India has become the world’s third largest music market with nearly a billion people in the country, according to new data released by the music industry.
The report by global music research firm Imani shows that India is home to more than 1.6 billion users of music streaming platforms, including more than 4 billion who are actively listening to music on their smartphones.
That’s about 20 percent of the population of the country and the fifth-largest overall market behind China, Japan and the US.
But while India is still the biggest market, it’s only one of a handful of markets that has made a significant contribution to the music world in the past decade.
Imani said in a statement that India’s total music audience grew from 2.8 billion users in 2011 to 3.4 billion in 2017, an increase of more than 20 percent.
Imans music revenue was up 30 percent over the same period.
Imani’s report said that the music sector in India has grown in both volume and quality.
Imain’s data showed that the share of total revenue earned by music publishers grew from less than 1 percent in 2011, to 7.6 percent in 2017.
Imaans growth in terms of both revenue and volume was also much faster than the growth of the music-related industries in the rest of the world, which grew at roughly the same pace.
For Imani, the music streaming market in India represents a new kind of opportunity, as it has the potential to be a much bigger contributor to the global music ecosystem.
Iman noted that a large part of this growth was due to the emergence of services like Spotify and Deezer, which offered music-based streaming to consumers.
However, as the number of active users of these services continues to rise, more and more music companies are turning to Imani to build a new, high-end music platform for India.
For Imani’s research, the number one challenge facing music companies to build their own music platform was that they lack the expertise needed to do so.
Imai also noted that the industry is now shifting from the “dynamic model” to the “business model” of content distribution.
According to Imaan, Imani predicts that the current record-setting number of subscribers of Imani will fall to around 1 billion in 2019.
While the total number of users of the platform is still relatively small, Imai said that it could reach as high as 5 billion in 2021.
The music industry in India is also facing a number of challenges.
For one, Imain noted that it’s not yet clear how many Indian consumers are going to tune into music streaming services, given the current low demand.
Imami also noted a large number of Indian startups are not well funded, with only a handful actually making it to the market.
The report also said that Imains own music streaming platform was unable to scale up enough to meet its current needs.
Imaains findings on the music ecosystem in India are based on data collected over the past five years by the company.
It has also analyzed data from major labels, streaming services and content aggregators.
In 2017, Imaai also released a study that found that the average age of Indian consumers has grown from 23 years in 2010 to 29 years in 2017 as people increasingly turn to social media and other platforms for sharing music.
Imai said it hopes that its data can be a useful tool for the industry to develop better, more reliable and affordable music-focused platforms.
Imaan said it’s important that music companies continue to invest in research and development.