In a significant milestone for the Indian music industry, the Indian Performing Right Society Ltd. (IPRS) has demonstrated remarkable growth and progress. According to the recently released International Confederation of Societies of Authors and Composers (CISAC) Global Collections Report 2023, IPRS secured the 4th position in terms of revenue among societies in the Asia-Pacific region, based on the data collected in 2022. This achievement is indicative of the thriving music scene in India, with IPRS experiencing a phenomenal 92.5% increase in revenue, amassing EUR 68 million in 2022.
IPRS’s Journey to Success
In 2018, India was positioned at the 47th spot among the world’s top 50 societies for music collections. Fast forward to 2022, and India has surged to the 23rd position, reflecting a significant transformation in the country’s music industry. This growth can be attributed to several factors:
- Recovery in General Public Performance: As the world emerged from the pandemic, there was a notable rebound in general public performances, live events, and concerts, contributing to IPRS’s increased income.
- Boost in Background Music: The demand for background music in various commercial establishments also played a pivotal role in the society’s revenue growth.
- Television Broadcasting Income: The television industry’s support and licensing agreements further enriched IPRS’s income pool.
- Surge in Digital Revenue: Perhaps one of the most remarkable shifts was the surge in digital revenue, which grew by a staggering 532.7% from 2019 to 2022. This growth indicates the changing landscape of India’s music industry, with streaming platforms and online music consumption gaining prominence.
IPRS’s Commitment to Creators
Additionally, IPRS has taken on the crucial responsibility of assisting neighboring countries in establishing their own collection societies, such as Nepal, Sri Lanka, and Bangladesh. This move not only strengthens IPRS’s presence but also promotes cooperation and growth in the regional music industry.
The Role of Government Support
The government’s support in reinforcing creators’ rights has been instrumental in IPRS’s success. This support has provided a favorable environment for artists, composers, and music publishers to thrive, contributing to the overall growth of the music industry.
A Vision for the Future
Mr. Javed Akhtar, Chairman of IPRS, expressed immense pride in IPRS’s role in advocating for music creators’ rights in India. He acknowledged the challenges posed by the changing music landscape due to streaming and looked forward to adapting to the opportunities and challenges that artificial intelligence (AI) is set to bring to the industry.
Bjorn Ulvaeus, CISAC President, emphasized the impact of AI on creators’ collections, highlighting the need for international leadership and unity in the creative industry.
Mr. Rakesh Nigam, CEO of IPRS, recognized the society’s role in safeguarding royalty rights and significant growth, especially in the digital domain. He reiterated IPRS’s commitment to fostering a thriving environment for creators and enhancing India’s position on the global music stage.
Global Music Industry Resurgence
The global music industry as a whole has experienced a remarkable resurgence, with total global royalties collected from creators reaching a record high of EUR 10.83 billion in 2022. This marks a significant 28% increase as the world emerged from the pandemic. The growth can be attributed to the revival of live performances, public events, and the continuous expansion of digital revenue, with global royalties from digital sources exceeding EUR 4.1 billion.
In conclusion, IPRS’s outstanding growth and accomplishments in 2022 underscore the promising future of the Indian music industry. The society’s commitment to creators, coupled with government support and the changing landscape of music consumption, has propelled India onto the global music stage, where it continues to shine.
