India’s music revenue has slipped. Legacy labels like Saregama and Tips have seen their stock drop. Some say it is a small correction. I believe it signals something deeper.
The industry has placed too much faith in streaming. That bet is no longer safe.
This is not just India’s story. It is a warning for the world.
Streaming Has Stalled
Streaming rescued music from piracy. It created recurring revenue and global access. But the model is slowing.
In India, Wynk and Resso have already shut shop. Globally, subscription fatigue is rising. Payouts remain too low for the value music generates.
Streaming is not the future anymore. It is the present, and it is flattening.
What Comes Next
The path forward lies beyond streaming. Four priorities can unlock growth:
1. Regional and niche catalogues
India has music in more than 22 languages. Globally, local sounds are travelling faster than ever. Diversity is the next frontier.
2. Sync and licensing
Film, OTT, games, and advertising still underpay music relative to its value and audience engagement. Sync is already a lifeline in many markets. It should be central, not secondary.
3. Creator-direct income
Fan subscriptions, live shows, memberships, and direct deals are here to stay. Building your own audience is the safest hedge against market shifts.
4. Policy and rights reform
Royalties in India are still blocked by weak systems and bad metadata. The same problem exists worldwide still bottlenecked by weak systems. Without clean data and transparent rights management, creators will always lose.
The Crossroads
The lesson is clear. Streaming alone will not sustain us. Growth will come when the industry fixes rights, expands licensing, and empowers creators to go direct.
This moment is make-or-break. For India. For the world.
And for every artist, composer, and label; the real question is simple:
Are you chasing streams, or building something that lasts beyond them?
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