T-series is in the news constantly for one reason or the other. Recently they were all over the social media for its fight of being the highest subscribed channel on YouTube with Pewdiepie. T-series is India’s music and film producing company. It is one of the biggest companies in India and is based in the capital of Delhi. It has roots all over the country and produces regional music as well. That said, their inventory is huge and anybody having access to it can form a huge library of music on their platform.
This is where Spotify comes in. Spotify is the largest music streaming company in the world and it has not yet completely entered the India market. The Swedish company has landed a huge deal to launch their Indian version of Spotify. Spotify was looking enter the Indian market since early 2018, however, it wanted to have a huge library of Bollywood and other regional music. It does not take a rocket scientist to understand the deal. Spotify has closed the deal with T-series which will see the Music application get access to the entire library of the Indian music producer.
This deal comes as a huge boost for the company as it can now plan and come to India with a bang. The application will be launched in the first six months of 2019; this is as the rumors suggest. There are many app-based music providers in India, Google Play, Amazon Music, Gaana.com or JioSaavn are some of those. However, if you look closely there are not many people who pay for the services and use. That said, Spotify could very well disrupt the entire market.
Once launched, Spotify has a massive market to tend to as there is not a single music app which is well established and has a hold over the market. The consumers are segregated across all of the above-mentioned platforms. That said, Spotify could absolutely take India by storm if they have the music library of T-series and their own library of world music, it could just be an instant hit in India.
That said, the music industry in India was predicted to zoom in the next five years in 2015. KPMG provided a report which said that by 2020, the music industry, mainly digital will rake in almost $300 million as income. Currently, the total number of people using paid streaming services is less and the number isn’t out of the envelope yet. Most of Indians use YouTube to stream music because it costs nothing and Jio’s entry has just increased it.