian cinema across languages that is not necessarily relying on music as much as it would have 10-20 years back. But the advent of the digital world has opened up opportunities for independent music.”
According to Roy, even though the Indian music Industry is a fast growing one, it is pale in comparison to the music consumption in the US. But he is optimistic about the future on the back of the digital revolution.
“It (music) is one of the fastest growing digital categories. The amount of time we end up spending on a category which is linked to the entertainment industry far outshines almost any other category. Today, around 250 million users are actively doing streaming. They may be doing it out of a range of eight odd services that exist in the market. So you have a stage that is likely to lead to close to about 600 million consumers over the next five years,” said Roy.
Roy sees Tier II and Tier III cities leading the growth of internet and hence digital music too. “This will also see regional music turning mainstream,” he said.
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