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A new study from Redseer shows that Spotify led the Indian music and audio streaming market in FY2023 with a 26% share (surpassing Reliance’s JioSaavn, Airtel’s Wynk, Apple Music, YouTube Music, Amazon Prime Music, Gaana, etc.). surpassed). The Swedish audio streaming giant is said to have played a key role in attracting the group’s first-time listeners, aged 15 to her 30, into his OTT audio market in India.
Spotify’s emphasis on Hindi and regional language music over international music also helped it score on several domestic music apps. Redseer said, “The platform boasts one of the largest music libraries of Hindi and local language content, allowing it to reach more users across India, across different age groups and with his cohort of users.” I’m assuming.
On top of that, Spotify has emerged as the most “diversified” product in the audio streaming market, offering daily, weekly and monthly subscription plans. Branding by celebrities such as Anil Kapoor and Deepika Padukone is also said to have played a role in attracting younger subway users.
Besides Spotify, India’s OTTA market is growing rapidly. With 1 million music streams played every 3 minutes, in FY23 he had a total of 460 million streams played per day. This is his 1.6x growth from his 290 million streams in FY2020, especially as the pandemic has caused his OTT consumption across the country to surge. Over 60% of his music streaming takes place in India’s top eight cities, with a steady increase in contribution from Tier 2 and above cities.
Ujjwal Chaudhry, partner at Redseer Strategy Consultants, said: Over 40 years old. ”
Regional music accounts for 34% of daily music streams, and is said to be growing faster than Hindi and English music. Streaming platforms are also stepping up partnerships with local music labels to promote more local playlists to listeners. “Within the local languages (regions), the South Indian market has seen a surge in both its user base and engagement over the past two years due to an increase in the number of blockbuster movie releases (RRR, Pushpa, Kantara, etc.). ‘he revealed Redseer.
While South Indian languages are growing, Punjabi continues to be a major contributor to regional music, with a 39% share. In fact, Punjabi music also tops the non-film genres on his OTTA app. “In the past four years, songs by artists such as AP Dhillon and Diljit Dosanjh have been played in every state, not just in the north,” the report said.
In terms of subscription revenue, 5% of the monthly active users of the OTTA app were paying users in FY2013, with average revenue per user (ARPU) ranging from Rs.60 to Rs.70. India continues to be a market driven primarily by advertising revenue, subscription revenue is now on the rise, with over 80% of his subscriptions coming from big cities. “Over the past two to three years, the diversity of subscription packs (with the availability of student plans, day and week packs, etc.) has led to more subscriptions. – 12 cities,” the report said.
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