Universal Music Group sees India a priority market for expansion
Mint on the company’s vision for India in the next few years and its willingness to invest for faster growth. Edited excerpts… India currently ranks 14th globally in the music market. However, given its population and growth potential, we anticipate significant upward movement in the coming years.
India holds immense significance for us at Universal Music Group. (Universal Music Group posted a revenue of ₹555 crore and a net profit of ₹72 crore in FY'23 from its India operations. According to a FICCI-EY report, the Indian music market was at ₹2,400 crore in 2023.) Its youthful population and rich cultural heritage make it a priority market for our expansion efforts.
India is growing very fast for us, but it is our desire, our goal, and one of Devraj’s (Sanyal, chairman and CEO, South Asia) KPIs to grow faster than the market. The market growth is exciting. But we have to grow faster than that.
We envision India breaking into the top 10 global music markets within five years, with UMG maintaining leadership in non-film music and exploring new genres and regions. Our focus lies on nurturing local talent, forging strategic partnerships, and exploring potential investments that align with our long-term goals. We focus on three primary areas — first is on our local artists, nurturing and expanding our roster.
The evolution of India's non-film music scene in recent years presents an exciting opportunity to leverage our expertise in this space. (The film music comprised 64% of total music consumption in India, but artist-driven music continued to grow and reached 27% of the total music consumed in 2023.) Secondly, we actively seek strategic partnerships in the market. Whether it's our investment in TM Ventures, the country's
. Read more on livemint.com
