India is world-renowned for its creative sectors. Its full potential for development is vast and waiting to be unlocked.
Big screen: The Bollywood film industry is estimated to produce some 1,000 films per year. According to a 2020 Deloitte study, the Indian film industry accounts for $16.5 billion in economic activity and provides direct employment to over 840,000.
- Multiplier effect: Accounting for indirect and induced effects, India’s film industry is further estimated to generate a total gross output of $49 billion and a total employment of more than 2.6 million.
Boom Box: The recorded music industry in the country, for its part, is valued over $10 billion—the 15th-largest in the world. This growing sector is economically powering India’s media and entertainment ecosystem, and is contributing to job gains.
- Music is a Connector: The strength of India’s recorded music industry can also be felt in the country’s film, television, radio, and live events. And with the growth of streaming, this impact is likely to grow even further. However, the industry is not reaching its full potentialpartially due to unacceptably high rates of piracy and licensing polices that perpetuate the “value gap” for rightsholders. This is particularly important online, where the industry secures 78% of its revenues.
- Reform needed: To address these challenges, the government of India should work to support the recorded music industry through improved intellectual property protections, greater enforcement to combat piracy, and digital licensing standards to benefit Indian creators and consumers. Doing so would bring about economic, labor, and social benefits in line with the globally-competitive audiovisual industry.
Go Deeper: If you want to learn more about the creative industries impact in India, make sure to check out the following resources: