Times Internet-owned music streaming service Gaana crossed 50 million monthly users for the month of November, which is growth of 25% in two months from 40 million active users in the month of September.
Times Internet claims in it is statement that Gaana is first music streaming app to cross this mark. However, In March, Airtel’s music streaming application Wynk Music said that it crossed 50 million app downloads. The company added 45% of Wynk users are non-Airtel customers and says that it sees around 100,00 daily app installs. It hit 5 million app downloads in February 2015. Meanwhile, Hungama claimed to have crossed 50 million monthly active users worldwide with 2.5 million pieces of music content and 5000 movies. Gaana primarily competes with Saavn, Wynk Music, and Hungama.
Gaana also said that it has recorded 350% growth in monthly active users over the past two years, and have recorded total app downloads of 92 million.
Music Streaming in India
According to a KPMG India and FICCI media and entertainment (M&E) report 2017, the Indian music industry generated Rs 12.2 billion revenues in 2016, and it is expected grow to Rs 2540 crore by 2021, an annual growth of 15.8%. According to the reports, digital music currently generates an estimated revenue of over 70 per cent of the overall size of the music industry while synchronisation, performance rights and physical channels contributing the remaining share. It added that 2016 saw “a spike in the music streaming volume with around 50-60 million active monthly users on music streaming applications.”
Looking at this growth in the country, bigger players are tapping this market in India. Note that, in its earnings call for Q3 2017, Amazon Inc said that the company will be expanding its Prime Music in India soon. In July 2015, Apple Music also debuted in India, and partnered with multiple players to cater its users in India. Last year, Google Play Music went live in India. And later launched subscription in April this year.
Also players in other segment are tapping music space too. Movies and entertainment ticketing platform BookMyShow recently upgraded its music service Jukeboxwith original audio content in multiple languages across categories including horror, sports, bollywood, news and business, kids, comedy, music, entertainment (story-telling, drama, mystery etc.), history, and mythology & devotion.