Paid Subscription Music Streaming plans gain solid traction amid increasing acceptance among listeners
If the figures released by IFPI's 2022 Global Report are an indication, the Global Recorded Music revenues rose by 18% mainly on the back of Streaming growth - Paid Subscription Streaming - in particular! Streaming revenues recorded a 4% increase to 65% from 61% last year compared with other revenue streams.
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The number of paid subscribers accounts for Music Streaming is currently pegged in the 520 million range. Not too bad considering the number of critics against music streaming, particularly in India, where any new technology development or music industry change is frowned upon outright by the legacy holders and the established companies.
Will the music streaming critics go quiet in India?
Despite the Indian Music Industry lagging far behind in global trends, if the observed trend in paid music streaming in the international markets rubs off even a bit in India, say 10%-15% at least, that will be good news for the local music industry and for once, the music streaming critics in India will start to go quiet! But the question is: Will they do so? Let us hope for the best.
Krish The Muzzikman Music Newsz
