When it comes to the music industry, royalty is one issue which continues to bother musicians at many levels. And singer Arjun Kanungo feels creating a more striving ecosystem for paid subscriptions is the first step towards solving it.
“Sometime back, I read that in 2020, the Indian music industry was estimated worth $300 million, which is a very small number. Whereas the film industry is 10 times that number. I feel that is where I expect the music industry to be in the next 10 years,” Kanungo says.
The 32-year-old adds, “When the economy matures, and when people are able to pay for music, that is when musicians would make more royalty. Right now, the number of people on streaming sites are limited. They are not not paying. So, from where will the money be generated?”
Kanungo, the man behind songs such as Aaya Na Tu, Baaki Baatein Peene Baad and Waada Hai, asserts right now “there is a very small percentage of what the music industry can work on”.
“I think it will take a few years, but it’s getting there for sure,” he says, adding, “That being said, I think paid subscribers on every app are increasing year on year”.
“Now, people are willing to pay, at least I pay for my music. And it is very affordable right now. I’m happy to pay for an app, even though I will have to watch ads, and it will be free. I don’t mind paying. Because that is how business grows,” adds the singer.
Kanungo feels “price should come to a point where the company will find a price point that everyone is comfortable paying”.
“It is bound to happen. Right now people are just fighting for market share. Once that happens, they start aggressively targeting the subscription market, where is how the royalty issue will be solved,” he ends.
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