Showing posts with label Warner Music India. Show all posts
Showing posts with label Warner Music India. Show all posts
Top music labels record high revenues in India
2:18 PM
Homegrown and foreign cos log combined revenue growth of 6% at Rs. 3,843 crore in FY24: Tofler data
Javed Farooqui (THE ECONOMIC TIMES; January 17, 2025)
Mumbai: India's six leading music companies, both homegrown and foreign, logged a 6% increase in combined revenues, reaching Rs. 3,843 crore in the last financial year, showed financial data sourced from Tofler. The growth was driven by rising music consumption, primarily fuelled by audio streaming services and social media platforms.
Excluding T-Series (Super Cassettes Industries), others-Sony Music Entertainment India, Universal Music India, Warner Music India, Saregama, and TIPS Industries-achieved steady revenue growth.
T-Series, India's largest music label, experienced a 6.35% decline in revenue to Rs. 1,565 crore in FY24. Meanwhile, Sony Music Entertainment India recorded a modest 4% revenue growth, reaching Rs. 774 crore. Notably, Zee Entertainment, which owns Zee Music Company, does not disclose its music revenues separately.
Universal Music India and Warner Music India, which view India as a future growth market, reported significant revenue gains. Universal Music India's revenue grew by 13% to Rs. 625 crore, while Warner Music India, which entered the Indian market in 2020, saw its revenue soar by 181% to Rs. 160 crore.
According to a FICCI-EY report, film music dominated 64% of total music consumption in 2023, while artist-driven music continued to gain traction, accounting for 27%. Digital revenues made up 87% of total music segment revenue during the year.
Music streaming platforms reached around 185 million listeners in 2023, yet only about 7.5 million users subscribed to paid plans. Platforms like Spotify, Gaana, and JioSaavn are pushing for subscriptions to build sustainable business models.
YouTube remains the leading ad-supported music OTT platform. With 284 million subscribers, T-Series, India's top YouTube channel, is the second most subscribed globally. Zee Music has 113 million subscribers, followed by Sony Music India with 63 million.
The music industry's growth is further bolstered by widespread smartphone use, affordable data, reduction in piracy, a shift to paid streaming models, expanding digital advertising, and the rise of short-format apps. Additionally, the rise of regional music is playing a pivotal role in driving the industry's expansion.
The International Federation of the Phonographic Industry (IFPI) reported last year that India became the 14th largest music market globally in 2023, with industry revenues increasing by 15.3%. It also highlighted that global recorded music revenues grew by 10.2%, reaching $28.6 billion, driven by a rise in paid streaming subscribers.
Amitabh Bachchan leases 4 offices in Mumbai’s Andheri to Warner Music India
10:42 AM
Kailash Babar (THE ECONOMIC TIMES; December 30, 2023)
Bollywood actor Amitabh Bachchan has leased out four of his office properties spanning an entire floor in a commercial tower in Oshiwara locality of Mumbai’s Andheri suburb to music entertainment company Warner Music India through a long-term agreement for a total tenure of five years.
The tenant will be paying total rentals of over Rs 11 crore through the entire lease tenure. The lease will be operative starting from March 2024. ET had reported in September that Bachchan bought these four offices totalling over 12,000 sq ft built up and 10,800 sq ft carpet area for nearly Rs 29 crore.
The tenant will be paying monthly rentals of Rs 170 per sq ft for the first three years and the lease agreement includes a clause to escalate rentals by 15% thereafter for the next two years taking it to Rs 195.50 per sq ft per month, showed documents accessed through Propstack.
The newly developed project has already received its occupation certificate in June and the developer has handed over the possession of these offices to Bachchan in September.
As part of the lease agreement, the tenant will also get exclusive access to a total 12 car parking slots in the tower. Of these, four parking slots will be premium car parking spaces for high-end luxury SUVs.
Warner Music India, as the tenant of the property, will have a lock-in period of initial three years, while Bachchan’s lock-in period spans across the entire tenure of the lease. The company has paid an upfront security deposit of Rs 1.03 crore at the time of registration of the transaction that took place on December 8.
ET’s separate email queries to Bachchan’s team and Warner Music India remained unanswered until the time of going to press.
The Bachchan family owns several properties in Mumbai. Recently Amitabh Bachchan and his wife Jaya Bachchan gifted their lavish bungalow, Prateeksha, in plush Juhu locality of Mumbai to their daughter Shweta Nanda. The transfer of ownership was formalized through two distinct gift deeds, each corresponding to a specific plot on which the bungalow stands.
Real estate continues to stand out as a top choice for investments among high-net-worth individuals. Bollywood figures are actively acquiring properties, not just for personal use, but also as lucrative investment ventures.
Actors Kartik Aaryan and separately Sara Ali Khan along with her mother Amrita Singh have also acquired properties in the same commercial tower in Oshiwara. Interestingly, actors Ajay Devgn and Kajol too have bought offices in this project earlier.
Several Bollywood actors, producers and directors including Amitabh Bachchan himself, Shah Rukh Khan, Shilpa Shetty, Akshay Kumar, Abhishek Bachchan, and Aishwarya Rai have invested in properties.
Many deals of high-end luxury properties acquired by Ranveer Singh, Hrithik Roshan, Rani Mukerji, Alia Bhat, Disha Patani, and Janhvi Kapoor have also been reported in the last few quarters.
Subscribe to:
Posts (Atom)